REDWOOD CITY, Calif.--(BUSINESS WIRE)--Lionrock Recovery, the pioneer in telehealth services for substance use disorders (SUDs), today announced $7 million in new funding from investors Wasserstein Family Trust and Big Spruce Holdings. The investment will enable Lionrock to significantly build its staff and aggressively expand its marketing efforts to reach the more than 17 million Americans in need of SUD treatment who don’t receive it.
Lionrock was founded in 2010, after CEO Peter Loeb lost his sister to opioids and alcohol. He and his co-founders built Lionrock to prove that those struggling with substance abuse can receive effective treatment from the privacy of home, via secure video conference. Today, the company is the largest national telehealth provider for SUD treatment, operating with counselors licensed in 47 states. The new funding will allow Lionrock to scale its proven business model, continue to enhance its proprietary practice management systems, and expand its clinical offerings.
“I’m grateful to our investors for stepping up their commitments to Lionrock based on the ten years of leadership we’ve shown in the emerging telehealth market,” said Peter Loeb, Co-founder and CEO of Lionrock. “The many companies we now see flocking to provide substance use disorder care by video conference is a real testament to the vision we had a decade ago. During that time, we’ve helped thousands of people find recovery from drug and alcohol problems, and we’ve provided all of that care by live video online, what we now call telehealth.”
The ongoing Coronavirus crisis has brought to light how important SUD treatment services are in telemedicine. Lionrock has seen significant growth in both its professional care services and in the free support groups it hosts. Attendance in some of these groups, including Lionrock’s COVID-19 Anxiety Support Meetings, has more than tripled in the last four weeks.
“At Lionrock, 85% of our clients are employed, and half tell us that without an online option, they would not have sought out help for their substance abuse problems,” said Loeb. “Research shows that 11% of management-level employees struggle with a SUD, and most hide it well. We hope that employers will add Lionrock to their benefits packages so that their most valued employees can get help before the real trouble starts.”
For more information, visit www.LionrockRecovery.com.
About Lionrock
Founded in 2010, Lionrock is the leading telehealth provider of substance use disorder (SUD) treatment and recovery services in the United States. Lionrock provides evidence-based treatment for substance use disorders, at the Intensive Outpatient (IOP) and Outpatient levels of care, including medication-assisted treatment, and continuing care. Lionrock is accredited by the Joint Commission, employs master-level licensed counselors in most states, and accepts most private health insurance.
