TAMPA, Fla.--(BUSINESS WIRE)--UpLift, a behavioral health company, today announced it has raised $10.7 million in Series A financing. The round was led by new investor Ballast Point Ventures, a late-stage venture capital and growth equity fund, with participation from Kapor Capital and Front Porch Ventures. Existing investors, including B Capital, also participated in the round. The latest raise takes UpLift’s total funding to over $22 million.
Founded in 2020, UpLift is a technology-driven, omnichannel behavioral health provider enabling whole person, value-based care through the integration of mental and physical health. UpLift partners with leading national and regional health insurance plans to deliver high-quality, virtual-first psychotherapy and psychiatry. Mental illness has been on the rise across the country, now affecting nearly half of all Americans. Affordability remains the top issue stemming from the fact that fewer than 30% of therapists accept insurance for payment. UpLift is playing a critical role in addressing this mental health crisis by providing access to insurance-based behavioral healthcare.
This new Series A funding will further expand access to UpLift’s team-based behavioral healthcare model, enabling thousands of behavioral healthcare providers to accept insurance payments for the first time and help patients match with the right team of providers, based on their unique clinical and non-clinical needs. UpLift currently serves patients in the District of Columbia (D.C.), Florida, Maryland, New Jersey, and Virginia. The company will also use its Series A funding to expand into additional states.
“We have long been interested in investing in the behavioral health segment of the healthcare industry, especially as we saw access to mental health services become even more of a challenge during the pandemic," said Matt Rice, Partner at Ballast Point Ventures. “We are inspired by UpLift’s team-based approach to care, which combines therapy with psychiatry, and look forward to supporting Kyle Talcott and his impressive team on their mission to improve access to affordable care that patients can trust.”
UpLift has also contracted with AmeriHealth Caritas District of Columbia, (D.C.) a national leader in Medicaid managed care. UpLift and AmeriHealth D.C. will collaborate to enroll new and existing network providers onto the UpLift platform, forming a high-performance network. This partnership will empower patients to efficiently find and receive high-quality care and enable network providers to deliver a seamless and effective patient experience.
“At AmeriHealth Caritas D.C., we are committed to providing our members with access to quality healthcare and an outstanding member experience. We are excited to join forces with UpLift to offer our members access to its extensive network of therapists and psychiatrists, increasing immediate access to critical behavioral healthcare services,” said Karen M. Dale, Market President & CEO, AmeriHealth Caritas D.C. “We will also leverage UpLift’s technology platform for many of our credentialed behavioral health providers to streamline onboarding, claims adjudication, and quality of care. With UpLift’s partnership, we look forward to improving access to behavioral health and better service our network of providers.”
“We are proud of the progress we’ve made to increase access to critical behavioral healthcare, and this Series A investment is a testament to our team’s hard work and commitment,” said Kyle Talcott, founder and CEO of UpLift. “We are also thrilled to partner with AmeriHealth Caritas D.C., which will allow us to help close the gap in access to behavioral healthcare for Medicaid members. This funding round, coupled with our new partnership enables us to positively impact the lives of many through affordable, accessible healthcare.”
“We were early investors in UpLift because we share their belief that technology plays a vital role in providing accessible, affordable behavioral healthcare services,” said Karen Page, General Partner at B Capital. “We look forward to UpLift’s new chapter with AmeriHealth, who has a long history in serving at-risk populations, which will help advance UpLift’s mission.”
UpLift is an omnichannel behavioral health network enabling whole person value-based care through the integration of mental and physical health. Through purpose-built software, UpLift currently delivers evidence-based psychotherapy and psychiatry through a team-based care model to individuals 13 years and older, as well as to couples and families, in 4 states and the District of Columbia. Patients can receive their personalized provider matches at joinuplift.co and book their first appointment online in less than two days, on average. UpLift accepts insurance payment from most major commercial, Medicare and Medicaid health plans, including through national agreements with UnitedHealthcare, Aetna, and Cigna. UpLift was built at Redesign Health, a company that powers innovation in healthcare. https://www.joinuplift.co/
About AmeriHealth Caritas DC
AmeriHealth Caritas District of Columbia, a member of the AmeriHealth Caritas Family of Companies, is a Medicaid managed care health plan dedicated to helping members get care, stay well, and build healthy communities. Headquartered in the District, AmeriHealth Caritas District of Columbia addresses social risk factors impacting health, leverages robust member engagement strategies to increase rates of preventive care, and utilizes programs to support health and wellness for the vulnerable populations it serves. For more information, visit www.amerihealthcaritasdc.com.