Boulder Care, which offers telehealth treatment for substance use disorders, has raised a $37 million investment round that will fuel its already healthy growth.
The Series B investment brings the Portland-based company's funding to more than $50 million. Investors in the newest round include Qiming Venture Partners (U.S.), Goodwater Capital and Laerdal Million Lives Fund, along with repeat investors First Round Capital, Greycroft, Tusk Venture Partners and Gaingels.
CEO Stephanie Strong, who founded Boulder Care in 2017, said in a Friday announcement that the funding will allow the company to triple the size of its medical group, expand into new markets and treat more patients under unique payer contracts that hold Boulder accountable for outcomes.
Boulder has inked contracts with Medicaid managed care providers, as well as private insurance plans, including Regence and Anthem, and employers such as Comcast and Hewlett-Packard. Most patients pay nothing out of pocket.
More than 80% of patients using Boulder live below the poverty line and 25% reside in rural areas, often far from treatment facilities. According to the company, 93% of patients meet their goals of reducing or eliminating unwanted substance use.
Boulder providers write prescriptions for buprenorphine, an evidence-based treatment for opioid use disorder. The care model is based around a support team that includes peer recovery specialists and case managers.
