The American startup Grow Therapy, which specializes in connecting patients with therapists and psychiatrists working through insurance programs, has raised $150 million in a Series D funding round. The round was led by TCV and Goldman Sachs Alternatives, with new investors Menlo Ventures and BCI joining existing backers including Sequoia, SignalFire, and Transformation Capital.
This is reported by Finway
Scaling the Platform and Growth Strategy
According to CEO Jake Cooper, Grow Therapy is currently generating over $1 billion in annual revenue. Since its founding in 2020, the platform has facilitated connections between independent medical professionals and patients, offering both in-person and online consultations. The startup handles administrative processes such as insurance accreditation, documentation management, and billing. Approximately 220 million insured individuals can benefit from Grow Therapy’s services.
The company is currently expanding its operations by contracting with employers and primary care groups within large medical systems. This strengthens its position amid growing competition in the mental health sector, where startups like Headway and Alma are already active. Alma was acquired by Spring Health, which focuses on employers, in January 2026. Related services, such as Sword Health, are also enhancing developments in mental health-related areas.
Investments in Innovation and Future Plans
Grow Therapy has raised a total of $328 million in investments, with the previous round occurring in April 2024. According to Jay Hoag, founder of TCV and board member of Grow Therapy, as well as Netflix and Zillow Group, the company is actively strengthening its presence in the employer and primary care segments, which helps solidify its brand in the market.
“This is an expansion of the mission to make mental health therapy accessible where the consumer is,” he said.
Grow Therapy is investing in the implementation of artificial intelligence: earlier this year, it acquired the AI assistant Tenor to optimize clinical documentation management. Additionally, in January, the company launched its first patient app with features for note-taking between sessions using AI.
In 2023, the startup became profitable. Jake Cooper noted that questions about potential secondary deals or tenders for employees for liquidity purposes remain unanswered. The new funds are planned to be directed towards further expanding work with employers, developing technology, and enhancing tools for clinical support for specialists.
In the long term, Grow Therapy plans to expand the functionality of the AI assistant to improve clinical efficiency. An initial public offering (IPO) is currently not a priority for the company. Cooper emphasized that the company plans to continue growing while remaining in private markets, as this allows for effective scaling of the business at the current stage.