WALTHAM, Mass.--(BUSINESS WIRE)--Eleanor Health (Eleanor); an outpatient addiction treatment provider working to transform the quality, delivery and accessibility of substance use disorder care; today announced it has closed a $30 million Series D financing round led by General Catalyst, with participation from existing and new investors including Town Hall Ventures, Echo Health Ventures, Northpond Ventures, Rethink Impact and Emerson Collective.
The company will use the new capital to continue scaling its whole-person care model for substance use disorder, which has delivered improved clinical outcomes and total-cost-of-care reduction across large populations.
Eleanor delivers in-person and virtual substance use disorder care, rooted in a harm-reduction clinical model. Eleanor’s clinical model includes Medications for Addiction Treatment, such as Suboxone and Vivitrol; psychiatry; therapy; and peer recovery coaching.
“This funding represents a significant vote of confidence from our investors that our model works and our team is well positioned to scale that model across the country,” said William McKinney, CEO of Eleanor Health. “By meeting people where they are, Eleanor’s approach opens the door for individuals to receive care who may not otherwise seek help, or who may face barriers that prevent their illnesses from responding well to traditional methods of treatment. We are thrilled to partner with investors that share our vision for transforming the way addiction treatment is delivered and paid for.”
Eleanor’s model is built around value-based payment structures that align incentives around reductions in total cost of care and improvements in key quality metrics. Eleanor currently has contracts with 17 payors – including five with national payors – and its care is available in seven states (LA, MA, NJ, NC, OH, TX and WA).
“Eleanor’s approach is a much-needed departure from many traditional recovery programs that are fee-for-service, short-term and abstinence-based – modalities that can be notoriously costly and ineffective," said Chris Bischoff, Managing Director at General Catalyst. "By employing longitudinal care for addiction treatment, along with innovative payment structures, we believe that Eleanor is transforming the quality, delivery and accessibility of substance use disorder care, and look forward to continuing to support their journey.”
About Eleanor Health
Eleanor Health is an outpatient addiction treatment program, working to break down barriers people with substance use disorder face on their journey to better health. Eleanor’s evidence-based care model takes a whole-person approach to treating adults with substance use disorder, addressing the physical, mental and psychosocial aspects of addiction. The model incorporates medications for addiction treatment (MAT), psychiatry, therapy and peer recovery coaching to help members achieve and sustain recovery. Eleanor is currently available in seven states (LA, MA, NJ, NC, OH, TX and WA).
Eleanor Health’s mission is to help people with addiction live an amazing life by transforming the quality, delivery and accessibility of addiction treatment. For more information, visit EleanorHealth.com.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, New York City, London, Berlin, Bangalore and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
