Quit Genius, a provider of substance addictions program through an app, raised a $64 million Series B funding round co-led by Kinnevik and Atomico, with participation from Series A investors Octopus Ventures, Triple Point Ventures, and Startup Health.
The company plans to use the funds to fuel the expansion of its platform in the U.S.
Quit Genius delivers a complete virtual clinical care model for addiction. According to the company, its program combines virtual behavioral therapy with approved medication and connected devices to help people overcome addiction from the comfort and privacy of their own homes.
To date, Quit Genius has helped more than 750,000 people improve their lives and conquer their addictions. The average success rate for people in the Quit Genius tobacco program is 52 percent, far higher than traditional methods, the company said.
The company integrates with health plans, pharmacy benefit managers, and wellness platforms to deliver substance addiction treatments.
“As physicians, my co-founders and I saw firsthand the devastating effects of substance abuse,” said Yusuf Sherwani, M.D., Co-founder and CEO of Quit Genius. “We designed Quit Genius to be the program we wish we had as physicians, that’s dedicated to helping individuals conquer their addictions and payers bend the cost curve. We’re excited that our solution has been so well received by the market and, more importantly, that eight peer-reviewed studies have clinically validated Quit Genius as being best-in-class.”
“In the near term, we are aggressively expanding our provider network to cover the entire U.S. population across all 50 states,” Dr. Sherwani added. “Our goal is for everyone to have access to evidence-based treatment for tobacco, alcohol, and opioid addiction on their own terms.”
Quit Genius has raised a total of over $80 million to date.
mHealth Apps raised $1.6 billion in the first half of 2021. Ada Health, a symptom assessment, and care navigation app, raised $90 million in Series B funding. Leaps by Bayer, the impact investment arm of Bayer, led the financing round.