AbleTo Raises $36.6 Million in Series D Funding, Led by Bain Capital Ventures
Building on a successful six-year commercial relationship between Aetna and AbleTo, Aetna Ventures also invests
NEW YORK, August 23, 2017-- AbleTo, Inc., the leading provider of technology-enabled behavioral health solutions proven to improve patient outcomes and lower healthcare costs, announced today it has closed $36.6 million in financing, led by Bain Capital Ventures and also includes strategic investor Aetna (NYSE: AET). All of AbleTo's existing investors, including .406 Ventures, Sandbox Industries, HLM Venture Partners, and Horizon Healthcare Services, Inc. also participated in the round.
AbleTo will use the investment to accelerate scale and expansion of business operations, enabling the company to strive for its ultimate goal of successfully treating millions of people with behavioral health conditions. Today, a number of the largest national health plans, leading statewide Blues plans, and large employers use AbleTo's platform to connect patients with AbleTo's nationwide network of behavioral health providers. These providers treat the underlying behavioral health issues associated with medical conditions and life events using AbleTo's evidence-based, structured treatment protocols, thus improving medical outcomes and decreasing the overall cost of care. Presently in the United States, over 34 million adults (17% of the adult population) have both a behavioral health and a medical condition1, and this combination is estimated to drive $300 billion in avoidable health care costs and lost productivity per year2.
"As AbleTo continues to expand by investing in our technology platform, clinical programs, and people, we are changing the face of behavioral health and increasing the impact we're having on those with behavioral health needs," said Rob Rebak, President and CEO, AbleTo. "We are thrilled to add investors like Bain Capital Ventures and Aetna who have a demonstrated commitment to thinking holistically and supporting innovation to address the mental health crisis in this country."
Bain Capital Ventures Leads Investment
Bain Capital Ventures is a leading investor in high-growth, technology-enabled companies that disrupt large marketplaces. The firm's portfolio has included market leaders such as Jet.com, LinkedIn, and MinuteClinic. As part of this investment, Yumin Choi, Managing Director, Bain Capital Ventures, will join AbleTo's board.
"As behavioral health management becomes a growing societal concern, we are proud to back a company that is driving significantly improved medical outcomes and lowering costs for patients on a large scale," said Choi. "By integrating evidence-based treatment, structured data capture, and predictive analytics, AbleTo has developed a robust platform that enables insurers and employers to address an important unmet need. We look forward to helping AbleTo accelerate rapid growth and become a large-scale disruptor in the behavioral health market."
Aetna Ventures Also Invests
Aetna and AbleTo have been working together since 2011 to treat Aetna patients nationwide. As part of this collaboration, the companies have published and presented outcomes data jointly, including an outcomes study published in the American Journal of Managed Care. This study demonstrated a 31% decrease in total hospitalizations and a 48% reduction in hospital days over a six-month follow-up in a commercial population, driving significant cost savings per patient.
"Given the importance of behavioral health in managing one's overall health, I have long been an advocate that we take a much more holistic view of health that connects both mental and physical wellness," said Karen Lynch, President of Aetna. "Aetna's collaboration with AbleTo improves consumers' access to behavioral health services, and delivers improved outcomes in support of our mission to provide access to holistic care to our customers."
AbleTo raised its Series A round from .406 Ventures in 2013, and has now raised a total of $57.4 million in funding.
About AbleTo, Inc.
AbleTo, Inc. is a market leader in providing technology-enabled behavioral health care. AbleTo has been treating patients for six years, and improves patient outcomes and lowers costs by providing treatment that integrates behavioral and medical health care. AbleTo's structured therapy programs strengthen medical recovery and self-care among members with chronic or complex clinical needs. AbleTo analytics, coupled with our multi-channel engagement platform, identify and engage members with unmet, often undiagnosed, behavioral health needs. A proprietary platform connects individuals and their care teams with AbleTo licensed providers who deliver weekly sessions by phone or video supported by an integrated digital experience. AbleTo programs are clinically proven to improve both behavioral health and medical outcomes while lowering overall spending for higher-cost, higher-risk members. AbleTo's investors include .406 Ventures, Sandbox Industries, HLM Venture Partners, Horizon Healthcare Services, Inc., Bain Capital Ventures, and Aetna Ventures. Follow AbleTo on LinkedIn and Twitter.
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 44.7 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and learn about how Aetna is helping to build a healthier world. @AetnaNews
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software, healthcare, and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize 200-plus companies since 2000, including investments in DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo and TellApart. Healthcare investments include Ability Networks, Doc Halo, Humedica, Liazon, Liberty Dialysis, MedeAnalytics, MedHOK, MinuteClinic, and Sansoro Health. Bain Capital Ventures has approximately $3.6 billion of assets under management with offices in San Francisco, New York and Boston. Follow the firm via LinkedIn or Twitter.
1 The Synthesis Project, New Insights from Research Results, Policy Brief NO. 21, February 2011.
2 Milliman Research Report: Malek S, Norris D. (2008) Chronic Conditions and Comorbid Psychological Disorders.
John D. Pelle
Venture Capital Database