Echo Health Ventures, a vehicle formed by healthcare provider Cambia Health Solutions and investment firm Mosaic Health Solutions, has helped US-based health management platform Quartet increase its series D round to $67.5m.
The company raised $7.5m last week from Echo Health Ventures in conjunction with a partnership agreement with Cambia Health, following a $60m first close achieved in May this year. It has now raised approximately $160m altogether.
Founded in 2014, Quartet provides assistance with mental health management, helping care providers access qualified professionals as part of a holistic treatment approach. Those professionals can treat patients in person or through video communication, and physicians can collaborate on treatment plans.
David Wennberg, Quartet’s CEO, said: “Mental health is an important part of a person’s overall health, yet we know that it can be difficult to get connected to the right care. We are thrilled to partner with Cambia to make it easier for both patients and providers.
“We believe that mental health is health and strive to get people the right care at the right time. We look forward to working with more providers and their patients in Washington and throughout the Pacific Northwest to help people get the care and support they need.”
GV, an early-stage investment arm of internet and technology group Alphabet, joined managed care provider Centene Corporation, Polaris Partners, Oak HC/FT and F-Prime Capital Partners, a vehicle for investment and financial services group Fidelity, in the first tranche.
F-Prime and Polaris Partners had previously co-led the company’s $40m series C round in January 2018, investing alongside GV, Oak HC/FT and Deerfield Management.
Quartet had already raised $40m in a 2016 series B round led by GV and backed by F-Prime Capital Partners, Oak HC/FT and Polaris Partners, the three having joined Shulman Ventures in a $7m series A the previous year.