Regroup Therapy Raises $1.8M to Transform Behavioral Health Need Market
Regroup Therapy, an on-demand provider of virtual mental health teams to health entities, raised over $1.8M to grow its sales and engineering teams and expand its partnerships with healthcare entities, therapists and prescribers like psychiatrists and Advanced Practice Nurses. Hyde Park Angels led the Series Seed round, with participation fromOCA Ventures, Impact Engine, New Stack Ventures, Wasson Enterprise (led by former Walgreens CEO Greg Wasson and former Walgreens VP of Innovation Stewart Wasson), MD Angels, Grubhub Co-Founder Mike Evans, Chicago-based venture and angel investor Lon Chow, and Lou Malnati’s President Mark Agnew.
“We are truly providing a seamless, full-spectrum behavioral health integration that moves beyond just telehealth. By acting as a tech-enabled staffing agency for the healthcare market, we can come into a healthcare entity and right size their mental health offering. This raise will help us provide care to huge numbers of underserved markets and ensure that the care is better, as well,” said CEO and Founder, David Cohn.
Regroup Therapy focuses on serving health entities, which are seriously in need of a solution to the national mental health provider shortage problem. Namely, more than of half of U.S. counties have no practicing psychiatrists, psychologists, counselors, or therapists. By signing qualified mental health professionals onto their HIPAA-compliant web-based video delivery platform, the company can give these entities capacity quickly and effectively.
“Regroup uniquely fills a much needed gap in mental health services for a range of clinical settings, geographical localities and types of patients. In doing so, Regroup offers a scalable solution for multiple types of customers and a business that can grow rapidly in the near term,” said Hyde Park Angels Member and Flagship Physicians President and Partner, Sapan Shah, who joins the Regroup Therapy board as part of this round of funding.
The company has existing working partnerships with Metropolitan Family Services and KAM Alliance, Oak Street Health and OSF Healthcare Group, already providing hundreds of sessions through the platform. Regroup has also signed contracts with major players like the Sinai Health System in Chicago. Regroup Therapy is in the process of bringing on more partners, as well as expanding its base of over two thousand licensed mental health professionals.
“Mental health issues compound the already high cost of chronically ill patients and their solution is the most effective I’ve seen for treating this problem in a scalable manner ” said Jordan Dolin, founder of Emmi Solutions and Regroup Therapy Board Member.