Grow Therapy, a hybrid mental health provider, has clinched $150 million to build out physician and employer relationships.
The series D round was led by TCV and Growth Equity at Goldman Sachs Alternatives, with participation from new investors BCI and Menlo Ventures.
Physicians and employers are newer customer types for Grow but have been the focus of the platform’s growth over the past five years. The capital will also be used to strengthen the tech powering Grow and enhance the user experience for patients, therapists and other partners.
Grow has amassed a range of partners that today includes 125 payers, provider groups like Circle Medical, health systems like Kaiser Permanente and employers. Primary care docs are of particular focus to Grow right now, given they deliver 60% of the nation’s mental healthcare.
“One of the original reasons we started the company was out of [our own] experiences with struggling to access the mental health system, including through the primary care setting,” Manoj Kanagaraj, M.D., Grow’s co-founder and chief strategy officer, told Fierce Healthcare. “Still, to this point, a lot of medical doctors who may have patients who have a mental health condition don’t really know how to send their patients to someone who has availability, who accepts their insurance and is affordable, and who can also give them back some information on what happens during their care.”
Grow can step in by facilitating quick referrals to its available providers and closing the loop with the patient’s core care team, sharing back their progress in mental health treatment.
Meanwhile, employers increasingly recognize the importance of a mentally healthy workforce while contending with rising costs. Grow partners with employers on employee assistance programs (EAPs) and can also provide continuing care beyond EAPs. The goal is to make the transition between EAP programs and fuller benefits as seamless as possible for employees, allowing them to continue seeing the same therapist in-network once they exhaust their EAP sessions. Given Grow’s extensive payer partners, Kanagaraj said, the company can work with employers to ensure benefits are continuous.
In addition to commercial payers, the company works with 25 Medicaid plans and accepts Medicare, with 3% of its patients on Medicare. While so far there isn’t much clarity on what will happen with the Medicaid market following major One Big Beautiful Bill Act cuts, Kanagaraj said, Grow wants to continue expanding Medicaid coverage no matter what the landscape looks like.
“Our fear is that there could be more patients that are out of care due to the policy changes, but we hope that’s not the case,” Kanagaraj said.
Payers are by far the biggest partner of Grow’s right now. Their needs are evolving, with more payers laser focused on quality and cost. Grow has 10 at-risk payer contracts so far—and counting. That’s less than 10% of total payer contracts, though value-based care is a “growing portion,” per Kanagaraj.
“TCV loves backing great entrepreneurs targeting very large market opportunities," Jay Hoag, founding general partner at TCV, said in an announcement. "We are excited to continue to partner with Grow on the journey to provide access to, and improvement of, quality mental health care."
More than 2 million people have used Grow over the past five years, including for therapy and medication management. Nine in 10 patients would strongly recommend Grow to a friend, per the company, with its NPS score being 85 out of 100. Eight in 10 patients see measurable symptom improvement within 30 days.
Like other tech-driven companies, Grow has not shied away from artificial intelligence, launching AI-powered patient journaling and ambient listening in 2025. The AI-assisted notes have dropped provider documentation time by nearly 70%, Grow claims. Kanagaraj is excited about future potential AI use cases to improve the user experience.