Grow Therapy raises $150 million to scale clinically guided AI and insurer ties

Grow Therapy announced a $150 million Series D financing to accelerate partnerships with health plans, employers and health systems and to expand its suite of clinically guided artificial intelligence tools. The New York based company said the round, led by existing backers TCV and the Growth Equity team at Goldman Sachs Alternatives and joined by BCI and Menlo Ventures, brings total capital raised to $328 million.

Grow positions itself as a provider platform that matches patients to licensed therapists and prescribers for virtual and in‑person care and medication management. The company said its vetted network now includes roughly 26,000 providers and that its platform is available through health plans covering about 220 million Americans. Grow said its insurer network has expanded from roughly 75 partners to more than 125 and that the network includes Medicare and Medicaid; company materials vary on whether Medicare and Medicaid participation applies in every state or in most states.

Product upgrades since Grow’s Series C rollout include scheduling, billing and electronic health record improvements and a free clinically guided AI notetaker the company introduced to reduce clinician paperwork. Grow said documentation time has dropped nearly 70% since the notetaker launched, and company statements alternately say the tool has maintained note accuracy while also asserting in some materials that AI accuracy now surpasses manual note taking. The company also added client facing AI features in its mobile app that generate self‑reflection prompts between sessions and, with patient consent, share insights with therapists ahead of appointments.

Grow said it has rolled out clinically validated outcome tracking and that, by those measures, 80 percent of clients see measurable symptom improvement within 30 days. The company reported that more than one million people trust Grow with their care and that the average patient visit costs about $21, with roughly one in three clients paying nothing out of pocket.

Executives described the financing as validation of a strategy to connect fragmented entry points into a single care platform. "Grow has built alliances and capabilities that deliver win‑win‑win results for clients, providers, and all of our other partners with a stake in mental health care. This Series D reflects investor confidence in Grow’s ability to execute a high‑impact strategy and continue making mental health care more accessible, effective and connected," said Jake Cooper, CEO and co‑founder of Grow Therapy. He added in the company post, "This round is the direct result of what we’re seeing every day: health plans, employers, and health systems are choosing Grow as a partner to deliver high‑quality, affordable mental healthcare to people who need it," and "Our mission is clear. This Series D fundraise strengthens our ability to connect a fragmented mental health landscape and make effective care accessible to everyone, across every entry point."

The company said it will use the proceeds to deepen integrations with health plans, health systems and employers and to expand clinically guided technology. Grow also plans operational expansion, including an announced $16 million New York City hub to hire more than 200 tech and marketing roles and to scale employer and system integrations such as partnerships with Guidewell and its care navigation partner Lucet.

Investors framed the round as a vote of confidence in the market opportunity. "TCV loves backing great entrepreneurs targeting very large market opportunities. We are excited to continue to partner with Grow on the journey to provide access to, and improvement of, quality mental health care," the firm said. Some market commentary has suggested the raise signals stronger revenue momentum and higher valuation benchmarks for insurer‑integrated mental health platforms, though the company declined to disclose a valuation or audited outcome datasets in its announcement.