AbleTo, the US-based developer of a behavioural health platform, completed a $36.6m financing round yesterday featuring health insurance firm Aetna and care provider Horizon Healthcare Services.
Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, also participated in the round together with .406 Ventures, Sandbox Industries and HLM Venture Partners. Aetna took part through its Aetna Ventures subsidiary.
Originally known as AbilTo before rebranding, AbleTo provides structured therapy programs for patients with chronic or complex health issues that combine behavioural and medical care.
The company uses an online platform to connect patients and their doctors with its licensed experts each week to try and help them adopt beneficial habits. It has been working with Aetna to treat patients since 2011.
Karen Lynch, Aetna’s president, said: “Given the importance of behavioural health in managing one’s overall health, I have long been an advocate that we take a much more holistic view of health that connects both mental and physical wellness.
“Aetna’s collaboration with AbleTo improves consumers’ access to behavioural health services, and delivers improved outcomes in support of our mission to provide access to holistic care to our customers.”
The round increased AbleTo’s overall funding to $57.4m and follows a $12m round in 2015 that was led by HLM and backed by BlueCross BlueShield Venture Partners, the corporate venturing arm of health insurer Blue Cross and Blue Shield Association, .406 Ventures and Sandbox Industries.
BlueCross BlueShield Venture Partners and Sandbox Industries had already co-led a $6m series B round for AbleTo in 2014 that included series A investor .406 Ventures.