A Chicago startup that treats obsessive-compulsive disorder just got a boost from several local VC firms.
NOCD announced Tuesday that it raised $4 million in a Series A round of funding led by Chicago Ventures. Other backers include 7Wire Ventures, Meridian Street Capital, and Hyde Park Angels. 7Wire Ventures, a healthcare-focused VC firm led by Glen Tullman, led NOCD's $1 million seed round back in 2017.
NOCD is a mental health app that uses cognitive behavioral therapy techniques to assist in treating OCD patients. It connects patients with trained clinicians who can offer evaluations and therapy via one-on-one video appointments, and its iOS and Android app allows patients to develop a long-term wellness plan and track the progress of their treatment between appointments. It also connects users to a community of people who also suffer from OCD, allowing them to share their story and learn from others.
Founded in 2015 by Stephen Smith, who suffers from OCD himself and first started experiencing symptoms in college, NOCD says it has 130,000 members across 90 countries. The startup has grown to more than 15 employees.
Millions of Americans are affected by OCD. Around 1 in 40 adults and 1 in 100 children have OCD in the U.S., and it's one of the top 20 causes of illness-related disability worldwide for people between 15 and 44, according to the World Health Organization.
The funding will help NOCD expand its provider network nationwide, allowing more people suffering from OCD to connect with trained physicians.
"Those suffering from OCD face a healthcare system that wasn't built to serve them,” Peter Christman, principal of Chicago Ventures, said in a statement. "Stigma, misinformation, and neglect are the norm. NOCD is replacing this broken system of engagement with an end-to-end clinical services platform that puts patients first. The outcome is a dramatic shift in the way we identify and manage OCD."
