Behavioral health company UpLift secures $10.7m in Series A funding
UpLift, a behavioral health company founded in 2020, recently revealed that it raised $10.7 million in Series A funding. The financing round was led by new investor Ballast Point Ventures, a late-stage venture capital and growth equity fund, and saw participation from Kapor Capital, Front Porch Ventures, and existing investors, including B Capital.
The fresh influx of capital boosts UpLift’s total funding to over $22 million.
UpLift utilizes a technology-centric approach to deliver value-based care by integrating mental and physical health. In partnership with leading national and regional health insurance plans, it offers quality, virtual-first psychotherapy, and psychiatry. With mental health issues affecting nearly half of all Americans, the company plays a critical role in addressing the affordability crisis in behavioral health by accepting insurance payments.
The behavioral health provider deploys its purpose-built software to deliver evidence-based psychotherapy and psychiatry to individuals aged 13 years and above, along with couples and families, in 4 states and the District of Columbia. The newly raised Series A funding will enable an expansion of UpLift’s team-based behavioral healthcare model, thereby facilitating insurance payment acceptance by thousands of behavioral healthcare providers and aiding patients in finding the right team of providers based on their unique needs. UpLift also intends to use the funds to extend its services to additional states.
Matt Rice, Partner at Ballast Point Ventures, said, “We have long been interested in investing in the behavioral health segment of the healthcare industry, especially as we saw access to mental health services become even more of a challenge during the pandemic. We are inspired by UpLift’s team-based approach to care, which combines therapy with psychiatry, and look forward to supporting Kyle Talcott and his impressive team on their mission to improve access to affordable care that patients can trust.”
Additionally, UpLift has signed a contract with AmeriHealth Caritas District of Columbia, a national leader in Medicaid managed care. This collaboration will enable new and existing network providers to join the UpLift platform, creating a high-performance network that ensures efficient, high-quality care delivery and an effective patient experience.
Kyle Talcott, Founder and CEO of UpLift, said, “We are proud of the progress we’ve made to increase access to critical behavioral healthcare, and this Series A investment is a testament to our team’s hard work and commitment. We are also thrilled to partner with AmeriHealth Caritas D.C., which will allow us to help close the gap in access to behavioral healthcare for Medicaid members. This funding round, coupled with our new partnership enables us to positively impact the lives of many through affordable, accessible healthcare.”