Quartet, a know-how platform that serves to bridge the hole between main care and psychological well being suppliers, has raised $40 million in a sequence C spherical of funding led by F-Prime Capital Partners and Polaris Partners, with participation from present buyers together with GV (Google Ventures) and Oak HC/FT.
Founded out of New York in 2014, Quartet presents a collaborative platform designed to attach bodily care suppliers with these within the psychological well being fraternity, thereby enhancing an individual’s general wellbeing, whereas the platform additionally hyperlinks in with insurance coverage corporations. The normal concept is that this: When you’re making an attempt to handle an damage or sickness, it might have a knock-on impact by way of the way you’re feeling mentally. Quartet needs to assist foster a extra holistic well being care strategy.
Quartet presently serves only a handful of markets throughout the U.S., together with Pennsylvania, Massachusetts, Louisiana, Washington, Northern California, and New Jersey. Prior to now, it had raised $47 million, and with its newest money injection it mentioned that it plans to double down on its enlargement plans throughout the U.S., whereas additionally investing in engineering and its product roadmap.
“Making collaboration between main care physicians and behavioral well being specialists work is a should if we’re ever going to enhance the general well being of our nation,” famous Quartet founder and CEO Arun Gupta. “The bridge between psychological and bodily well being is being constructed, and it’s know-how that’s main the cost.”
We’ve seen a spike in investments throughout the well being care startup spectrum in current instances, with the likes of Lumity elevating $19 million to convey data-driven suggestions to firm well being plans; Livongo closing $52.5 million to assist corporations and well being plan suppliers optimize their spending; Vida Health nabbing $18 million to chop the price of well being care; and on-demand well being care concierge Accolade grabbing $94 million.
However, we’ve additionally seen a lot of psychological well being startup investments come to fruition. Back in August, New York-based AbleTo introduced a $36.6 million elevate for its behavioral well being platform, whereas U.Ok.-based Ieso Digital Health raised $24 million for a platform that gives psychological therapies and cognitive behavioral remedy (CBT). Related to this are meditation platforms similar to Headspace, which not too long ago closed a $36.7 million spherical, whereas Y Combinator alum Simple Habit raised a small $2.5 million spherical to assist the world destress.
While GV has invested in a lot of well being care startups up to now, Quartet represented Alphabet’s first psychological health-focused funding when it led on its $40 million sequence B funding spherical again in 2016. GV is taking a backseat for the sequence C spherical, but it surely’s notable that two earlier taking part buyers — F-Prime Capital Partners and Polaris Partners — are becoming a member of forces to guide on this newest spherical.
“Having been concerned with Quartet for a number of years, I’ve seen the corporate’s fast maturation course of firsthand, and it’s a lot farther alongside than most well being care corporations at this stage,” added F-Prime Capital government associate Carl Byers. “Quartet is harnessing know-how and progressive pondering to drastically enhance the supply of care.”
As a results of the funding, Byers is becoming a member of Quartet’s board of administrators alongside two different new additions: Ken Goulet, former government vice chairman at medical insurance firm Anthem; and Lanham Napier, former Rackspace CEO and cofounder of VC agency BuildGroup.
This article sources data from VentureBeat