What's Happening?
Handspring Health, a virtual mental health clinic focused on youth and families, has secured $19 million in series B funding. The funding will be used to expand its clinician workforce, enhance value-based care partnerships, and broaden its geographic
reach. The company, which launched four years ago, has raised a total of $37 million to date. Handspring's model emphasizes evidence-based care and includes ongoing training for clinicians and parents. The funding round was led by RPS Ventures, with participation from Angelini Ventures and other investors. Handspring plans to invest in its technology platform and expand its complex care models to better serve high-risk youth.
Why It's Important?
The expansion of Handspring Health's services is significant as it addresses the growing demand for mental health care among youth, a need exacerbated by the COVID-19 pandemic. By focusing on evidence-based care and involving parents in the therapy process, Handspring aims to improve treatment outcomes and reduce the burden on traditional mental health services. The company's approach could set a precedent for integrating technology and personalized care in mental health services, potentially influencing how insurers and healthcare providers approach mental health treatment. This expansion could also lead to increased access to quality mental health care for underserved populations.
What's Next?
Handspring Health plans to accelerate its expansion into new states, ensuring that its services are covered by insurance to maintain affordability. The company is also looking to invest further in its AI-enabled technology platform to enhance the therapy process for both clinicians and parents. As the company grows, it aims to maintain strong clinical outcomes and high patient satisfaction. Handspring is also open to strategic acquisitions to further expand its reach and consolidate its position in the mental health sector.
