Can technology play a role in solving substance abuse? There’s a startup who believes it can.
What’s happening:
- Y Combinator backed healthcare startup Pelago has raised $58M USD in a Series C financing round
- The round was led by Atomico and saw participation from notable venture capital funds including Octopus Ventures, Eight Roads and GreyMatter Capital
The big idea:
- Pelago has built a virtual technology platform to enable individuals struggling with substance abuse and opioid addiction to get seamless access to treatment options, physician support and licensed counsellors
- Pelago’s healthcare app allows individuals to access digital cognitive behavioural therapy, digital therapeutics to deal with cravings and data insights into their recovery journey
By the numbers:
- Pelago has raised $151M USD in venture capital funding since inception
- In the first ever medical claims analysis on substance abuse management, Pelago demonstrated an average cost savings of more than $9K per patient which was largely attributed to lower medical spend
- Pelago has seen 44% of their users on average quit tobacco within 12 months
- On average, Pelago users have reduced their alcohol consumption by 62% within the first 30 days of getting access to their support network and technology
Going deeper:
- Pelago’s virtual clinic technology is used by some of the largest companies in the United States, including Hewlett Packard, MetLife, General Mills, Philips, Live Nation and others
