Virtual substance use treatment company Boulder Care raises $ 36M

Virtual addiction treatment startup Boulder Care announced Friday that it has received $ 36 million in Series B funding.

The round included participation from Kimming Venture Partners, Goodwater Capital and Lorddale Million Lives Fund, as well as Returning Investor First Round Capital, Graycraft, Task Venture Partners and Genzel.

Boulder says the Series B has a total increase of more than $ 50 million. It’s scooped up 2020 10.5 million in Series A funding in 2020.

What does this mean?

Boulder offers virtual treatments for opioid use disorders and alcohol use disorders, including drug-assisted therapies such as suboxone. Startup physicians can help patients with other medical problems, such as birth control or prescribing antidepressants. Providers may refer patients to outpatient care if necessary and may make appointments with other practitioners to coordinate care.

In addition, Boulder can connect patients with peer specialists who have experienced addiction recovery and help them find social services such as employment assistance and housing assistance.

What is it for?

The startup will use the funds to triple the size of its medical group, expand into new markets and treat more patients under a value-based care system. Boulder said most patients do not pay out-of-pocket for its services and that it generates revenue primarily through Medicaid-managed care.

CEO Stephanie Strong said, “Arming Boulder with insurers has helped Boulder save on care for low-income Americans who are struggling to recover. With investor support, we will deepen dozens of valuable health plans and employer relationships across the country.” Strong said in a statement

Snapshots of the market

There are many virtual substance startups on the market as the United States continues to fight it Increasing drug overdose deaths. The CDC estimates that more than 107,000 people died from drug overdoses last year, and more than 80,000 deaths were caused by opioids.

Earlier this week, Bicycle Health, which focuses on treating opioid use disorders, made an announcement. $ 50 million Series B. Ophelia, meanwhile, raised $ 50 million late last year.

Virtual Addiction Care Startup Workit Health has made an announcement The সি 118 million Series C round in October last year, while Quit Genius, which includes support for tobacco, alcohol and opioid addiction, collected $ 64 million last summer.

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