Quit Genius, a provider of nicotine replacement therapy through its app, raised a further $11 million in Series A funding. Octopus Ventures, an early-stage investor, led the financing round, with participation from Y Combinator, Triple Point Ventures, Startup Health, Serena Ventures, and Venus Williams.
The startup has raised a total of $13.6 million to date.
Quit Genius plans to use the new funds to expand its therapeutic programs beyond cigarette and vaping addiction to include alcohol and substance abuse. The alcohol and tobacco services are now live, and the substance abuse and opioid services are in the pipeline.
The app helps users with tobacco, opioid, and alcohol-use disorder through digital cognitive behavioral therapy programs. Its service includes a virtual coaching platform and a connected breath sensor.
The programs help individuals to prevent or stop addicted products or drug-seeking. The addiction treatments are provided by using several behavioral and pharmacological approaches.
The company works with self-insured employers and health plans on a fee-at risk model and helps over 700,000 people across the U.S., Canada, and the U.K.
“Since our last funding round 18 months ago, our customer base has increased ten-fold, we have demonstrated industry-leading quit rates and expanded our product offering to vaping cessation.” “Quit Genius is re-defining the gold standard therapy to tackle addictions, and it is incredible to see the positive impact the team has made in such a short space of time,” said Yusuf Sherwani, CEO, and Co-founder of Quit Genius.
According to a recent report by Transparency Market Research, the addiction treatment market was $4 billion in 2016 and will reach nearly $7 billion by 2026.
In a similar deal, last year, DynamiCare Health, a provider of an app-based digital platform for addiction recovery, raised $4.1 million in a Seed funding round, which was led by Hyperplane Venture Capital.