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Pelago , Y Combinator - backed telehealth company that usescognitive behavioral therapy ( CBT)to help treat people with tobacco , alcohol and opioid addictions , said Thursday it had raised a $ 58 million Series C round .
The late funding , which brings its total raise to $ 151 million since being founded in 2017 , comes two and a half years after Pelago , formerly known asQuit Genius , closed aSeries B of $ 64 millionamid the COVID pandemic .
Yusuf Sherwani , co - beginner and CEO of Pelago , told TechCrunch that the company plans to expend the issue to bring on more users , advance its clinical research efforts , and develop further product . Most late , the ship’s company expanded its offering to admit practical therapy sessions and service foradolescentsacross its step . The virtual clinic ’s medicament - assisted treatment for substance use disorders is available across 50 states for adults and teens . It treats across all acuity levels along with co - occurring mental health condition .
Since its Series B , Pelago has experienced an telling 11x receipts surge and claims to have 100 % client retentivity . The ship’s company did not leave the service line of its revenue . Its full - time headcount has also triple from 50 in 2021 to 150 , demonstrating its rapid expansion , Sherwani said .
Sherwani , Maroof Ahmed ( COO ) , and Sarim Siddiqui ( head of Cartesian product ) all met at aesculapian schooling before going on to found Pelago . The impetus for starting the company follow after the trio find the waste effect of smoke and other addiction : as the companyexplains , inwardness addiction and misuse exist on a spectrum , with every soul ’s experience and post needing nuanced approaches , but straight medicalized approaches are often not a silver bullet . CBT and longer - term approach shot that total with it have beenshown to be effectivein helping many figure out how to identify and operate on result . Combining this noesis with advances in technology , and growing acceptation for telehealth solutions , the co - founder created a solvent political platform , Pelago .
The caller does not sell straight to consumers . Instead , it partners with employers and healthcare benefit providers , who in twist provide it as a avail , severally to employees or health plan penis when they are actively seeking treatment for themselves ( or their families if they are hide in the plan ) . The CBT is currently focused around substance abuse , specifically alcohol , tobacco and opioids .
Pelago saysits distant CBT programincludes a doc - pass care team of physicians , nurses , counselors , and coaches . The companionship name each exploiter and germinate a personalized care plan for users . Pelago members have regular sessions with virtual care teams in the app , consist of wellness four-in-hand or certify drug and alcohol counselors . Its in - app telehealth capabilities let in video and audio career and a lineal - to - therapist schmooze interface . healer also can call for integrated wellness checks for their members . It also offer PelagoRx , a medication - assisted treatment ( MAT ) through confidential prescription drug
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Currently , Pelago has more than 100 enterprise customers across a variety of industriousness — mining , manufacturing , engineering , mental synthesis , education , and healthcare among them .
harmonise to the company ’s web site , its register drug user weremore than 750,000 as of August 2023.TechCrunch account thatthe outfit had around 300,000 registered users in May 2018 .
“ Pelago offers its integrated subject matter habituate management to employer and wellness programme populations , with specialized treatment for tobacco plant , alcohol , and opioid use disorders along with support for adolescents , ” the company CEO severalise TechCrunch in an audience .
Last yr , Pelago published an intimate study that take using its servicereduced aesculapian claim by $ 9,367 annually per participantcompared to a control chemical group . According to the CEO , its users are five time more likely to quit smoking in one year with the Pelago platform than other programs .
In addition to its practical therapy interface , the company is investing in bring in more tech to endure on its business . For instance , it has introduced an AI - powered assistant , Pelago Chart , for clinical squad to take notes more mechanically .
subsist angel Atomico , which doubled down on the Series C investment on the back of Pelago ’s growth , launch the backing , with involvement from other previous investors like Kinnevik AB , Octopus Ventures and Y Combinator . New investors Eight Roads and GreyMatter Capital also participate in the troll .
Quit Genius raises $ 11 M Series A to expand into opioid , alcohol addiction handling
