Better Life Partners Raises $26.5 Million in Series B Financing to Amplify and Scale its Hybrid Whole-Health Solutions for Substance Use Disorders
Funding will expand company’s technology-enabled, alternate-payment care model, bringing its innovative and effective approach to more people in need
BOSTON, Aug. 29, 2023 (GLOBE NEWSWIRE) — In its relentless pursuit of revolutionizing health outcomes for people with addictions, Better Life Partners (BLP), a virtual and in-person, community-embedded, whole-health solution for individuals and populations with substance use disorders (SUD), today announced the completion of a $26.5 million Series B funding round. Better Life Partners will use the new capital to further develop and scale its effective, technology-enabled care model for people with substance use disorders, while also expanding its population management services in new and existing markets.
The round was co-led by aMoon, a global HealthTech fund, and existing investor F-Prime Capital, a global venture capital firm investing in healthcare and technology, with participation from existing investor, .406 Ventures, a top healthcare investor with deep expertise in building great businesses. Better Life Partners has raised $38 million since its founding in 2018 by Adam Groff MD and Steve Kelly.
Unfortunately, millions of Americans today remain without true cost-effective access to addiction treatment, resulting in avoidable illness and, all too often, death. Better Life Partners uses a model that leverages community-embedded, high-access engagement, married with purpose-built technology and alternative-payment models, to drive effective and replicable outcomes across populations. The company offers a range of services to its members including specialty SUD treatment, mental and physical health care and care coordination, and is expanding into population health management. Currently operating in Maine, Massachusetts, New Hampshire, and Vermont, Better Life Partners has provided services to thousands of members, at least doubling engagement, retention, and continued treatment rates compared to standard options.
“From the beginning, our mission has been simple and unwavering – to provide what it takes to heal from addiction, wherever, whenever,” said Juliana Ekong, MD, a public psychiatrist and the CEO of Better Life Partners. “Prioritizing those who have been denied true access to affordable, high-quality care, Better Life Partners offers an effective and replicable SUD solution that generates meaningful health and cost outcomes. With this endorsement from new and existing passionate health-tech investors, we are excited to dramatically accelerate and deepen the impact of our work.”
“Better Life Partners is delivering tangible outcomes through an innovative healthtech model that is effective, scalable, and disruptive,” said Yair Schindel, MD, MBA, co-founder and managing partner of aMoon. “Its commitment to addressing the scourge of addictions with such a unique approach aligns with our vision of accelerating a cure for some of the world’s largest health challenges. BLP’s novel care delivery platform combined with its strong business model enables them to increase access and treat many patients struggling with SUDs in tandem and confront the large and growing SUD epidemic.”
In conjunction with the latest funding, Dr. Yair Schindel (aMoon) has joined Better Life Partners’ Board of Directors, which includes Jon Lim (F-Prime Capital), Liam Donohue (.406 Ventures), Dr. Myechia Minter-Jordan (Independent) and Dr. Adam Groff, Better Life Partners’ co-founder. Continuing their tenure on the Better Life Partners’ leadership team are Steve Kelly, former U.S. Navy officer and formerly Chief Operating Officer, who will be stepping into the role of Chief Growth Officer, and Dr. David de Gijsel, internist and addictionologist, as Chief Health Officer.
“We could not be more excited to partner with the team at aMoon to help scale BLP to the next level,” said Liam Donohue, Managing Partner of .406 Ventures and BLP director. “BLP has spent several years refining its uniquely effective approach to supporting those with substance use disorder and with the capital from this financing, we now have the resources to provide care to many more of those in need.”
“The multi-specialty practice being developed by BLP is both a needed and novel approach to help people heal from addiction,” said Jon Lim, Partner at F-Prime Capital. “It has been exciting to be a part of the company’s rapid advancement and we look forward to continuing to support BLP’s leadership team in executing on its vital mission.”
About aMoon
A global fund based in Israel with over $1.3B AUM, aMoon leverages the pioneering scientific research, raw talent, and do-the-impossible culture of the Startup Nation. As Israel’s largest HealthTech VC fund, aMoon partners with outstanding entrepreneurs who harness groundbreaking science and technology to transform healthcare and help people live better, healthier lives. aMoon invests across all stages of a company’s lifecycle through its three investment vehicles: aMoon Velocity, its early-stage fund, aMoon Growth, its mid-late-stage fund, and aMoon Edge its public equities fund. aMoon leverages its multidisciplinary team of over 50 scientists, physicians, and entrepreneurs, along with its robust network of investors and industry leaders, to build bridges between our portfolio companies and global HealthTech hubs as it helps entrepreneurs from the inception of an idea to the company launch.
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology to solve the greatest challenges in health and medicine while delivering on the conviction that everyone deserves a gold standard of care. For over 50 years and with a portfolio of over 300 companies and counting spread across the Americas, Europe, and Asia, our independent venture capital group combines singular and deep expertise in life science, healthcare, and technology to identify and support founders with the next big ideas in therapeutics, medtech, and healthcare IT and services. With over $4.5 billion dollars under management, our team has created or co-created over 30 companies including Denali, Beam, Innovent, Orchard and Sana and has helped build many others including Blueprint Medicines, Iora Health, PatientPing, Devoted Health, Prime Medicine and Ultragenyx. F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, please visit www.fprimecapital.com and follow us on LinkedIn and X.
About .406 Ventures
.406 Ventures is a Boston-based early-stage venture capital firm with nearly two decades of experience investing in healthcare, AI, and enterprise technology companies founded by visionary entrepreneurs. The firm has over $1.4B under management. .406 leads, or co-leads, first institutional investment rounds backing the world’s best founders to build market-defining companies. Notable healthcare exits include Iora Health’s sale to One Medical/Amazon, AbleTo’s exit to Optum, Bend Financial’s sale to HSA Bank, and Health Dialog’s sale to BUPA. Learn more at 406ventures.com and follow us on LinkedIn and X.
About Better Life Partners
Better Life Partners is a multi-specialty solution for individuals and populations with substance use disorders. We provide care in a community-embedded and whole-health approach supported by alternative-payment models.
The company provides on-site (in-person) and virtual care in the community forged with a trauma-informed, harm-reduction approach, while also supporting population level outcomes. Better Life Partners’ platform is purpose-built to succeed even with more complex populations and/or for populations for whom true and effective access is lacking.
Committed to facilitating trusted care relationships that support belonging, love, and purpose, Better Life Partners improves health outcomes while decreasing overall health care costs.
Better Life Partners is currently providing its addiction solution in New Hampshire, Maine, Vermont, and Massachusetts. It is contracted with Medicaid, Medicare, and most commercial insurers. Powered by a compassionate clinical team and backed by F-Prime Capital, .406 Ventures, aMoon, and other investors, Better Life Partners is providing what it takes to heal from addiction. Wherever, whenever. To learn more, visit https://betterlifepartners.com.
Contact:
Kevin Wolf
kevin@tgprllc.com
