Virtual addiction treatment startup Boulder Care announced Friday it had received $36 million in Series B funding.
The round included participation by Qiming Venture Partners, Goodwater Capital and Laerdal Million Lives Fund as well as returning investors First Round Capital, Greycroft, Tusk Venture Partners and Gaingels.
Boulder said the Series B brings its total raise to more than $50 million. It scooped up $10.5 million in Series A financing in 2020.
WHAT IT DOES
Boulder offers virtual treatment for opioid use disorder and alcohol use disorder, including medication-assisted treatment like Suboxone. The startup’s clinicians can help patients with other medical issues, like prescribing birth control or antidepressants. Providers can also refer patients to outside care when necessary and join appointments with other clinicians virtually to coordinate care.
Additionally, Boulder can connect patients with peer specialists who have also experienced addiction recovery and help them find social services like employment assistance and housing support.
WHAT IT’S FOR
The startup will use the funds to triple the size of its medical group, expand into new markets and treat more patients under value-based care arrangements. Boulder said most patients don’t pay out-of-pocket for its services, and it generates revenue largely through Medicaid managed care.
“Linking arms with insurers has helped Boulder make care affordable for low-income Americans who are fighting hard to recover. With investor support, we’ll deepen dozens of valuable health plan and employer relationships all over the country,” CEO Stephanie Strong said in a statement.
There are a number of virtual substance use disorder startups on the market as the U.S. continues to grapple with rising drug overdose deaths. The CDC estimates more than 107,000 people died of drug overdoses last year, and more than 80,000 deaths involved opioids.
Earlier this week, Bicycle Health, which focuses on opioid use disorder treatment, announced a $50 million Series B. Meanwhile Ophelia also raised $50 million late last year.
Virtual addiction care startup Workit Health announced a $118 million Series C round in October last year, while Quit Genius, which includes support for tobacco, alcohol and opioid addictions, raised $64 million last summer.