US-based mental health startup Tava Health has raised $20m in a Series B investment round led by growth equity company Catalyst Investors.
Among the contributors to the investment round were new investor Blue Heron Capital and current investors Toba Capital, Peterson Partners and SpringTide.
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Tava Health will use the capital injection to fund its product development efforts while expanding its provider network, as well as strengthen partnerships with its employers and health insurance carriers.
Catalyst Investors partner Kapil Desai has now secured a seat on the Tava Health board of directors.
Desai said: “We are confident in Tava’s innovative approach to mental health and proud to back a company that successfully delivers a complete solution for therapists, enabling them to do what they do best – helping clients when they need it, how they need it, and where they need it.”
Established in 2019, Tava Health aims to bridge the gap between mental healthcare providers and patients by offering an integrated suite of solutions, such as telehealth, billing, electronic medical records (EMRs) and referral management.
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By GlobalDataThe company’s therapist-centric model provides therapists with open access to EMR and practice management software, enabling high-quality patient care.
In the past year, Tava Health has secured agreements with national carriers like Aetna and UHC, as well as 45 regional medical carriers.
The company said its focus on therapists has boosted accessibility and reduced wait times for mental health services while its platform allows patients to receive care on the same day.
Tava Health CEO Dallen Allred said: “By equipping therapists with tools to make them more productive, they can increase time with patients, providing mental health care that is so desperately needed.
“In a mental health landscape where timely access to care is crucial, Tava Health is a beacon of efficiency and accessibility.”
