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DotCom Therapy Pediatric Teletherapy Provider raised $ 13 million in Series A financing.
New Capital Partners led the round, with the participation of LRVHealth and OSF Ventures.
DotCom Therapy provides mental, behavioral, speech and vocational health services to children across the country through a virtual therapy platform. It partners with providers and schools to provide its services.
The goal of the Madison, Wisconsin-based company is to expand access to therapy for children. Almost one in five children have mental, emotional or behavioral disorders, such as anxiety or depression, and only about 20% of them get help from a trained provider, according to data from the Centers for Disease Prevention and Control.
“I saw the gap that existed between the number of qualified therapists and the number of children who needed help, and I thought teletherapy was a great way to help close that gap,” Rachel Robinson, founder and president of DotCom Therapy, said in an email.
At Robinson’s previous workplace, a neurology clinic, there was a four- to five-month wait list to see a therapist, and some patients traveled an hour or two for each visit.
“These factors put a lot of pressure on a family and even made it impossible for some families to get the help they needed from their children,” she said.
This led Robinson to found DotCom Therapy in 2015. Today, the company provides teletherapy services to more than 400 schools and health care systems in 38 states.
With the newly raised funds, DotCom Therapy plans to expand and establish a greater presence with providers and payers.
Robinson believes that investors who participated in DotCom Therapy’s Series A funding round will help the company grow its presence.
“New Capital Partners has extensive experience in the health sector, particularly in telehealth, since it was the first institutional investor in Teledoc,” she said. “OSF Ventures is the venture capital arm of OSF Healthcare, an Illinois and Michigan healthcare system. And LRVHealth is a company whose investors are all strategic partners, primarily health systems across the country. “
There are several telehealth companies offering access to therapy on the market today, especially after the use of teletherapy has exploded in the midst of the Covid-19 pandemic.
DotCom Therapy faces competition from large companies like Amwell and Talkspace, “but these companies are focused on treating adults,” Robinson said. “Working with children requires very different skills and this is where we focus exclusively. “
Since its inception, DotCom Therapy has raised $ 14 million. Robinson declined to disclose his assessment.
Photo: Alisa Zahoruiko, Getty Images
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