Behavioral health startups that offer virtual care continue to draw strong interest from investors, with pediatric-focused Brightline being the latest example.
The California-based company recently raised $105 million in Series C funding and will use the money to expand its services to support young children with autism spectrum disorder and youth who identify as LBGTQ+ and/or BIPOC (Black, Indigenous and people of color). The company, which operates in all 50 states, now employs about 85 care providers and plans to triple its staff while growing its partnerships with health plans and employers as demand for family-focused benefits surges.
While Brightline’s financing round may not be as large as some of the other deals for health care startups, the company appears to be gaining traction. It now has raised $200 million and is valued at $705 million, according to a Bloomberg report. The company now serves 50 employers and covers more than 24 million health plan lives.
Global investment firm KKR & Co. led the round, with existing investors GV (formerly Google Ventures), Optum Ventures, Children’s Medical Center Corp. (parent corporation of Boston Children’s Hospital), Blue Cross Blue Shield of Massachusetts and others participating.