Virtual behavioral health provider Better Life Partners Inc. has successfully raised $26.5 million in equity and options funding, marking a significant milestone for the company and the digital health sector. This funding round, the second for Better Life Partners since its inception in 2021, arrives at a crucial time when venture capital investment in digital health is facing a downturn. Despite this challenging landscape, the substantial investment underscores the confidence in Better Life Partners’ innovative approach and its potential to revolutionize access to vital mental health and addiction treatment services.
Prior to this recent raise, Better Life Partners had secured $11.8 million through seed and Series A funding rounds, according to Crunchbase data. Notable venture capital firms like F-Prime Capital Partners and .406 Ventures have previously backed the company, demonstrating early belief in its mission and model.
Based in Manchester, New Hampshire, Better Life Partners distinguishes itself by offering comprehensive virtual care encompassing mental health support, addiction treatment, and care coordination. A key element of their strategy is building connections with a network of local partner organizations. These collaborations include healthcare providers such as Acadia Healthcare and public health entities like the Capital Area Public Health Network in New Hampshire.
These strategic partnerships are designed to create a holistic ecosystem of care, ensuring patients can seamlessly access a wider range of services. This includes crucial harm reduction resources and essential physical healthcare services, addressing the multifaceted needs of individuals seeking support.
Better Life Partners offers a range of evidence-based treatments, including personalized therapy, recovery coaching, and medication-assisted treatment (MAT). They also provide access to medical physicians, ensuring a comprehensive and integrated healthcare experience. Currently, Better Life Partners extends its services across Maine, Massachusetts, New Hampshire, and Vermont, as indicated on their website, making a tangible impact in the New England region.
The company is committed to making its services accessible and accepts various forms of insurance, including select Medicaid, Medicare, and commercial health plans. This commitment to broad accessibility aligns with their mission to reach and support individuals across diverse socioeconomic backgrounds.
“We are actively building the multispecialty practice of the future,” Better Life Partners states on their LinkedIn profile, emphasizing their forward-thinking approach. They highlight their dedication to “delivering value-based care” that is “backed by technology and a caring team of providers, community health workers, counselors, and support staff.” This vision emphasizes a blend of technological innovation with human-centered care.
The broader context of digital health investment reveals an interesting trend. While overall investment in the digital health space has seen a decline in recent years, with the first half of 2023 being significantly lower than the peak of 2021, digital mental health remains a resilient and attractive sector for investors.
Despite the general downturn, digital mental health companies attracted a substantial $596 million in funding in the first half of 2023. Notably, behavioral health, encompassing mental health and related areas, has consistently been the most funded healthcare condition every quarter since 2018, according to Rock Health’s analysis. This sustained investor interest underscores the critical need and growing demand for accessible and effective behavioral health solutions.
Recent funding rounds for other virtual behavioral health companies, such as UpLift’s $11 million round and Headspace Health’s $105 million debt financing, further illustrate the ongoing investment in this sector. These examples, alongside Better Life Partners’ success, signal a continued belief in the potential of virtual platforms to address behavioral health challenges.
While Better Life Partners has not yet issued a public statement regarding this latest funding round, public documents reveal that eight investors participated. The composition of the company’s board of directors further highlights its strong industry connections and experienced leadership. Board members include CEO Juliana Ekong, co-founders Steve Kelly and Adam Groff, alongside representatives from key investment firms like Jon Lim from F-Prime Capital Partners, Liam Donohue from .406 Ventures, and prominent figures in healthcare such as Myechia Minter-Jordan from CareQuest Institute for Oral Health and Yair Schnidel from aMoon Fund.
In a previous blog post, Better Life Partners articulated their core mission: “Better Life Partners is all about building better lives and futures for our members by delivering evidence-based, effective opioid addiction treatment through community partners.” This statement clearly emphasizes their commitment to improving lives through accessible and community-driven care. The post further explains their collaborative approach: “With the help of our community partners to host locations for medication-assisted treatment and group therapy sessions, we can expand our treatment network to numerous communities at a local level and truly make a difference in lives.”
This recent $26.5 million funding round will undoubtedly empower Better Life Partners to further expand its reach, enhance its virtual care platform, and deepen its partnerships, ultimately enabling them to build even more “better lives” for individuals seeking mental health and addiction support. The investment signifies not only the financial growth of the company but also the growing recognition of virtual behavioral health as a critical component of the future healthcare landscape.
