The funding will help Parallel Learning fuel national expansion. Here are the top-line bullets you need to know.
Parallel Learning, a provider of telepsychiatry services for children, has raised $20M in a Series A. The round drew participation from Tiger Global Management, Jaws Capital, Vine Ventures, and Obvious Ventures.
HOW’S THE COMPANY PERFORMING?
- New York-based Parallel Learning brings together licensed psychologists, learning specialists, occupational therapists, and other professionals to support students that have learning difficulties.
- The platform offers services across New York, Florida, Texas, California, and Illinois.
- Its provider network has grown 150% since January — this growth has been supported by its 90% provider retention rate.
- Parallel Learning has grown its revenue by 50% every month, on average, since its inception.
Source: Parallel Learning
WHY DOES THE MARKET MATTER?
- The global telepsychiatry market is expected to reach a value of $36.3B by 2027, growing at a CAGR of 24.7%, according to Grand View Research.
- In 2021, mental health tech start-ups raised $5.5B in funding, up 139% from 2020.
- As the pandemic continued to exacerbate mental health issues (such as anxiety and depression), there was growth in demand and investor interest in digital tools that enhanced mental healthcare delivery.
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