The online alcohol treatment platform Monument closed its $10.3 million Series A funding round Wednesday that was led by San Francisco-based VMG Catalyst.
With the completion of this round, Monument has raised a total of $17.8 million since its launch last May.
WHAT IT DOES
Monument was born out of cofounder and CEO Mike Russell’s journey with an alcohol use disorder.
After years of having an “unhealthy relationship with alcohol,” Russell turned towards prescription medication, therapy and a community of peers to help overcome his problem.
He took the pillars of his own successful treatment plan and put them into Monument.
The platform combines specialized therapy programs, prescription medication, online therapist-moderated support groups and anonymous forums in its holistic approach to alcohol use disorder treatment.
WHAT IT’S FOR
The capital will be used to build out Monument’s brand and support company growth, according to the announcement. Since its launch, more than 12,000 members have joined the online alcohol treatment community.
Additionally, Monument plans to partner with insurance companies to expand coverage for plan members and offer treatment plans across all U.S. to eliminate barriers to affordable evidence-based care.
Quit Genius, a digital addiction-recovery program, recently expanded its product offering to include services for alcohol and opioid addictions. It includes one-on-one counseling with a board-certified counselor, physician-led pharmaceutical therapy and alcohol-use testing.
Swedish pharmaceutical and digital therapeutic company Orexo also has a digital solution for alcohol use disorder called vorvida. Last November, it launched the tool through the help of Accenture’s INTIENT Patient platform.
ON THE RECORD
"Our treatment approach is already proving to be a success, with thousands of members trusting us with their care, and getting real results,” said Russell in a statement.
“We are eager to expand our treatment plans nationally, and make Monument affordable and accessible for all, while providing even more tools for anyone looking to get more out of life by drinking less. It's a choice that has given me so much more out of my own life. I'm excited to make Monument a household name, and invite everyone to take a closer look at their relationship with alcohol."