Octave, a San Francisco-based technology-based behavioral health practice, has raised $11 million in a Series A round of funding led by Greycroft to capitalize on this mindset shift.
Sandeep Acharya, the former head of strategy at One Medical, started Octave in January 2018 with the goal of making mental health services more accessible to the general population.
Acharya saw a huge gap in access to high-quality behavioral health services and came to the conclusion that the process of finding a great therapist is “arduous and long.”
“Our goal is to provide mental health services that are more personalized for each individual,” Acraya told me.
The agreement is the first of many Octave hopes to make with insurance companies, according to Acharya, as part of its goal of making therapy more accessible and affordable.
“One of the hardest things about getting good mental health care,” Acharya said, “is finding a therapist that will take your insurance.
It’s Acharya’s hope that Octave becomes one of the largest independent mental health care practices in the country.
“We saw eye to eye on the importance of the market in terms of the fundamental shift that is taking place with the reduction of the stigma of seeking care, especially for a younger cohort of consumers, and the need for access,” she told Crunchbase News.