Nue Life Health, a Miami-based mental wellness startup, has raised a Series A financing round led by Obvious Ventures, as well as additional venture debt financing from Western Technology Investment, for a total funding of $23 million.
The equity financing also included a number of new and existing investors including MAGIC Fund, Myelin VC, Palm Drive Capital, certain Getty family investors, Jon Oringer, founder and executive chairman of Shutterstock, Brent L. Saunders, chairman of Vesper Healthcare and former chairman and president of Allergan, and Dr. Andrey Ostrovsky, who also joined Nue Life’s advisory board.
Nue Life offers a combination of ketamine therapy, an interactive companion app, and virtual aftercare programs that have proven to effectively treat the root causes of mental health issues, even among treatment-resistant patients, the company says.
Co-founder and CEO Juan Pablo Cappello says the need is immense: “650 million people struggle with mental health worldwide, and there is a vital need for helping women, veterans, and other folks experiencing symptoms of anxiety, depression, and PTSD that have not been helped by traditional treatments,” said Cappello, who co-founded the company with Demian Bellumio, Dr. Kazi (Zayn) Hassan and investor Christina Getty.
The platform initially offers at-home ketamine therapy, combined with music therapies and other personalized recommendations through the app. “When people are dealing with different issues, you need to be there all the time and that’s what we’re creating,” Bellumio said in an earlier interview. Nue Life’s vision is to eventually expand with other treatments and technologies aimed at attacking the mental wellness crisis.
Founded last year, Nue Life previously raised a $3.3 million seed round and in November launched the Nue.App and Nue.Portal, the company’s proprietary technologies serving patients and providers.
Nue Life plans to roll out a number of next-generation digital and integrated wellness programs and the funding will also fuel hiring of more experienced clinicians to provide treatment as the company expands across the US.
In March, Nue Life launched its service in New York, in addition to being available in Florida, Texas, California, Colorado, and Washington State. In April, its service will expand to Georgia and Massachusetts. Nue Life plans to expand to at least 20 more states by the end of the year.
“We’re thrilled to be a part of Nue Life’s efforts to create a new paradigm for mental health, one focused on healing the root cause of suffering,” said James Joaquin, co-founder and Managing Director of Obvious Ventures, in a statement. “We strongly believe in the work Nue Life is doing to create lasting change, and we’re excited to be a part of the brand’s continued expansion and success.”
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at firstname.lastname@example.org
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