Total amount raised
$115.1 Millions
Latest funding date
02/01/2024
Location
Eleanor Health has successfully raised $30 million in its Series D funding round, led by General Catalyst, bringing its total number of investors to nine, including Emerson Collective and Echo Health Ventures. The company provides comprehensive mental health and substance use disorder care through clinics, virtual appointments, and in-home services.
Keep reading to explore the intricacies of Eleanor Health's fundraising journey and the investors backing this innovative platform.
What Is Eleanor Health?
Eleanor Health, founded in 2019, is headquartered in Waltham, Massachusetts. The company operates in the healthcare industry, specifically focusing on mental health, substance use disorder care, and addiction treatment. It offers services through clinics, virtual appointments, and in-home care.
The company was founded by Corbin Petro, David Whelan, Nzinga Harrison, Srishti Mirchandani, and Trevor Price. With an employee count ranging from 101 to 250, Eleanor Health is committed to providing comprehensive, whole-person care designed to support long-term recovery outcomes.
How Much Funding Has Eleanor Health Raised?
- Series A
- Amount Raised: $12M
- Date: July 2019
- Lead Investors: Mosaic Health Solutions
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation for its comprehensive mental health and substance use disorder care services.
- Venture Round
- Amount Raised: $3.1M
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of its service offerings and enhance its care delivery model.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for operational needs and strategic initiatives.
- Series B
- Amount Raised: $20M
- Date: May 2021
- Lead Investors: Warburg Pincus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale its evidence-based, data-driven care model and expand its market presence.
- Series C
- Amount Raised: $50M
- 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: $30M
- Date: February 2024
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue transforming the quality, delivery, and accessibility of substance use disorder care.
Total Amount Raised: $115.1M
Current Valuation: Not publicly disclosed
Key Investors
- General Catalyst
- Details: General Catalyst is a venture capital firm that focuses on early-stage and growth equity investments. They have a strong presence in the technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Airbnb, Stripe, Snap
- Warburg Pincus
- Details: Warburg Pincus is a global private equity firm that invests in growth companies across various sectors. They have a significant focus on healthcare and technology.
- Investment Focus Areas: Healthcare, technology, media, telecommunications, financial services
- Notable Investments: Grubhub, CrowdStrike, Reorg
- Mosaic Health Solutions
- Details: Mosaic Health Solutions invests in innovative healthcare companies. Their goal is to improve patient outcomes and reduce healthcare costs.
- Investment Focus Areas: Healthcare innovation, patient outcomes, cost reduction
- Notable Investments: Quartet Health, Bright Health, Aledade
- Town Hall Ventures
- Details: Town Hall Ventures focuses on investing in healthcare companies that serve vulnerable populations. They aim to improve the quality and accessibility of care.
- Investment Focus Areas: Healthcare for vulnerable populations, care quality, care accessibility
- Notable Investments: Cityblock Health, Unite Us, Aledade
- Northpond Ventures
- Details: Northpond Ventures invests in life sciences, technology, and healthcare sectors. They focus on companies that are advancing human health.
- Investment Focus Areas: Life sciences, technology, healthcare
- Notable Investments: 908 Devices, Mission Bio, Ultivue
What's Next for Eleanor Health?
As Eleanor Health looks to the future, the opportunities are vast. The company plans to expand into new markets, including Texas, and foster new risk-based, population health partnerships. With a goal to manage over 60,000 members by the end of 2022, the potential for growth is significant.
Future fundraising opportunities seem promising, given the successful Series C round and the company's ambitious expansion plans. Eleanor Health may attract further investments to support its tech-enabled, value-based care model. However, challenges such as navigating new markets and ensuring the scalability of their proprietary technology remain.
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