WeCounsel raises $3.5m to accelerate cloud-based mental health services
May 4, 2016
WeCounsel, a Chattanooga-based telemedicine software company, has closed its series A equity funding of $3.5m. A group of healthcare and technology funds led by Longmeadow Capital Partners, Point Judith Capital and CVH Holdings – chaired by John Randazzo – are co-investing in the company to accelerate growth, continue to enhance the product offering and augment business development initiatives.
WeCounsel’s core mission is to provide cloud-based software that helps increase access to mental health care professionals through technology enabled connections between the provider and patient. The company’s technology facilitates virtual interactions and clinical workflow management between the health professional and the patient in a secure, HIPAA compliant, easy-to-use application.
WeCounsel’s founder and CEO Harrison Tyner said: “We are fortunate to have seen so much success in the marketplace and to have translated that into a major investment from multiple strategic partners with deep knowledge in the two areas propelling our growth: healthcare and technology. Our company lives at that intersection and we look forward to applying their expertise. Access to care providers is a major hurdle for patients and families seeking behavioural health support and WeCounsel is the leading application enabling the patient encounter via telehealth.”
The investors were impressed with the maturity of the product and the significant growth and brand name clientele that the WeCounsel team was able to realise with limited resources. WeCounsel has attracted industry-leading companies such as InSight Telepsychiatry and R3 Continuum to adopt its telemedicine software.
“We recognise that the demand for behavioural health treatment is outpacing the supply of practitioners, leading to an acute shortage of mental health services,” said David Martirano, managing partner from Point Judith Capital. “We continue to be impressed by WeCounsel’s technology and its ability to promote access to healthcare treatment by expanding the reach of providers to reduce this deficit. We have found that existing telehealth solutions are not tailored to the behavioural health market, which has hampered adoption to date. WeCounsel’s custom solution provides mental health professionals with the tools they need for convenient and effective client engagement. We are extremely excited to be backing Harrison and his team and are eager to support the company’s future growth.”
WeCounsel has room to run as demand in the telehealth space heats up. “We see green pastures and an early adopter market waiting for its standard bearer,” said Tyner. “WeCounsel is poised to fill that role.”
A statement from Longmeadow Capital Partners read: “We believe WeCounsel has developed the most innovative telehealth solution for the behaviour health marketplace, combining ease of use, reliability and broad functionality at an attractive cost. This investment will provide the necessary resources for the company to greatly expand adoption of its solution by behavioural health professionals and service providers, at a time of explosive growth in the use of telehealth services. We are truly excited about the company’s future and look forward to working with a team of talented software professionals, experienced investors and passionate customers.”