NOCD, a telehealth company specializing in the treatment of obsessive-compulsive disorder (OCD), announced the closing of a $33 million Series B funding round.
F-Prime Capital led the funding round with Eight Roads Ventures, Kaiser Permanente Ventures, 7wireVentures, Health Enterprise Partners (HEP), and Chicago Ventures.
According to the company, the new funds will help expand its virtual community-driven therapy and offer additional services. The company’s online community-driven therapy leverages condition-specific peer communities and offers evidence-based treatment services to obsessive-compulsive disorders.
The NOCD platform allows members to receive ongoing, face-to-face telehealth sessions from licensed therapists specializing in NOCD treatment. Additionally, members have access to support when their therapist is unavailable, including personalized peer groups and self-help tools.
NOCD said it is now delivering more than 12,000 live telehealth visits per month through the network of exposure and response prevention specialty-trained providers, with outcomes showing 40% improvement in a patient’s health within as few as 90 days.
“The behavioral health treatment system needs a new digital front door that meets the needs of consumers with severe conditions on their terms, where they are. Telehealth is an important solution for people that do not feel comfortable seeking treatment for stigmatized issues outside of their home. NOCD offers a frictionless, effective therapy experience that addresses their unmet needs and helps them regain hope in life,” said Stephen Smith, Chief Executive Officer and founder of NOCD.
“NOCD’s unique and scalable approach meets individuals suffering from OCD where they express their distress and offers them an online community where they can anonymously share their experiences with each other, get diagnosed, and receive holistic virtual care from specialized therapists,” said Daniel van den Bergh, Director at Kaiser Permanente Ventures.
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.