US-based behavioural health services provider RiverMend Health secured $60m on Friday in a round led by Norwest Venture Partners, the venture capital firm that manages funds for bank Wells Fargo.
Founded in 2013, RiverMend offers scientifically-driven behavioural rehabilitation services to patients suffering from conditions including alcohol and drug dependency, eating disorders, obesity and chronic pain.
RiverMend, which currently has more than 350 employees spread across 15 US locations, intends to use the funding as the basis for further expansion across the country.
Ryan Harris, a partner at Norwest, will join RiverMend as chairman as part of the deal. Edmund Bujalski, formerly the CEO of clinician chain Physical Rehabilitation Network and a director of RiverMend since July 2014, has taken up the CEO position at the company.
Harris said: “Over the past two and a half years, the company has built recovery models that truly restore lives of patients suffering from debilitating chronic conditions.
“Our investment in the company speaks to its leadership in the treatment, research and education of addiction-related diseases through collaboration with the nation’s most renowned clinicians and top treatment facilities.”