Toronto-based Greenspace has closed a $1.4 million seed round from Prime Quadrant LP to expand its mental health care platform.
Greenspace, which launched in August 2016, began as a way for patients to track their progress throughout treatment and increase transparency between physicians, therapists, and patients. The funding will allow Greenspace to grow its primary care program, which helps family physicians match patients with the mental health therapist best suited for each patient.
Asked why they decided to expand its platform, CEO and co-founder Jeremy Weisz said family physicians asked the companies how they could direct their patients to Greenspace’s 800 therapists.
“The family physicians were overwhelmed by the number of patients dealing with mental health issues, and explained that they often don’t have the time or expertise to effectively treat these patients themselves,” said Weisz. “Through the pilot program, the participating family physicians have been particularly excited about the ability to monitor the progress of their patients throughout the therapy process.”
Greenspace said that it draws on its unique data set to match individuals with the therapist that is
best suited for them, and the funding will also support Greenspace’s US expansion in Q4 2017.
“The delivery of mental health care in Canada is very similar to the US, as treatment is covered by private health insurance and out of pocket payments,” said Weisz. “While the presence of many state-based private insurers is complicated, we believe there is an opportunity to work with payors to accelerate the adoption of Greenspace among therapists and family physicians, while improving outcomes and reducing costs for insurers.”
Ian Rosmarin, Managing Director at Prime Quadrant, said that the company is working to fix a “disjointed” mental health care system in North America.
“Imagine if you went to your family physician with a broken arm and you were then left on your own to find a doctor that could set your arm in a cast. That’s what the mental health system is like.”