Scottsdale-based behavioral health services company EvolvedMD has raised $5.4 million during its series A funding round.
EvolvedMD, which was founded in 2017, brings behavioral health professionals and technology together through a model that focuses on collaboration with primary care providers and aims to make mental health care more accessible and manageable, both in person and virtually. The company said it also seeks to reduce the stigma associated with mental health care.
“There is a dire need for easy access to behavioral health care across all segments of our society — 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,” EvolvedMD co-founder and Managing Partner Erik Osland said in a statement. “The Covid-19 pandemic has accelerated these needs even more.”
EvolvedMD said it plans to use the latest investment to scale its technology infrastructure and grow its clinical team. The company said its staffing is currently at 72 and that it plans to hit 100 by this fall. It had 20 open jobs listed Tuesday on its careers page for mental health therapists and other positions.
The company operates in Arizona and Utah, working with primary care providers in organizations such as Honor Health, Foothill Family Clinic, Ogden Clinic, Apricus Health, Granger Medical, Premier Family Health and others.
Plans call for further expansion in Arizona and Utah, as well as moves into more states, the company said.
The financing was led by Boston-based health care investor Waterline Ventures and Palo Alto, California-based technology investor Conductive Ventures.
Robbie Greenglass, managing director of Waterline Ventures, said EvolvedMD’s integrative approach means both patients and care providers can be more successful.
“We are excited to partner with EvolvedMD, who is disrupting the exploding behavioral health market,” Greenglass said in a statement.
Carey Lai, managing director of Conductive Ventures, echoed that sentiment.
“We are thrilled to partner with the team at EvolvedMD and support them on their growth expansion plans,” Lai said in a statement. “EvolvedMD is transforming an industry that is ripe for change with their innovative approach towards the behavioral health market.”
EvolvedMD was a finalist in the Phoenix Business Journal’s Small Business Awards both in 2021 and in 2019. It also appeared on the Business Journal’s Best Places to Work list in 2020.
