Workit Health, a telemedicine startup offering digital substance use disorder treatment, including medication for opioid and alcohol use disorders through the web or mobile apps, raised $118 million in a Series C funding round.
Insight Partners led the round with CVS Health Ventures, FirstMark Capital, BCBS Venture Fund, and 3L Capital.
The company plans to use the latest funds to accelerate its growth into new markets and expand its primary and psychiatric care offerings, bringing effective care for substance use and co-occurring conditions to people.
“Workit is at the forefront of massive acceleration in telemedicine adoption, which is key to solving the overdose crisis that was exacerbated by COVID-19. The risk factors associated with substance use have dramatically increased,” said Lisa McLaughlin, Workit Health’s Co-CEO.
Lisa McLaughlin added: “This latest funding round helps us grow our relationship-based, telehealth-first, value-based approach into new regions that are in desperate need of simple and trusted solutions like Workit.”
Workit Health offers clinically validated telemedicine treatment for substance use disorder, online therapy, medication-assisted treatment, psychiatric support, and primary care via its app.
The company also offers a coaching and counseling program across the US, including Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington, and Texas.
The program includes telemedicine visits and medication e-prescribed to a local pharmacy and online recovery groups, an interactive therapeutic curriculum, and direct messaging with a care team. The company’s expanded offerings include primary care for commonly occurring physical conditions like hepatitis C and PrEP and psychiatric care including depression, anxiety, insomnia, and ADHD.
“Workit Health’s evidence-based virtual offering is transforming how substance use and mental health care is delivered for those suffering from many forms of addiction,” said Josh Flum, Chief Strategy & Business Development Officer, CVS Health. “Building upon our existing relationship, this investment in Workit Health further demonstrates CVS Health’s commitment to make health care more affordable, accessible, and simpler.”
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 Mercom’s 1H 2021 Digital Health Funding and M&A Report. Alloy, a telehealth company focused on the healthcare needs of women over 40, raised $3.3 million in a seed funding round from venture studio Kairos HQ and PACE Healthcare Capital.