Virtual mental health startup Brightline recently closed $105M in Series C funding to broaden its services as it tackles the nation’s “pediatric mental-health crisis.”
The two-year-old company is a poster child for the rise of behavioral health startups during the pandemic, with a valuation of $705M after a quick total raise of $209M.
Brightline offers adolescents and their families virtual services and educational content aimed at treating anxiety, ADHD, depression, and other behavioral issues.
- The company staffs over 85 care providers (psychiatrists, speech-language pathologists, behavioral coaches) trained to support children with unique needs such as cyberbullying or wearing masks in the classroom.
- The services are offered through employers and as in-network benefits with major health plans, including Blue Cross of California, Blue Cross Blue Shield Massachusetts, Aetna, and Primera.
The new funding will help Brightline triple the size of its care team by the end of the year while exploring additional ways to deliver specialized care through more modalities.
- This includes upcoming services specifically for the caregivers of young children with Autism Spectrum Disorder and youth who identify as LGBTQ+ and/or BIPOC.
- Brightline expects to serve over 30k children and teenagers by the end of 2022, while doubling the number of lives covered through its health plan contracts to 48M.
The Takeaway
Psychiatrists are among the most in-demand specialists, and adolescent psychiatrists aren’t exactly easier to find. Some research suggests that upwards of 75% of US counties don’t have access to a single one. If Brightline can address this supply-demand imbalance with its virtual services it could have a big impact on families affected by behavioral health challenges, and the company’s swift funding pace suggests that investors are eager to wager that they can.
