Mental wellness startup Nue Life secured $23 million from investors to fuel its national expansion.
The ketamine-assisted therapy service will be available in 25 states by the end of the year following the capital raise, led by San Francisco venture capital firm Obvious Ventures. Nue Life also received venture debt finance from Western Technology Investment as part of the financing.
The Miami Beach-based company's at-home therapy platform uses ketamine – a substance legal for medical use in the U.S. – to help patients suffering from PTSD and treatment-resistant depression. Ketamine therapy is an alternative to prescription drugs like antidepressants, currently prescribed to about one in 10 Americans over the age of 12. Following an evaluation and medical consultation with a physician, Nue Life patients can receive their first shipment of ketamine directly to their homes.
"There is a vital need for helping women, veterans, and other folks experiencing symptoms of anxiety, depression, and PTSD that have not been helped by traditional treatments,” said Nue Life co-founder and CEO Juan Pablo Cappello.
Andrey Ostrovsky, managing partner of investment firm Social Innovation Ventures and the former chief medical officer of the U.S. Medicaid program, joined Nue Life's advisory board after the raise, along with Ketamine Research Foundation CEO Phil Wolfson. The nonprofit provides education and training on the use of ketamine-assisted psychotherapy as part of a mental health treatment program.
Medical research suggests mind-altering drugs such as ketamine, psilocybin (the active ingredient in "magic mushrooms") and MDMA could be effective treatments for conditions like depression and post-traumatic stress disorder in conjunction with therapy. Nue Life reports more than half of its patients with moderate to severe depression experienced a 50% reduction in symptoms after three ketamine therapy sessions. After six sessions, 64% of its patients reported fewer symptoms.
Nue Life's therapy service is currently available in Florida, California, Texas, Colorado and Washington. The startup plans to expand to 20 additional states by the end of 2022, beginning with Georgia and Massachusetts this month.
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