Grow Therapy

New York-based Grow Therapy provides technology and support services through an online platform built for therapists, to build their own private practices and to connect  them with major US insurance companies. Patients can use the platform to directly book virtual or in-person sessions based on the type of insurance cover and state. 

Grow Therapy, founded in October 2020, addresses the issue of US therapists not accepting insurance (~70% of therapists) and the lack of technical infrastructural  support available for  private practices to be in-network. The company meets this need by supporting healthcare providers with the credentialing process for insurance. In addition, Grow Therapy also provides billing support, marketing services, and facilitates virtual consultations. As of September 2022 the company's platform has over 3,500 providers, has a market presence in 13 states, and claims to have achieved a 13x year-over-year growth.

Funding and financials

In September 2022, the company raised USD 75 million in a Series B funding round led by TCV and co-led by Transformation Capital along with participation from previous investors. The round was split, USD 45 million was raised in equity and USD 30 million was raised in venture debt. The funds were set aside to expand the platform’s health plan coverage from to all 50 US states, improve provider-patient experiences, improve the capabilities of its marketplace and EHR platform, and hire members to the 98 current employees.