Grow Therapy Secures $75M Series B Funding
At Grow Therapy, our mission is to close the gap between licensed therapists and people who need affordable, high-quality mental health care. Many clinicians want to run private practices but are discouraged by administrative burdens, insurance credentialing hurdles, and operational complexity. Those obstacles take time away from clinical work and reduce the number of in-network appointments available for patients who cannot afford out-of-pocket care or premium access options.
Key takeaways
- Grow Therapy closed a $75M Series B led by TCV and co-led by Transformation Capital, with continued support from SignalFire and SVB.
- Since launching in 2020, Grow has supported thousands of therapists in starting independent, in-network practices and has connected hundreds of thousands of patients to care.
- Grow offers a marketplace to find therapists, an insurance engine that enables providers to accept in-network benefits, and an EHR platform to simplify clinical and administrative workflows.
- This funding will accelerate nationwide expansion, broaden insurance participation — including Medicare and Medicaid — and further develop Grow’s product and clinical teams.
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During the early months of the COVID-19 pandemic, the World Health Organization and public health systems documented a sharp rise in anxiety and depression worldwide. Demand for mental health support increased dramatically while many clinicians were overwhelmed or restricted by new administrative burdens. In response, we founded Grow Therapy in 2020 to make it easier for therapists to launch and run private practices that accept insurance, and to help patients find in-network care without long wait times or prohibitive costs.
Over the past several years, Grow has focused on three integrated areas that remove the friction between clinicians and patients:
- Marketplace: A patient-facing directory and matching experience that helps people find therapists by insurance, specialty, availability, and other preferences.
- Insurance engine: A backend that automates credentialing, claims, and in-network billing so providers can accept insurance with fewer administrative steps and faster reimbursement.
- EHR and practice tools: A secure, clinician-first platform for scheduling, medical notes, telehealth, and patient communication designed to minimize time spent on paperwork.
Today I’m excited to share a major milestone: Grow Therapy has raised $75 million in Series B financing. The round was led by TCV and co-led by Transformation Capital, with participation from SignalFire and SVB. These partners bring deep experience scaling consumer and healthcare technology businesses, and they will help us accelerate our work to empower clinicians and expand access to care.
What this means for therapists and patients
This investment enables us to deepen product capabilities and increase geographic and payer coverage. Specific priorities include:
- Expanding Grow’s footprint to serve patients and providers across all 50 states and to strengthen relationships with commercial insurers, Medicare, and Medicaid plans.
- Enhancing the marketplace search and matching experience so patients can more quickly locate an in-network therapist who meets their clinical and logistical needs.
- Investing in clinical resources, training, and EHR features to reduce administrative burden for clinicians and let them focus on patient care.
- Growing our team—more clinicians, product and engineering talent, and support staff—to scale operations while maintaining quality and safety standards.
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Our company began because clinicians were asked to choose between delivering excellent care and managing the non-clinical demands of running a practice. We believe those choices should not exist. By streamlining insurance participation and the operational side of private practice, Grow helps clinicians keep clinical time clinical and makes it practical for more patients to receive in-network care.
Final thoughts
Grow Therapy was founded on a simple principle: therapists should be able to focus on helping people, not paperwork, and patients should be able to access high-quality, in-network mental health care without undue difficulty or expense. Reaching this funding milestone is a step toward that vision. We’re committed to continuing to build tools that make private practice scalable, sustainable, and accessible.
If you are a clinician who wants to start or grow an in-network private practice, or if you’re seeking affordable mental health care, Grow Therapy aims to make that process easier. Use our marketplace to search for providers who accept your insurance and match your needs.
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Editor’s note: This post was originally published in 2022 when Grow Therapy announced its Series B round and has been updated to reflect ongoing developments and the company’s continued growth.
