Boulder Care Raises $35M in Series C Funding

Telehealth Startup Boulder Care Raises $35 Million to Expand Addiction Treatment Services

Boulder Care, a telehealth startup that provides opioid and alcohol use disorder treatment, has successfully secured $35 million in a Series C funding round. This funding, led by Advance Venture Partners, will facilitate the expansion of Boulder Care's services to more states as well as continue the integration of technology and healthcare. Since its establishment in 2017, the startup has raised approximately $85 million and currently caters to thousands of patients, with 80% of them being covered by Medicaid. Notably, the company has effectively engaged an often-overlooked population, demonstrating both humanitarian and economic potential.

Key Takeaways

• Boulder Care, a telehealth addiction treatment startup, raises $35 million in new funding.
• Founded in 2017, the startup offers app-based treatment for opioid and alcohol use disorder with a multidisciplinary care team.
• Led by CEO Stephanie Strong, Boulder Care focuses on serving Medicaid patients, who make up 80% of their client base.
• Only 1 in 5 adults with opioid use disorder in the U.S. received medications to treat it in 2021.
• Boulder Care plans to expand its reach to new states and continue integrating technology and healthcare.

Analysis

The successful $35 million Series C funding round for Boulder Care, a telehealth startup specializing in opioid and alcohol use disorder treatment, highlights the increasing recognition of the intersection between technology and healthcare. Led by Advance Venture Partners, this investment will enable Boulder Care to extend its services to more states, particularly benefiting low-income and rural patients who often lack access to such resources. With 80% of Boulder Care's clients covered by Medicaid, this development has positive implications for Medicaid recipients, healthcare providers, and pharmaceutical companies focusing on addiction treatment.

Historically, investor skepticism has posed challenges for startups like Boulder Care. However, this fundraising success indicates a promising shift in attitudes. In the short term, this growth may lead to increased competition within the telehealth addiction treatment market. Nonetheless, the long-term consequences are likely to be largely beneficial, as technology-driven, accessible solutions address the significant gap in addiction treatment within the United States.

Did You Know?

• Telehealth Startup: A telehealth startup is a company that utilizes technology to deliver healthcare services remotely, including virtual consultations, app-based treatment plans, and remote monitoring. These startups have gained increasing popularity during the COVID-19 pandemic, offering a safe and convenient alternative to in-person appointments.
• Series C Funding Round: This type of venture capital financing involves a company raising additional capital to further grow and develop its business. In this case, Boulder Care raised $35 million in a Series C funding round led by Advance Venture Partners.
• Medicaid Patients: Medicaid is a joint federal-state program that provides health coverage for low-income individuals and families. Boulder Care's focus on serving Medicaid patients is significant, as many telehealth and addiction treatment startups tend to primarily serve privately insured or self-paying patients, leaving low-income and rural patients underserved.