Madison's pediatric teletherapy provider DotCom Therapy has closed a $13 million in a Series A funding round, the company said Thursday.
Birmingham, Alabama-based New Capital Partners led the round, Boston's LRVHealth and Peoria, Illinois-based OSF Ventures also invested. In November 2020, DotCom Therapy announced it had raised $4.25 million from New Capital Partners and OSF Ventures — that amount is included in the $13 million Series A round, the company said.
DotCom Therapy currently provides remote mental health, speech, behavioral and occupational therapy at more than 400 schools and health systems across 38 states. In Wisconsin, its customers include nonprofit health care cooperative The Alliance and the Wisconsin Department of Health Services.
The company will use the new funding to expand partnerships with health care payers and providers, grow its national customer base of schools and improve its proprietary Zesh platform, which does therapist matching, scheduling, payments and more.
“This funding will fuel our expansion across healthcare systems, where the widespread therapist shortage is overburdening staff, greatly impacting the patients and families they serve,” DotCom Therapy founder and president Rachel Mack Robinson said in a statement.
Robinson, a speech-language pathologist, co-founded the company in 2015. As it grows, DotCom Therapy plans to hire more employees. It currently has about 200 team members, with around 10% in Wisconsin primarily in the Madison area, the company said.
Representatives from each of the three Series A investors — LRVHealth general partner Will Cowen, OSF Ventures vice president of investments Stan Lynall and New Capital Partners managing partner James Outland — have joined DotCom Therapy's board of directors, according to the announcement.
DotCom Therapy's revenue grew by 158% between 2017 and 2020, landing it on this year's Inc. 5000 list of fastest-growing U.S. private companies. It was one of 53 Wisconsin companies to make the list.
The company also recently partnered with Little League International and Pittsburgh-based health care provider and insurer UPMC to provide free mental health services for kids participating in this year's Little League baseball and softball region and world series tournaments.
