Workit Health, a US-based telehealth addiction treatment provider has received $118m in a series C round featuring health services firm CVS Health and Blue Venture Fund, which represents 35 BlueCross BlueShield health insurers.
The round was led by growth capital firm Insight Partners and also backed by FirstMark Capital and 3L Capital while CVS Health invested through corporate venturing arm CVS Health Ventures.
The round is composed of $90m in equity funding and $28m in debt financing and valued Workit at about $500m, according to Forbes.
Workit provides telemedicine treatment for substance use disorder by offering online therapy, medication-assisted treatment, online recovery groups, virtual drug testing tools, psychiatric support, video consultations and primary care through a mobile app.
The company will use the capital to accelerate its growth and expand into new markets and regions across the US, with plans to be fully national by 2023. Part of the proceeds will also be used to further broaden its primary and psychiatric care offerings.
Workit has raised $140m in equity to date, according to Forbes. It secured $12m in a December 2020 round led by FirstMark Capital and backed by Blue Venture Fund alongside Lux Capital, GingerBread Capital and actor Rob Lowe.
Blue Venture Fund had previously led a series A round of undisclosed size for the company in early 2019. Endeavor Catalyst, Montage Ventures, Lux Capital, Wakestream Ventures, Invest Detroit and RRE Ventures also participated in that round.
Workit had already received $1.1m in a 2016 seed round that included Montage Ventures, Lux Capital, Wakestream Ventures, Invest Detroit, RRE Ventures, Detroit Ventures and Impact Engine.
