Workit Health raised $118 million in Series C funding for its telehealth addiction care program, the company announced Thursday.
Insight Partners, a private equity and venture capital firm, led the funding round. BCBS Venture Fund, CVS Health Ventures, FirstMark Capital and 3L Capital also participated. Workit Health plans to use the additional money to expand into new markets and boost its primary and psychiatric care products and services.
"We lost a record-breaking 90,000 people to overdose deaths last year due to an outdated treatment system. Thousands of inpatient programs shuttered, leaving patients nationwide stranded and cut off from access to care," Workit Health Co-CEO Robin McIntosh said in a news release. "Our ultimate goal is to democratize access to addiction care for anyone who wants it."
The company offers treatment for substance use disorder by licensed clinicians in ten states, including California, Florida and Texas, and a nationwide coaching and counseling program.
"This new investment will allow Workit to expand into new regions this year and next, with plans to be national by 2023," the company said in a news release.
Investors have poured millions into digital health companies working on clinical treatment for substance use disorder in 2021, according to new data from Digital Health Business & Technology.
CityBlock Health, which provides people in lower-income communities with primary care, behavioral health and other services, hauled in $400 million in Serie D funding during the third quarter, making it one of the largest digital health investments by venture capital this year. SoftBank led the financing.
Wayspring, formerly known as axialHealthcare, received a $75 million cash infusion from Valtruis, Centene and six other investors to expedite its transformation from a clinical decision-making platform into a full-fledged value-based care organization focused on substance use disorder.
