People looking for mental health support in the US are still hitting the same wall, like long waitlists, confusing insurance rules, and disconnected providers who don’t talk to each other.
Even when someone finally finds a therapist, switching between an Employee Assistance Program and insurance often means starting over. That broken system is exactly what Grow Therapy says it is fixing.
Grow Therapy has raised $150 million in a Series D round to expand its mental health platform for insurers, employers, and health systems. The round was led by TCV and Growth Equity at Goldman Sachs Alternatives. New investors BCI and Menlo Ventures joined existing backers, including Sequoia, SignalFire and Transformation Capital.
Where will the money go?
According to CEO and co-founder Jake Cooper, the funding will help Grow deepen its integration across the healthcare ecosystem. That means expanding partnerships with insurers, rolling out new employer benefit programs, and embedding its tools into health system workflows.
“TCV loves backing great entrepreneurs targeting very large market opportunities,” said Jay Hoag, Founding General Partner at TCV. “We are excited to continue to partner with Grow on the journey to provide access to, and improvement of, quality mental health care.”
What Grow Therapy actually does
Founded five years ago, Grow Therapy operates a platform that connects people to therapists and psychiatric providers who accept their insurance. The company also builds technology for providers, insurers, and enterprise partners.
To date, more than two million people have used Grow for care. In 2025 alone, the company facilitated seven million visits, bringing its lifetime total to 10 million therapy and medication management appointments.
Grow says 9 out of 10 users would strongly recommend the service, reflected in an 85 Net Promoter Score.
The company has expanded from 75 insurer partnerships to more than 125, including Medicare and Medicaid in most states. That gives it coverage reach to 220 million people nationwide. On average, clients pay $21 per visit, and one in three pays nothing out of pocket.
Over the past year, it upgraded its scheduling, billing, and EHR systems and launched a free, clinically guided AI notetaker. The tool allows therapists to focus fully on sessions and then review and approve notes afterwards. Grow says documentation time has dropped nearly 70% since launch, with accuracy surpassing manual note-taking.
On the patient side, the Grow app now includes AI-powered tools for self-reflection between sessions. With consent, insights can be shared with providers before appointments, keeping therapy sessions focused and efficient.
The company has also rolled out clinically validated outcome tracking systems. According to Grow, 80% of clients see measurable symptom improvement within 30 days.
The company has worked closely with major health plans, including Guidewell and its care navigation partner Lucet, embedding its network within behavioural health programs.
Starting in March 2026, employers will be able to offer a redesigned mental health benefit powered by Grow. The program aims to solve a common issue: employees exhausting their EAP benefits and then being forced to switch therapists or pay out of pocket.
Under the new model, employees can transition seamlessly from EAP coverage to insurance while keeping the same provider. Employers are charged only for care delivered, not a flat per-employee fee.
