ST Ventures Lab portfolio company Marigold Health announces close of $11M series A funding round

Individuals who have mental health struggles or substance use challenges can’t always predict when they’ll need support on their journey to healing and recovery. When facing difficult moments or triggers that could prompt relapse, a reminder about their progress or a word of encouragement from someone else on a similar recovery journey can make a big difference.

Marigold Health understands this, which is why they created a social network specifically for individuals with mental health and substance use disorders (SUD). Available 24/7, the app connects individuals with others on a similar recovery journey or who have experienced similar challenges. It also offers personalized plans for a person’s healing, one-to-one coaching, theme-based chat groups, and other tools to support recovery. Individuals aren’t charged for using the app, either. An analysis of outcomes from 1,000 Marigold app signups found that 98% reported improvement in at least 1 dimension of Recovery Capital, a clinically validated metric that measures an individual’s ability to maintain long-term recovery.

Today, they announced the close of their $11 million Series A funding. Rock Health and Innospark Ventures led the round, which included participation from VNS Health, Commonwealth Care Alliance (CCA), Wavemaker, Stand Together Ventures Lab, Epsilon Health Investors, Koa Labs, and KdT Ventures.

The funding will enable Marigold to expand and scale its peer support programs across the East Coast for Medicaid and duals health plans serving medically complex and vulnerable populations.

Axios broke the news:

“The way I think about peer support is as a distinct psychosocial intervention,” Shrenik Jain, founder and CEO of Marigold Health, said at BHB’s VALUE conference. “A therapist is someone who’s been really well trained to provide a range of interventions, like CBT, DBT. The limitation of a therapist, as it relates to peers, is that a therapist can’t say, ‘when I was depressed, I did this, this and this.’ A peer as someone who has actually received specialized training, in addition to having their own recovery, to really use that recovery in a non-judgmental way to support others.”

Marigold has achieved significant traction and results with major Medicaid managed care organizations struggling to engage members with SUD and address the national opioid crisis.

The company concluded a successful pilot with AmeriHealth Caritas in 2022 and now serves members in Delaware, Washington D.C., Massachusetts, and other states.

To learn more about Marigold visit https://www.marigoldhealth.com/

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