Virtual addiction treatment Workit Health raised $ 118 million in Series C funding led by Insight Partners.
Other investors participating in the round are CVS Health Ventures, FirstMark Capital, BCBS Venture Fund and 3L Capital.
“Workit is at the forefront of massively accelerating the adoption of telemedicine, which is key to solving the overdose crisis exacerbated by COVID-19. The risk factors associated with drug use have increased dramatically, “Lisa McLaughlin, co-CEO of Workit Health, said in a statement.
“This latest round of funding helps us expand our relationship-based, telemedicine-driven, value-driven approach to new regions in desperate need of simple and trustworthy solutions like Workit.”
WHAT IT DOES
Workit offers virtual therapies for addictions and other addiction treatments, as well as medically assisted treatments such as Suboxone. The company has also expanded its offering for conditions common to substance use disorders, such as hepatitis C, depression, anxiety, and insomnia.
WHAT IT IS FOR
The company currently operates in ten states: Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington, and Texas.
With the new cash inflow, Workit plans to expand into new regions and be available nationwide by 2023.
“We are establishing a new model for addiction care in America and are proud to work with partners at the forefront of high growth in healthcare and technology,” said Robin McIntosh, Co-CEO of Workit, in a statement.
“We lost a record 90,000 people died of an overdose last year due to an outdated treatment system. Thousands of inpatient programs have been closed, stranding patients across the country and cutting off access to care. With Workit, the path to recovery is as easy as downloading an app. Our ultimate goal is to democratize access to addiction support for anyone who wants it. “
The powerful Series C from Workit builds on a. on $ 12 million Series B as of December 2020.
Other digital treatments for substance use are: Pear Therapeutics’ prescription digital therapeutics reSET and reSET-O, Quit Genius, axialHealthcare and Lucid Lane.