Pediatric teletherapy provider DotCom Therapy has raised $13 million in Series A funding.
New Capital Partners led the funding round, with participation from LRVHealth and OSF Ventures.
DotCom Therapy provides children across the country with mental health, behavioral, speech and occupational therapy through a virtual therapy platform. It partners with providers and schools to deliver its services.
The goal of the Madison, Wisconsin-based company is to expand access to therapy for children. Nearly one in five children has a mental, emotional, or behavioral disorder, such as anxiety or depression, and only about 20% of them receive help from a qualified health care provider, according to data from the Centers for Disease Prevention and Control.
“I saw the gap that existed between the number of qualified therapists and the number of children who needed help, and I thought teletherapy was a great way to close that gap,” said Rachel Robinson, founder and president of DotCom Therapy, in a statement. e-mail.
At Robinson’s previous workplace, a neurology clinic, there was a four to five month waiting list to see a therapist, and some patients traveled an hour or two for each visit.
“These factors put a lot of pressure on a family and even made it impossible for some families to give their children the help they needed,” she said.
This led Robinson to found DotCom Therapy in 2015. Today, the company provides teletherapy services to more than 400 schools and health systems in 38 states.
With the newly raised funds, DotCom Therapy plans to expand and establish a greater presence among providers and payers.
Robinson believes the investors who participated in DotCom Therapy’s Series A funding round will help the company grow its presence.
“New Capital Partners has great experience in healthcare, especially in telehealth, as it was the first institutional investor in Teledoc,” she said. “OSF Ventures is the venture arm of OSF Healthcare, a health care system based in Illinois and Michigan. And LRVHealth is a company whose investors are all strategic partners, mainly health systems from across the country.”
There are several telehealth companies today that offer access to therapy, especially after the use of teletherapy has skyrocketed during the Covid-19 pandemic.
DotCom therapy faces competition from larger companies such as Amwell and Talkspace, “but these companies are focused on treating adults,” Robinson said. “Working with children requires very different skills and we focus exclusively on that.”
Since its inception, DotCom Therapy has raised $14 million. Robinson declined to disclose his rating.
Photo: Alisa Zahoruiko, Getty Images