A behavioral health company that operates in Colorado has a new infusion of capital to expand its workforce and clinical care delivery footprint.
Scottsdale, Arizona-based EvolvedMD raised $14 million in a Series A round led by San Francisco-based Conductive Ventures. Additional investors include FCA Venture Partners of Nashville, Tennessee, Healthworx in Washington, D.C., and Boston-based Tectonic Ventures and Waterline Ventures, the company announced on June 14.
EvolvedMD, founded in 2017, integrates behavioral health services in primary care by placing its clinicians at each of the practices it serves to improve patient outcomes and reduce provider burnout, according to the company.
“There is a dire need for easy access to behavioral health care – from developing adolescents and isolated seniors to Medicare beneficiaries and private market patients. Many of us need behavioral health support for our overall well-being,” Erik Osland, co-founder and co-CEO of EvolvedMD, said in a statement. “With record rates of depression in the U.S., we are looking forward to extending our reach as a company to treat many more patients.”
EvolvedMD operates in Arizona, Colorado and Utah. It will continue to expand in the Southwest, according to the company.
“We are thrilled to bring on additional capital and new investors to the company. We are looking forward to leveraging this capital to expand our care delivery footprint,” Steve Biljan, co-founder and co-CEO of EvolvedMD, said in a statement.“We are on the path to become one of America’s most comprehensive behavioral health providers. This latest investment will enable us to execute on our prior success and vision.”
EvolvedMD's primary care partners are Banner Health, BlueCross BlueShield of Arizona, HonorHealth, Optum, Integrated Medical Services, Foothill Family Clinic, Ogden Clinic, Granger Medical and Premier Family Medical, among others.
“We are impressed with the vision and strategy that has propelled EvolvedMD to date and in the future,” Carey Lai, managing director of Conductive Ventures — that led the funding round — said in a statement. “The team is tackling one of our country’s biggest health issues. They have a commitment to industry-leading delivery and a true passion for patient care.”
EvolvedMD officials were not immediately available for comment on how many employees it intends to hire as part of its capital raise.
EvolvedMD told the Business Journal in 2022 it had 72 employees with plans to reach 100 by the end of the year.
In mid-June, the company has 29 job postings for project management, talent acquisition, marketing and mental health and clinical therapists, according to its website.
