PursueCare, a telehealth company providing addiction treatment, raised $7 million in a Series A2 funding round, bringing its total Series A round to $11 million.
The round was led by OCA Ventures, Seyen Capital, Wasabi Investors, and a syndicate of healthcare investors. According to the company statement, the latest funds will fuel the expansion of its telehealth substance use disorder (SUD) treatment.
PursueCare offers evidence-based telehealth solutions for substance use disorder treatments through a smartphone app. According to recent CDC data, drug overdose deaths surged by 29% from October 2019 through September 2020. The SUD-related numbers are expected to have increased further as the COVID-19 pandemic has progressed. PursueCare intends to solve this by integrating through a customized digital portal to promote rapid referral and access to on-demand live video treatment.
According to the company, patients receive immediate access to a team of addiction specialists, including physicians, psychiatric providers, and counselors, often on the same day as a referral. PursueCare also offers delivery pharmacy services for patients experiencing stigma and lack of access to appropriate medications for SUD treatment.
“The bottom line is that our healthcare infrastructure is significantly struggling when it comes to providing timely access to evidence-based substance use treatment,” said PursueCare CEO and Co-Founder Nick Mercadante.
Nick Mercadante added: “With this latest investment, we are now positioned to expand our low-barrier services to more patients, whether they need transition from settings that don’t traditionally present solutions for long-term recovery, or just need a way to privately access care at home on their own time. There is strong evidence to support telehealth improving outcomes for individuals living with substance use disorder. We are hyper-focused on continuing to partner with healthcare organizations, employers, and universities across the country to help accelerate expanding access to this game-changing approach.”
The telehealth category witnessed a massive influx of VC funding during the first quarter (Q1) of 2021, raising a total of $2.4 billion, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.