Octave Closes $11M Series A Funding Round to Expand Operations in New York and San Francisco
Behavioral health startup Octave opens its first San Francisco office this month; company also announces partnership with Anthem Blue Cross of California to serve patients as an in-network provider
SAN FRANCISCO, October 22, 2019-- Octave, a national behavioral health practice, today announced that it has raised an $11M Series A funding round led by Greycroft, with participation from Obvious Ventures. The funding news comes as Octave opens its first San Francisco location at 625 Market Street on October 28, with its second New York office opening in the Flatiron Building in December. The new funding will allow Octave to continue to expand nationally, with additional locations planned for California and New York next year. The company also announced a partnership with Anthem Blue Cross of California to serve patients as an in-network provider, making it the first startup in the space to be in-network with a major payer.
Octave is a new evidence-based therapy practice and wellness community offering in-person and virtual coaching, group therapy and psychiatry, along with an array of content and assessment tools to support clients between sessions. Since opening its first office in New York in October 2018, the company has launched a number of new services, including group sessions for anxiety, LGBTQ patients, and expecting couples, and has also expanded virtual coaching nationwide, serving patients in multiple states and even internationally. The company plans to increase staff therapists in the coming months and will also begin offering a variety of free classes for Octave members - from meditation to one-night workshops.
The need for mental health services like Octave’s has never been greater. According to a recent study by Mental Health First Aid, 5% of adults experience a mental illness in any one year—equivalent to 43.8 million people. Octave addresses this challenge by using technology to make high-quality expertise more accessible. With 30-minute virtual coaching and 45-minute in-person therapy sessions, Octave’s program fits seamlessly into people’s busy schedules to improve emotional well-being and create actionable goals.
The company is led by founder and CEO, Sandeep Acharya, who is the former Head of Strategy at One Medical, the largest independent primary care practice in America.
“In today’s society, there are many things that knock us sideways. I launched Octave after watching a close friend suffer from anxiety and depression due to a traumatic experience, which is when I saw the huge gap in access to high-quality behavioral health services,” said Acharya. “With Octave, I wanted to not only make it easier to find a great therapist, but also create a place that would allow people to focus more deeply on their emotional well-being. I’m excited to bring this concept to more people as we continue to grow and expand our practice into new markets.”
Acharya is joined by Chief Clinical Officer Dr. Sarah Adler, a Stanford professor and psychologist, who drives leadership of the clinicians, as well as the company’s clinical and technological vision. The company has recently added a number of senior executives to the team, including One Medical and AltSchool veteran Sejal Shah as head of operations, and has plans to triple its provider base in the coming months.
“Octave offers a convenient solution to support a wide variety of clients, including professionals, couples, and new parents with a safe space to receive high-quality emotional support and explore their own personal struggles. Sandeep’s vision and commitment to the future of behavioral health care continue to help break down the stigmas associated with therapy,” said Ellie Wheeler, Partner at Greycroft. “We invested in Octave because we want to be a part of this larger mission.”
“Octave’s vision for modern, tech-enabled mental health aligns with the future that we see across many healthcare categories,“ said Nan Li, Managing Director at Obvious Ventures. “We are excited to partner with the incredible team at Octave to realize this vision.”
Octave is the nation's first practice supporting all aspects of emotional well-being. The company offers personalized plans using the right combination of therapy & psychiatry, coaching & classes to best fit clients’ lives in a safe space that provides confidence and calm. Grounded in science, the Octave community enables clients to experience profound change that is just as measurable as it is meaningful. www.findoctave.com
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative companies. Greycroft has made over 300 investments across the tech sector, including Acorns, Huffington Post, Icertis, Plated, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. www.greycroft.com
About Obvious Ventures
Obvious Ventures is a venture capital firm investing in entrepreneurs reimagining the global economy. Since launching in 2014, Obvious has backed over 50 companies using technology to create a smarter, healthier, more sustainable world. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth, with Andrew Beebe and Nan Li now also serving as Managing Directors. www.obvious.com
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