Monument, an online alcohol treatment program that provides access to an anonymous forum, support groups, online therapy, & medication, closed a $10.3 million Series A funding round led by VMG Catalyst.
This latest round of investment brings the company’s total capital raised to $17.8 million.
Monument plans to use the new funds to expand product initiatives and support the company’s growth. In addition to brand-building and growth, the funding will be put towards product initiatives that harness the power of community and personalized treatment tools, according to the announcement.
According to the company, since its launch in 2020, more than 12,000 members have joined the online alcohol treatment community.
The Monument platform is designed for those looking to change their relationship with alcohol. The platform connects members to an anonymous community, therapist-moderated groups, and a collection of resources to provide the support and information they deserve.
Members seeking one-on-one treatment are connected to a licensed physician and a specialized therapist to develop a personalized treatment plan specific to their goals.
“Our treatment approach is already proving to be a success, with thousands of members trusting us with their care and getting real results. We are eager to expand our treatment plans nationally and make Monument affordable and accessible for all while providing even more tools for anyone looking to get more out of life by drinking less. It’s a choice that has given me so much more out of my own life. I’m excited to make Monument a household name, and invite everyone to take a closer look at their relationship with alcohol,” said Mike Russell, CEO, and Co-Founder of Monument.
In 2020, Telemedicine companies raised $4.3 billion, a 139% YoY increase compared to $1.8 billion in 2019, according to the latest Mercom Digital Health Funding & M&A report.