Total amount raised
$115.1 Million
Latest funding date
02/01/2024
Location
Eleanor Health has successfully raised funds through six different funding rounds, with the latest being a Series D. The company is backed by nine investors, including notable names like Emerson Collective, Echo Health Ventures, and General Catalyst.
Keep reading to explore the intricacies of Eleanor Health's fundraising journey and the investors supporting this innovative healthcare platform.
What Is Eleanor Health?
Eleanor Health, founded in Waltham, Massachusetts, provides comprehensive mental health and substance use disorder care. The company operates in various health-related industries, including Health Care, Health Diagnostics, Hospital, Mental Health, mHealth, and Psychology. With a workforce of 101-250 employees, Eleanor Health offers services in clinics, virtually, and in patients' homes.
Specializing in addiction treatment and recovery, Eleanor Health offers Medication for Addiction Treatment (MAT), virtual therapy, and online peer support. Their personalized, judgment-free approach aims to address both medical and addiction-related concerns, making their services accessible across 15 states.
How Much Funding Has Eleanor Health Raised?
- Series A
- Amount Raised: USD 11,999,881
- Date: July 2019
- Lead Investors: Mosaic Health Solutions
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation for their mental health and substance use disorder care services.
- Series Unknown
- Amount Raised: USD 3,124,787
- Date: February 2020
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and initial expansion efforts.
- Debt Financing
- Date: February 2020
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for operational flexibility.
- Series B
- Amount Raised: USD 20,000,000
- Date: May 2021
- Lead Investors: Warburg Pincus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their service offerings and enhance technological capabilities.
- Series C
- Amount Raised: USD 50,000,000
- Date: April 2022
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To foster new risk-based, population health partnerships and expand into new markets, including Texas.
- Series D
- Amount Raised: USD 30,000,000
- Date: February 2024
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale their operations and enhance their care delivery platform.
Total Amount Raised: USD 116,124,668. Current Valuation: Not publicly disclosed.
Key Investors
- General Catalyst
- Details: General Catalyst is a venture capital firm that led the Series C and Series D funding rounds for Eleanor Health. Chris Bischoff, Managing Director at General Catalyst, has expressed strong support for Eleanor Health's mission.
- Investment Focus Areas: High-value care models, comprehensive health needs, sustainable outcomes.
- Notable Investments: Not publicly disclosed.
- Warburg Pincus
- Details: Warburg Pincus is a private equity firm that has been an existing investor in Eleanor Health, participating in the Series B and Series C funding rounds. The firm is known for its significant investments in healthcare and technology sectors.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Mosaic Health Solutions
- Details: Mosaic Health Solutions is a healthcare-focused investment firm that led the Series A funding round for Eleanor Health. The firm aims to support innovative healthcare solutions.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Town Hall Ventures
- Details: Town Hall Ventures is a venture capital firm that participated in the Series C funding round for Eleanor Health. The firm focuses on investing in companies that improve healthcare for underserved populations.
- Investment Focus Areas: Healthcare, underserved populations, value-based care.
- Notable Investments: Not publicly disclosed.
- Northpond Ventures
- Details: Northpond Ventures is a venture capital firm that joined the Series C funding round for Eleanor Health. The firm invests in science and technology-driven companies.
- Investment Focus Areas: Science, technology, healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for Eleanor Health?
With a focus on expanding into new markets like Texas and forming new risk-based, population health partnerships, Eleanor Health is poised for significant growth. The company aims to manage over 60,000 members by the end of 2022, leveraging its proprietary care delivery and analytics platform to enhance service offerings.
Future fundraising opportunities seem promising, given the successful Series C round and the ambitious expansion plans. However, challenges such as maintaining high-quality care while scaling operations and navigating regulatory landscapes could pose hurdles. The increasing focus on value-based care and data-driven insights in the healthcare industry presents both opportunities and challenges for Eleanor Health's continued growth.
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