US-based paediatric behavioural health service provider Brightline raised $105 on Tuesday in a series C round featuring corporates Alphabet, Optum, Children’s Medical Center Corporation and Blue Cross Blue Shield of Massachusetts.
Private equity firm KKR led the round, which featured Oak HC/FT, Threshold Ventures and 7wireVentures, and which valued the company at $705m.
Internet and technology group Alphabet and Optum took part through GV and Optum Ventures while fellow healthcare providers Children’s Medical Center Corporation and health insurer Blue Cross Blue Shield of Massachusetts invested directly.
Founded in 2019 as Emilio Health, Brightline uses technology and virtual care to provide behavioural health services such as speech therapy, coaching, behavioural therapy for children, teenagers and families.
The company plans to use the capital to strengthen its care model with interactive content, coordinate with other partners for specialised care, expand services for teens and provide employee benefits.
GV led Brightline’s $72m series B round in June 2021 with backing from Optum Ventures, Blue Cross Blue Shield of Massachusetts, peer Blue Shield of California, 7wireVentures, Gaingels, Oak HC/FT, Threshold Ventures, SemperVirens VC and City Light Capital.
The Children’s Medical Center Corporation-owned Boston Children’s Hospital backed the company’s $20m series A round in 2020 with Blue Cross Blue Shield of Massachusetts, Blue Cross Blue Shield of California, existing investor Oak HC/FT, SemperVirens VC, Rock Health and City Light Capital.
KKR director Johnny Kim is joining Brightline’s board in conjunction with the latest round, which increased its overall funding to $202m.
Naomi Allen, Brightline’s chief executive, said: “Our healthcare system is failing our children, which has devastating public health and economic consequences. We simply cannot ignore that fact any longer.
“Brightline is the only nationally-scaled leader serving this immense need in the market. With this investment, we are uniquely positioned to continue to expand our on-demand support and care offerings to meet the broad spectrum of youth mental health needs.”
Image courtesy of Brightline.
