Boulder Care, a provider of telemedicine-enabled clinical programs for patients seeking treatment for opioid addiction, raised $10.5 million in Series A funding from Tusk Ventures and Greycroft Partners.
Boulder Care will invest the new funds in research, education, and train more peer coaches. The company also intends to triple the production, design, and engineering teams to build new tools.
“Counterproductive industry norms exacerbate access gaps,” said Boulder CEO Stephanie Papes, in a medium blog post. “Programs require mandatory office visits, counseling, pharmacy trips, drug tests: hundreds of encounters for a condition that’s often lifelong. We must make treatment services accessible, transparent, and frictionless”.
The company has now raised close to $15 million in VC funding, including a raised $3.7 million in a financing round in December 2018.
Telehealth companies raised $1.8 billion in 2019 compared to $1.3 million in 2018, a 42% increase year over year, according to Mercom Q4 and Annual 2019 Digital Health funding and M&A Report.
The Boulder digital tool helps to connect patients seeking treatment for opioid use disorder to an addiction specialist, care coordinator, and peer coaches through a secure telemedicine platform.
“As we expand deeper in the Pacific Northwest through a value-based contract with Premera Blue Cross, Boulder aims to soon reach 2 million more people. We strive to cut costs while dramatically improving patient outcomes in OR, AK, WA, and beyond.
Patients and caregivers face every barrier to success yet still achieve it every day. The fight against the opioid crisis is all of ours: against injustice, against a virulent disease, against losing an entire generation of Americans when it’s entirely preventable,” said Stephanie Papes, in a medium blog post.
Over 600 investors invested nearly $5.5 billion in Telehealth companies since 2010. HLM Venture Partners, Venrock, Lux Capital, .406 Ventures, Kleiner Perkins Caufield & Byers, Spark Capital, Shasta Ventures, and First Round Capital led the Telehealth investment activity since 2010, with five or more rounds.