May 05, 2021 08:59 AM Eastern Daylight Time
BURLINGTON, Mass.--(BUSINESS WIRE)--Groups Recover Together (Groups), a national leader in value-based care for opioid addiction treatment, today announced it has raised $60 million in Series C financing. Oak HC/FT led the round, joining existing investors Bessemer Venture Partners, Transformation Capital, RRE Ventures, Optum Ventures and Kaiser Permanente Ventures.
The latest financing will support the expansion of Groups’ treatment model from locations in 12 states to at least 17 states by the end of 2021. Additionally, after transitioning to serving their members exclusively through virtual care during the COVID-19 pandemic, the company will further bolster its commitment to meeting members where they are by rolling out an enhanced digital experience that will complement its already well-established infrastructure of highly effective brick-and-mortar clinics with integrated telehealth. To help support this deep commitment to building treatment modalities that better serve individuals who want or need their care delivered virtually, Groups also announced it has named Amar Kendale, Chief Product Officer at Teladoc Health, to its board of directors.
“The affordable, high quality opioid addiction treatment that Groups provides has already made a massive impact on the country’s opioid epidemic and this latest financing will help us bring that proven model to even more people who need it,” said Colleen Nicewicz, CEO of Groups. “The COVID-19 pandemic has only exacerbated the risk factors associated with opioid use disorder (OUD), creating a crisis that has resulted in 87,000 fatal overdoses in just the last year alone. With support from our partners, we can play a critical part in reversing those trends by providing treatment to individuals -- when they need it, where they need it.”