The Series C round brings Workit Health's total funding to $135.1M. Here are the top-line bullets you need to know.
Workit Health, an online drug and alcohol treatment platform, has raised $118M in a Series C. The round drew participation from Insight Partners, CVS Health Ventures, 3L, The Blue Venture Fund, and FirstMark Capital.
HOW’S THE COMPANY PERFORMING?
- Michigan-based Workit Health provides virtual care services that address addiction and related disorders. The startup provides a variety of treatment options, such as medication-assisted treatment, primary healthcare, and mental healthcare.
- Workit Health has over 6,000 members and has treated over 20,000 individuals. The company has also made agreements with more than 230 health plan providers.
- The platform has seen membership growth of 400% over the past 18 months.
- Operating in the US, Workit Health currently offers clinical treatment in 10 states, while online counseling is available nationwide.
Source: Workit Health
WHY DOES THE MARKET MATTER?
- The global telehealth market is projected to grow at a CAGR of 32.1% to reach a value of $636.4B by 2028, according to Fortune Business Insights.
- Private telehealth companies have raised $13.1B in funding across 491 deals so far in 2021, up 26% from 2020’s full-year funding total.
- Rising demand for virtual healthcare and consultations amid the Covid-19 pandemic has contributed to market growth.