FamilyWell Health spends $8 million to increase mental health support for women
Women are twice as likely as men to experience depression and anxiety. About one in three women will struggle with mental health issues in their lifetime.
That's what FamilyWell Health aims to solve. The company works with women's health providers to integrate mental health services into their practices. It provides a virtual team of care managers, coaches, therapists and psychiatric providers. This care is covered by insurance companies. Through FamilyWell Academy, the company also provides training in women's mental health through its perinatal behavioral health and menopausal behavioral health certification programs.
The company announced last week that it now wants to support more providers and women after raising $8 million in Series A funding. The round was led by New Markets Venture Partners, with participation from .406 Ventures, GreyMatter Capital, The Alix Foundation, The Donna Fund and The Lee Foundation.
“FamilyWell is a perfect fit for New Markets' mission to invest in evidence-based solutions that improve lives and expand access to life-saving care,” Mark Grovic, general partner and founder of New Markets Venture Partners, said in a statement. “By integrating proven women's mental health care into daily clinical workflows, FamilyWell reduces suffering, enhances family well-being, and helps parents return to work and thrive.”
The funding will support FamilyWell Health's national expansion. The company currently operates in Massachusetts, New Hampshire, Connecticut, Illinois and Texas. It serves the lives of more than 200,000 people.
In addition, it has expanded its services to include perimenopause and menopause, meaning it now supports women from their reproductive years to menopause. This is important because about 70 percent of women in perimenopause and menopause experience mental health challenges such as anxiety, depression, insomnia and cognitive changes, according to the announcement.
The company will also increase its artificial intelligence capabilities and grow FamilyWell Academy's provider training program.
Dr. Jessica Gaulton, founder and CEO of FamilyWell Health, said women's mental health needs have been “ignored for too long.” Less than 10% of Medicaid members and less than 4% of privately insured members are screened for postpartum depression, and suicide is the leading cause of maternal death during pregnancy and postpartum. That's what FamilyWell Health ultimately hopes to change.
“This funding allows us to expand our integrated care model, accelerate AI innovation, and deepen collaboration to enable timely, high-quality support,” Galton said. “Through FamilyWell Academy and together with our obstetrics and gynecology partners, we are reshaping the standard of care and solving one of the most serious health crises facing women today.”
Other companies providing mental health services to women include Mavida Health and Seven Starlings.
Photo credit: Olga Strelnikova, Getty Images
