Online therapy company Learn to Live Inc. is seeking a debt-funding round worth $5 million, according to a filing with the SEC.
CEO Dale Cook was tight-lipped about the round, which has so far sold $3.25 million in debt to 11 investors, though he did say it was related to Learn to Live's strong growth since the beginning of the Covid-19 pandemic. Learn to Live has added over 2 million new members since the pandemic began, Cook said.
"We've experienced a lot of demand before the pandemic hit, but the pandemic has underscored the importance of individuals being able to access not just health care remotely but also virtual, self-directed health care," he said.
Minneapolis-based Learn to Live offers online programs that treat mental health issues like anxiety, depression and insomnia. Businesses, nonprofits and schools purchase the service for their employees and students. Cook declined to say how many employees the company has, though he said it has hired during the pandemic and continues to hire.
Cook is sharing little about Learn to Live's business in part because 2020 has become an extremely competitive period for telehealth companies and startups because of the Covid-19 pandemic. Other telehealth companies in the Twin Cities have reported massive increases in patient volumes. Zipnosis Inc., which creates white-label telehealth software for health systems, reported a 1,260% increase in patient volumes for the month of April, for example.
Learn to Live has raised $12 million in total venture capital since it was started in 2013, including two rounds of over $4 million each in 2018.
Some of its investors include Eagan-based Blue Cross and Blue Shield of Minnesota, which markets Learn to Live to its health plan members; Minneapolis-based Matchstick Ventures; and Minneapolis-based TreeHouse Health, which has an investment arm that backs digital health startups. Cook declined to say if any of its existing investors participated in the latest round.
