Boulder Care, a Portland, Ore.-based startup that provides telehealth treatment for people with opioid and alcohol use disorder, raised $35 million in new funding.
A new SEC filing revealed the investment. Axios reported on the funding Wednesday.
Led by founder and CEO Stephanie Strong, Boulder Care was founded in 2017 with the goal of bringing treatment to people through an app-based program. The startup employs physicians, nurse practitioners, peer recovery specialists, social services support and more as part of a multidisciplinary care team.
The National Institute on Drug Abuse reported that in 2021 an estimated 2.5 million people aged 18 years or older in the U.S. had an opioid use disorder in the past year, yet only 1 in 5 of them received medications to treat it.
During the pandemic, the federal government waived the requirement for an in-person visit for providers to prescribe Suboxone (Buprenorphine), a medication used to treat adults addicted to opioids, which Boulder Care offers.
“Brick-and-mortar facilities are still treating fewer than 10,000 patients,” Strong told GeekWire in 2020. “We really think we can reach hundreds of thousands. That’s the only way we can make a dent [in the epidemic] and technology is the only way we can do that.”
Strong, who won the Young Entrepreneur of the Year award at the 2021 GeekWire Awards, was a Forbes 30 under 30 honoree in health care in 2019 and has a background in venture capital investing and consulting around health care and technology.
Boulder Care, which works with Medicaid and partners with a number of health insurance plans, will use the new funds to expand into new markets, according to Axios.
The Series B round was led by Advance Venture Partners along with Stripes, First Round Capital, Qiming Venture Partners, and Laerdal Million Lives Fund.
Boulder previously raised a $36 million Series B round in June 2022. The startup has raised about $85 million to date.
https://ift.tt/QBnOJ8G May 22, 2024 at 04:16PM GeekWire
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