Marigold Health, a peer recovery platform, has raised USD 11 million in a Series A financing round co-led by Rock Health and Innospark Ventures, along with contributions from other investors. This brings the total funds raised by the company to USD 21.6 million.
Marigold plans to use the raised funding to expand its reach to meet national demand for more engaging substance use disorder (SUD) support programs. The company anticipates expansion to at least four additional states by the end of next year. Additionally, Marigold plans to use the funds to grow its peer workforce and continue to develop its proprietary natural language processing (NLP) capabilities.
The company notes that as of June 2024, its platform is available to 25,000 members across Delaware, Rhode Island, and Massachusetts. It also notes that its strategy will be to prioritize its partnerships with Medicaid and dual health plans that cover complex or vulnerable populations.
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