Quit Genius

UK and New York-based Quit Genius is a digital cognitive behavioral therapy provider to help users quit smoking and vaping tobacco products. It later expanded its service offering to help users with addiction treatment for tobacco, alcohol, and opioid abuse. The app also helps users recognize negative thoughts and replace them with positive thoughts through varied content such as audio sessions, animated videos and interactive exercises. Quit Genius also offers approved medication, weekly coaching sessions, and connected devices such as a breathalyzer as part of its treatment. The B2B2C company had served more than 750,000 patients via its partnerships with 55 employer and health plan customers as of June 2021.

In July 2022, the company announced it would offer a full-risk payment model for health plans and employers. Through the new model, the company will only receive a payment if its virtual treatment for addiction meets guidelines with regard to clinical, engagement, satisfaction, and operational performance goals.

Funding and Financials

The company raised USD 64 million in an oversubscribed Series B funding round that brought total funding to USD 77.5 million. The company intends to expand its provider network and geographic reach across the US; the platform is currently available in the UK and half of the US. The company also plans to fund additional peer-reviewed studies to monitor and improve its treatment programs. The financing round comes as the company reported a tenfold YoY increase in its revenue in 2020 as individuals with substance abuse disorders spiked during the Covid-19 pandemic.