This company raised $64 million for its addiction treatment telehealth startup:
founders behind Quit Genius.Substance abuse has been a consistent and growing problem for decades. Within the U.S., it’s now estimated to impact nearly 21 million Americans, according to statistics from the. For Yusuf Sherwani and his fellow physicians Maroof Ahmed and Sarim Siddiqui, it was hard to watch their patients try to get help for addictions in an environment where it was easy to get diagnosed, but much harder to get connected to treatment.
The U.K. and New York-based company raised a $64 million Series B round co-led by Swedish asset manager Kinnevik and British VC firm Atomico, with participation from existing investors Triple Point Ventures, Octopus Ventures and Startup Health, as originally reported in. Georgi Ganev, the CEO of Kinnevik, says that they were attracted to the company because of its B2B2C approach, which he’s seen successfully play out through the firm’s past investment in Livongo, a diabetes detection company.
With accessibility in mind, Quit Genius opted to focus on a digital platform rooted in connections with real doctors back in 2017. “We are increasingly finding that [patients] do want to receive virtual treatment but know there is a human on the other end,” Sherwani says. Such an approach allows a patient to conduct weekly sessions with a doctor, while also accessing digital tools and chat features that nudge or support them in the interim.
Patients are only charged when they see results, the CEO says. One thing that sets Quit Genius apart: the success of its treatment programs. The startup has conducted multiple peer-reviewed studies so far, including a 12-month controlled study of tobacco treatment that Sherwani says outperformed solely face-to-face sessions. “While we were trying to prove we were just as good, it was significantly better than usual care,” Sherwani says.
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