Quartet Health Closes Latest Round at $67.5 Million

Quartet Health, the developer of a HIPAA-compliant telepsychiatry platform, announced a new partnership with Cambia Health Solutions to help improve the lives of people with mental health conditions.

The company has worked with more than 60,000 patients across the United States, according to the release. Quartet Health has been operating in Washington since 2016 and has worked with 14,000 patients and has 2,000 mental health and primary care providers in its network.

Quartet Health also announced that it had raised an additional $7.5 million in Series D funding from Echo Health Ventures, a strategic collaboration of Cambia and Mosaic Health Solutions and Deerfield Management.

The latest additional funding closes the previously announced Series D funding of $60 million that was led by Centene along with participation from GV (formerly Google Ventures), Oak HC/FT, F-Prime Capital Partners, and Polaris Partners. The additional funding brings the total Series D round to $67.5 million.

Quartet Health has now raised over $160 million in venture funding since its founding.

“Mental health is an important part of a person’s overall health, yet we know that it can be difficult to get connected to the right care. We’re thrilled to partner with Cambia to make it easier for both patients and providers,” said David Wennberg, MD, MPH, CEO of Quartet in the press release. “We believe that mental health is health, and strive to get people the right care at the right time. We look forward to working with more providers and their patients in Washington and throughout the Pacific Northwest to help people get the care and support they need.”

Quartet Health offers evidence-based, in-person, and telehealth consultation services to people who are dealing with emotional and physical issues, including anxiety, depression, and mental health conditions. The company aims to improve the lives of people with mental health conditions through technology and services.

The consultations are conducted in-person or virtually, usually weekly for 45-60 minutes. Its platform also connects patients to personalized care based on their treatment needs, insurance, and location.

“Our health plans are focused on collaborating with providers to improve quality of care, access, and affordability,” said Dr. Cheryl Pegus, President of Consumer Health Solutions and Chief Medical Officer for Cambia. “We are deeply committed to delivering an integrated approach to behavioral health that will ensure people can access the care they need on their terms.”

In similar deals, Snapclarity, an online platform providing on-demand mental health assessments and personalized treatment plans via its app, received an investment from the Relentless Venture Fund. Meru Health, a provider of digital clinics offering with an app-based mental health treatment program, secured $4.2M in Seed financing from Freestyle Capital, Bonit Capital, Y Combinator, Lifeline Ventures, and IT-Farm.

Telehealth companies raised $663 million in 15 deals in Q3 2019, according to Mercom’s Q3 & 9M 2019 Digital Health Funding and M&A report. Since 2010, telehealth companies raised over $4.7 billion in VC funding. Click here to learn more