Pelago raised $58 million in a Series C funding round led by Atomico, to accelerate product development and clinical research for substance use management.

Mar 28, 2024•over 1 year ago

Amount Raised

$58 Million

New YorkBiotechnologyHealth Care

Investors

Grey Matter CapitalEight RoadsY CombinatorOctopus VenturesKinnevik AbAtomico

Description

Pelago announced a $58 million Series C funding round to strengthen its leadership in substance use management. The funding follows strong demand from employers and health plans, resulting in 287% revenue growth in 2023 and 100% client retention.

Company Information

Company

Pelago Health

Location

New York, New York, United States

About

Pelago Legal Name Digital Therapeutics, Inc. Pelago is the world’s leading virtual clinic for substance use management. We are transforming substance use support—from prevention to treatment—delivering education, management skills, and opportunities for positive change to members struggling with substance use, most commonly tobacco, alcohol, or opioids. Our solution gives employers the means to offer on-demand, personalized support to workers seeking to live healthier lives. Pelago’s cognitive behavioral therapy (CBT) and medication-assisted treatment (MAT) programs deliver convenient, accessible, and effective support that seamlessly integrates with health plans, pharmacy benefit managers, and wellness platforms. To date, Pelago has helped more than 750,000 members manage their substance use and improve their lives. Visit www.pelagohealth.com for more information.

Related People

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Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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