Mental healthcare payments platform Nirvana has raised $7.5m in funding, led by Inspired Capital, which it said will fuel its mission to make consistent mental health care more accessible.
Existing investors Eniac Ventures, RTP Seed, and Arc Ventures also participated in the round.
Headquartered in New York, Nirvana Health has raised $12m to date. The company was launched in 2020 and offers a practice management platform for mental health professionals, helping therapists and clients get paid reliably. The company streamlines complex insurance workflows for enterprise and solo practices by offering easy integrations into top mental healthcare insurers.
With this funding round, Nirvana said it is focused on expanding its engineering, customer success, and sales teams and bringing its technology to more therapists and enterprises across the country.
With a surge in demand for mental health services, which has been long-brewing in the US and exacerbated by Covid-19, Nirvana said it is addressing the supply side of the industry (the clinicians). This, according to the company, is facing a “profound shortage”. Nirvana explained that its platform extends clinicians ability to serve 30% more patients and through the company’s insurance expertise, more than 50% of Nirvana’s clinicians have extended their operations to national scale.
Akshay Venkitasubramanian, co-founder and CEO of Nirvana, said, “Opening up capacity is a critical component of mental health accessibility; clinicians want to serve more clients, but they are facing burnout.
“We navigate the complexities of financial and insurance management on their behalf, allowing them to meaningfully expand their practices—be it growing their business locally or integrating new sources of patient demand into their workflow.”
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