Virtual behavioral health company Brightline raises $105 million to expand
Virtual behavioral health company Brightline has raised $105 million in a Series C funding round, with the aim of expanding its services and partnerships.
The fresh funding brings Brightline’s valuation to more than $200 million. The investment round was led by KKR, a New York-based investment firm. Existing investors GV (formerly Google Ventures), Optum Ventures, Oak HC/FT, Threshold, 7wireVentures, Children's Medical Center Corp. (parent corporation of Boston Children's Hospital) and Blue Cross Blue Shield of Massachusetts also participated.
As part of the funding, KKR Director Johnny Kimhas joined Brightline’s board of directors.
Brightline pegs itself as a one-stop shop for accessible, affordable and evidence-based online mental healthcare for children, adolescents and adults. The provider promises digital on-demand support, coaching programs, extensive clinical services and robust outcomes reporting. Brightline reaches millions of families struggling with anxiety, cyberbullying, ADHD, depression and more.
The company was recently named on Fast Company’s 2022 Most Innovative Companies list.
The behavioral health company plans to use the funding to increase access to its care, including coordinating with ecosystem partners for specialized care, innovating the care model with interactive content interventions and expanded care modalities and provide next-generation employee benefits.
The company also plans to expand its services directed at teenagers and specialty programs to support diverse populations, such as caregivers of young children with Autism Spectrum Disorder and youth who identify as LGBTQ+ and/or BIPOC.
"Our healthcare system is failing our children, which has devastating public health and economic consequences. We simply cannot ignore that fact any longer," said Naomi Allen, co-founder and CEO of Brightline. "Brightline is the only nationally scaled leader serving this immense need in the market. With this investment, we are uniquely positioned to continue to expand our on-demand support and care offerings to meet the broad spectrum of youth mental health needs."
The funding comes at a time when mental health has been recognized by the current Biden administration. U.S. Surgeon General Vivek H. Murthy issued a public health emergency at the end of 2021 on the mental health crisis among the nation’s youth, which has worsened since the onset of the COVID-19 pandemic.
Brightline has already expanded its services to meet the increasing need of families through its digital platform, Connect, to all 50 states. The company currently offers coaching programs and clinical services, including behavioral therapy, evaluation, medication support and speech therapy.
Brightline has also already partnered with major healthcare plans and employers, including Aetna, Blue Cross Blue Shield of Massachusetts, Blue Shield of California, Competitive Health, Municipalities, Colleges, Schools Insurance Group (MCSIG), Sequoia, Stanford University and Xcel Energy. In total, Brightline serves more than 50 employers and covers 24 million health plans lives, with plans to reach 50 million health plan lives in 2022.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."