Quit Genius, a NYC-based startup that claims to be the first digital clinic to treat multiple substance addictions, announced Monday it raised $64 million in fresh funding. The “highly oversubscribed” Series B round was co-led by Kinnevik and Atomico, and caps off a year of 10x revenue growth.
Quit Genius now partners with 55 employers and health plan clients, helping people treat their addictions to alcohol, tobacco and opioids. This funding comes at a time when drug and alcohol addiction is reaching new heights here in the United States due, in part, to the increased isolation and financial hardships brought on by the pandemic.
Consequently, there have been a number of startups gaining steam recently for their efforts in solving this problem and the larger mental health space. Modern Health, for instance, hit unicorn valuation earlier this year amid a surge in demand; and Eleanor Health, a startup that treats opioid addiction, recently raised $20 million and says it is on track to have more than 50,000 users by the end of next year.
What sets Quit Genius apart is its virtual model and track record so far. Its solution is reportedly the only one of its kind to have eight peer-reviewed studies and a randomized controlled trial demonstrating its viability, according to a news release. By combining virtual behavioral therapy with medication and connected devices approved by physicians, Quit Genius helps patients treat their addictions from home.
Other healthtech startups like SWORD Health and Kaia Health have taken similar approaches to the treatment of musculoskeletal conditions and other chronic illnesses, and have garnered heightened investor attention lately — perhaps an indication that our renewed reliance on virtual care amid the pandemic is here to stay. Now, Quit Genius is doing the same, bringing addiction treatment “into the 21st century” as Atomico partner Ben Blume put it in a statement.
“As physicians, my co-founders and I saw firsthand the devastating effects of substance abuse,” co-founder and CEO Yusuf Sherwani said in a statement. “We designed Quit Genius to be the program we wish we had as physicians, that’s dedicated to helping individuals conquer their addictions and payers bend the cost curve.”
To date, Quit Genius has managed to help more than 750,000 people and plans to expand its reach to all 50 states in light of this recent funding.