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As per reports, 5 per cent of adults experience a mental illness every year, equating to 43.8 million people. The need for a mental healthcare program like that of Octave has never been greater. The company addresses this problem by merely making services accessible to broader sections of society at much cheaper rates.
FREMONT, CA: National behavioral health practice Octave raised USD 11 million in a Series A funding round led by Greycroft, with participation from Obvious Ventures. The company also opened its first office in San Francisco and is set to open a second office in New York in December. This funding round will allow Octave to continue its national expansion program, with more branches already planned for California and New York next year. The company also announced a partnership with Anthem Blue Cross of California to serve patients as an in-network provider, making it the first startup in the field to be in-network with a primary payer.
After opening its first office in New York on October 2018, the company has launched several new services, including group sessions for anxiety, LGBTQ patients, and expecting couples, and has also expanded virtual coaching nationwide, serving patients in multiple states and even internationally. In the coming few months, the company looks to increase the number of staff therapists, and will also be offering a variety of free classes for Octave members - from meditation to one-night workshops.
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"In today's society, there are many things that knock us sideways. I launched Octave after watching a close friend suffer from anxiety and depression due to a traumatic experience, which is when I saw the huge gap in access to high-quality behavioural health services," said Sandeep Acharya, founder and CEO, Octave. "With Octave, I wanted to not only make it easier to find a great therapist but also create a place that would allow people to focus more deeply on their emotional well-being. I'm excited to bring this concept to more people as we continue to grow and expand our practice into new markets."
As per reports, 5 percent of adults experience a mental illness every year, equating to 43.8 million people. The need for a mental healthcare program like that of Octave has never been greater. The company addresses this problem by merely making services accessible to broader sections of society at much cheaper rates. “Octave offers a convenient solution to support a wide variety of clients, including professionals, couples, and new parents with a safe space to receive high-quality emotional support and explore their own personal struggles. Sandeep’s vision and commitment to the future of behavioural health care continue to help break down the stigmas associated with therapy," said Ellie Wheeler, Partner at Greycroft. “We invested in Octave because we want to be a part of this larger mission.”
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