PursueCare Raises Over $11M In Series A1 and A2 Financing
Capital Will Fuel Continued Growth of Startup’s Low-Barrier Telehealth Substance Use Disorder Treatment
MIDDLETOWN, CT (April 22, 2021) – PursueCare (pursuecare.com), a leader in telehealth addiction treatment, today announced an oversubscribed $7 million Series A2 capital raise, bringing its total Series A round to north of $11 million. The round was led by OCA Ventures, Seyen Capital, Wasabi Investors, and a syndicate of experienced healthcare investors.
The company, founded in 2019, has generated unprecedented demand for its virtual Medication-assisted Treatment (MAT) programs for opioids and other substance use disorders (SUD) during the COVID-19 pandemic. The funding will help PursueCare continue implementing integrated programs with health systems, hospitals, community health centers, employers, and universities while enhancing the patient virtual care experience.
The technology-enabled solution rapidly transitions individuals into evidence-based treatment through a smartphone app, reducing common barriers like work, childcare, inconvenient clinic hours, long wait times, and fragmented offerings. Patients receive immediate access to a team of addiction specialists, including physicians, psychiatric providers, and counselors, often on the same day as referral. PursueCare also offers delivery pharmacy services, which have proven particularly beneficial for patients experiencing stigma and lack of access to appropriate medications for SUD treatment.
According to recent CDC data, drug overdose deaths surged by 29% from October 2019 through September 2020 – the most recent data available – compared with the prior 12-month period. It is expected that SUD-related numbers have increased further as the COVID-19 pandemic has progressed. The trend, coupled with further reduction in access and capacity, particularly in rural regions, has put a strain on EDs to adequately triage SUD and find local referral sources. PursueCare helps to solve this by integrating through a customized digital portal to promote rapid referral and access to on-demand live video treatment that starts at the bedside and continues at home.
“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. “With this latest investment, we are now positioned to expand our low-barrier services to more patients, whether they are in need of 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.”
PursueCare is a Connecticut-based telehealth addiction recovery and mental health services company launched in 2019 that aims to change the way people access care by removing the prevalent obstacles historically associated with substance use disorder treatment. PursueCare delivers comprehensive digital care for opioid, alcohol, and other substance use disorders, through a smartphone app. Patients have access to a care team consisting of licensed psychiatric providers, counselors, care coordinators, and physicians who can prescribe medications like Suboxone. Its Joint Commission-accredited pharmacy can ship medications directly to patients’ homes. By partnering with health systems, community health centers, employers, and health plans, PursueCare offers a transitional digital addiction treatment program for patients that often cannot get timely and effective care in those settings. Patients can also seek treatment without a referral by visiting PursueCare’s website or downloading the app on Google Play and the
Apple Store. PursueCare accepts most insurances and offers low-cost self-pay programs for patients in Connecticut, Massachusetts, Vermont, New Hampshire, Kentucky, Ohio, West Virginia, Rhode Island, Maine, and New Jersey. For more information: https://www.pursuecare.com