Octave, a startup behavioral health practice that blends in-person therapy with virtual coaching services, has collected $11 million in Series A funding. The raise was led by Greycroft and supported by Obvious Ventures.
The announcement also coincides with news of a partnership that establishes Octave as an in-network provider for Anthem Blue Cross of California. In addition, it is opening two new offices — one in San Francisco in late October and a second New York City location in December.
WHAT THEY DO
New York-based Octave is behavioral health therapy delivered in practice by a licensed psychologist or therapist, and digital coaching sessions offered via video chat. The company also offers private and group classes ranging from couples counseling to grief support — some of which are conducted virtually and across state lines — and provides patients with other supportive resources and assessment tools.
“I launched Octave after watching a close friend suffer from anxiety and depression due to a traumatic experience, which is when I saw the huge gap in access to high-quality behavioral health services,” Sandeep Acharya, Octave’s founder and CEO (and formerly the head of strategy at One Medical), said in a statement. “With Octave, I wanted to not only make it easier to find a great therapist, but also create a place that would allow people to focus more deeply on their emotional well-being. I’m excited to bring this concept to more people as we continue to grow and expand our practice into new markets.”
WHAT IT’S FOR
According to the announcement, Octave will be further expanding its physical presence in both California and New York next year, and plans to triple its number of on-staff providers “in the coming months.”
Considering its founder’s background, it’s little surprise that Octave's hybrid approach falls within the same ballpark as tech-enabled primary provider One Medical, which recent reports suggest may be eyeing an IPO in its near future. Also in the conversation are Eden Health, which recently opened an in-office primary care clinic for workers; Carbon Health, which scored $30 million in funding this summer; and Carbon Health, which merged last year with Northern California’s Direct Urgent Care network.
In regard to behavioral health specifically, Basis is a year-old platform that provides inexpensive mental health counseling appointments to consumers through an app, while Forefront Telecare brought in $15 million this April for its behavioral telehealth platform.
ON THE RECORD
“Octave’s vision for modern, tech-enabled mental health aligns with the future that we see across many healthcare categories,“ Nan Li, managing director at Obvious Ventures, said in a statement. “We are excited to partner with the incredible team at Octave to realize this vision.”