Brightside Health Raises Strategic Series C, Welcomes Trip Hofer to Board of Directors

With over $100M in total funding, the telemental health company is poised for its next phase of growth

SAN FRANCISCO–March 26, 2024–Telemental health company Brightside Health today announced a strategic Series C raise led by S32, as well as the appointment of industry titan Trip Hofer to the Board of Directors to advise on go-to-market strategy and execution. This news builds on the company’s recent momentum, including new and expanded payer partnerships to support Medicaid and Medicare lives and notable results for its award-winning Crisis Care program for individuals with elevated suicide risk.

Brightside Health serves people with mild to severe clinical depression, anxiety, and other mood disorders, including those with elevated suicide risk, through precision psychiatry, clinically proven therapy, and Crisis Care. The impressive activity and results attracted lead investor S32, along with Kennedy Lewis, Time BioVentures, and Anne Wojcicki (Redwood Pacific). Existing investors ACME, Mousse Partners, and Triventures also contributed to the raise of $33M, an intentional amount that will be used to fuel Brightside Health’s growth into new markets and new offerings. All of this comes at a critical time for the country as one in five adults live with mental illness, such as anxiety or depression.

“Brightside Health is on an exciting trajectory, and S32 is thrilled to support their mission to make mental healthcare more easily accessible to everyone,” said Mike Pellini, MD, General Partner at S32. “The company is well-positioned to expand their offerings with Medicare, Medicaid, and other underserved populations, while partnering with payers and providers to deliver measurably better outcomes.”

Since its $50M Series B in November 2021, Brightside Health has made significant developments, building programs for individuals with severe mental health conditions, expanding to new underserved markets, publishing close to a dozen peer-reviewed research papers, and deepening its leadership bench. Brightside Health has also continued to appoint advisors and reputable industry leaders to its Board of Directors to support aggressive yet attainable goals to scale, the latest of which includes Hofer, whose deep experience in the payer market will further strengthen Brightside Health’s go-to-market initiatives and execution.

“I’m honored to be joining Brightside Health’s Board of Directors as the company reaches this impressive milestone,” said Trip Hofer, Brightside Health board member and former CEO of Optum Behavioral Health Solutions. “Their proven track record in high-quality care delivery and meaningful growth over the past few years indicate that Brightside Health has found their distinct competitive advantage. I look forward to leveraging my experience to advise them on opportunities that will help them effectively scale, while maximizing impact for patients and payers alike.”

Brightside Health’s services are available for commercially insured and cash-pay patients in all 50 states as well as Medicaid and Medicare beneficiaries in select states. In fact, Brightside Health recently announced an expansion with payer partners including CareOregon, Blue Cross and Blue Shield of Texas, and Centene. With this Series C funding, the organization’s leadership continues to chart plans for additional expansions.

“We’re thrilled to announce this raise and simultaneously welcome Trip, an incredible industry thought leader, to help propel Brightside Health into the next phase of our growth,” said Brad Kittredge, Co-Founder and CEO of Brightside Health. “These major steps forward enable us to accelerate our expansion into Medicare, Medicaid, and beyond, while deepening our advantage with technology and AI to deliver the best outcomes in the industry. This investment aligns with our continued focus on capital-efficient enterprise value creation, putting us on a comfortable path to profitability while further advancing our goals and mission.”

For more information on Brightside Health, visit www.brightside.com.