Regroup Therapy has had a whirlwind of a year.
The Chicago-based startup, which uses video technology to deliver mental health services to underserved areas, announced on Thursday that it has raised a $6 million Series A round of funding led by OSF Ventures.
Regroup Therapy, which raised a $1.8 million seed round last spring, has seen its annual recurring revenues grow by nearly 4,000 percent over the past year.
“We were aiming for half a million dollars annual revenues last year, but we’re on track to book more than $4 million,” said founder and CEO David Cohn. “Our seed funding allowed us to invest in more people. When we got away from trying to do three or four times more than is humanly possible, we discovered that our processes were actually really good — we just needed more people out there.”
Read more (via Built In Chicago) at: http://www.builtinchicago.org/2017/06/15/regroup-therapy-raises-6m
Regroup Therapy lands $6M to give mental health care over video chat
Chicago-based Regroup Therapy, which lets mental health professionals virtually meet with patients at a variety of institutions, has raised more than $6 million in Series A funding, it announced Thursday.
It has been a period of notable growth for Regroup, which was founded in 2011 and bootstrapped until last year.
Revenue at the telehealth company is up significantly since it raised its $1.8 million seed round in April 2016, said CEO and founder David Cohn. It currently has more than $4.5 million in annual revenue under contract, whereas early last year its annualized revenue was about $100,000, he said.
“(We) have a health care system that is increasingly incentivized to provide better care earlier for patients,” Cohn said. “You can’t do that without providing high-quality mental-health care earlier.”
Read more (via Chicago Tribune) at: http://www.chicagotribune.com/bluesky/originals/ct-bsi-regroup-therapy-funding-6-million-20170615-story.html