Today: Jun 14, 2024

Addiction venture PursueCare nets $20M, snaps up Pear Therapeutics tech.

6 months ago

A virtual substance use disorder (SUD) provider, PursueCare, has successfully raised $20 million in a series B fundraising round. Alongside the funding, the company acquired three digital therapeutics developed by Pear Therapeutics that are utilized in the treatment of SUD. The acquired products are vital tools in the SUD intervention procedure and have profound applications in the management of general use disorder, opioid use disorder (OUD), and alcohol use disorder (AUD).

  • PursueCare successfully raised $20 million in a series B funding round.
  • The company acquired three software-based digital therapeutics from Pear Therapeutics, geared towards managing various types of substance use disorder.

These FDA-authorized digital therapeutics, known as reSET, reSET-O, and reSET-A, provide cognitive behavioral therapy (CBT) tools that individuals can access independently, providing vital support outside regular treatment hours. Each product has specific applications: reSET targets general SUD, reSET-O targets OUD and reSET-A is designed for managing AUD. These products will be integrated seamlessly into PursueCare’s infrastructure, ensuring a smooth data flow into the company’s electronic medical record (EMR).

PursueCare aims to keep the cost of these therapeutics low for both patients and health plans. The goal is to make these therapeutics more affordable largely because PursueCare did not bear the primary cost of initial research, development and market penetration initially undertaken by Pear Therapeutics. The implementation of a reward system is also in place where patients are given rebates or free cost of care if they stick with the treatment and show progress.

As part of its expansion plan, PursueCare intends to offer its digital addiction treatment services to health systems and specialty providers. A focus will be placed on obstetricians who treat pregnant women with OUD, thereby promoting the integration of behavioural health into overall medical care. The company also plans to scale its services, expanding services like medication-assisted treatment, comorbidity psychiatric care, therapy and case management using the cash infusion from the series B funding. It is also seeking to develop more substantial relationships with health care systems and value-based care arrangements with managed Medicaid and other payers.

The funding round was led by T.Rx Capital and Yamaha Motor Ventures; Seyen Capital and OCA Ventures also participated.