Addiction care startup Eleanor Health scores $50M

Hybrid mental health and addiction care startup Eleanor Health brought in $50 million in a Series C funding round led by General Catalyst.

Other investors participating in the raise include Warburg Pincus, Town Hall Ventures, Northpond Ventures and Rethink Impact. 

The latest round comes less than a year after a $20 million Series B. According to Crunchbase, Eleanor has scooped up a total of $82 million in venture capital. 

WHAT IT DOES

The startup offers in-person and virtual psychiatry, therapy, recovery coaching and medication-assisted treatment for substance use disorders.

It currently operates in Louisiana, Massachusetts, New Jersey, North Carolina, Ohio and Washington. With the latest influx of capital, Eleanor plans to expand to new markets, including Texas.

The startup also plans to add more partnerships with payers where they both take on risk and continue building out its care delivery and analytics platform. 

“Mental health and addiction are some of our biggest health crises, but the problem is not just about access to care,” Corbin Petro, CEO and cofounder of Eleanor Health, said in a statement.

Only one in 10 people with SUD and less than half of people with a mental health condition receive treatment, largely due to stigma, quality of care and cost. Our population- and value-based models are designed for the 9 out of 10 people that may never receive care because of these barriers. We are so happy to partner with investors like General Catalyst to further our mission of helping people affected by addiction and other mental health conditions live amazing lives.”

MARKET SNAPSHOT

Mental and behavioral health is a popular clinical area for digital health investors. Drug overdose deaths have generally increased over the past two decades, with a significant spike during the COVID-19 pandemic

However, there are a number of startups that aim to improve access to treatment. Pear Therapeutics, which makes prescription digital therapeutics reSET and reSET-O for substance and opioid use disorders, announced earlier this week it would begin offering its tools through select telehealth providers.

Quit Genius, an addiction-treatment platform focused on alcohol, tobacco and opioids, moved into the payer space this week with a partnership with Evry Health to include its digital services for Evry’s members.

Mental health startup Cerebral also recently launched an opioid use disorder program that includes virtual counseling and access to Suboxone.

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