Telehealth startup PursueCare raises over $11m in Series A1, A2 financing
PursueCare, a telehealth addiction treatment startup, announced an oversubscribed $7 million Series A2 capital raise, bringing its total Series A round to north of $11 million. The round was led by OCA Ventures, Seyen Capital, Wasabi Investors, and a syndicate of experienced healthcare investors.
The company, founded in 2019, has generated unprecedented demand for its virtual Medication-assisted Treatment (MAT) programs for opioids and other substance use disorders (SUD) during the COVID-19 pandemic. The funding will help PursueCare continue implementing integrated programs with health systems, hospitals, community health centers, employers, and universities while enhancing the patient virtual care experience.
The technology-enabled solution rapidly transitions individuals into evidence-based treatment through a smartphone app, reducing common barriers like work, childcare, inconvenient clinic hours, long wait times, and fragmented offerings. Patients receive immediate access to a team of addiction specialists, including physicians, psychiatric providers, and counselors, often on the same day as referral. PursueCare also offers delivery pharmacy services, which have proven particularly beneficial for patients experiencing stigma and lack of access to appropriate medications for SUD treatment.
According to recent CDC data, drug overdose deaths surged by 29% from October 2019 through September 2020 – the most recent data available – compared with the prior 12-month period. It is expected that SUD-related numbers have increased further as the COVID-19 pandemic has progressed. The trend, coupled with further reduction in access and capacity, particularly in rural regions, has put a strain on EDs to adequately triage SUD and find local referral sources. PursueCare helps to solve this by integrating through a customized digital portal to promote rapid referral and access to on-demand live video treatment that starts at the bedside and continues at home.
Nick Mercadante, CEO and Co-founder, PursueCare: "The bottom line is that our healthcare infrastructure is significantly struggling when it comes to providing timely access to evidence-based substance use treatment. With this latest investment, we are now positioned to expand our low-barrier services to more patients, whether they are in need of transition from settings that don't traditionally present solutions for long-term recovery, or just need a way to privately access care at home on their own time. There is strong evidence to support telehealth improving outcomes for individuals living with substance use disorder. We are hyper-focused on continuing to partner with healthcare organizations, employers, and universities across the country to help accelerate expanding access to this game-changing approach."