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- Pear Therapeutics
Pear Therapeutics Funding, Investors & Competitors
Pear Therapeutics has raised $234M across 5 funding rounds, most recently a $20M Series D in March 2021.
Last Pear Therapeutics funding round
$20M
Series D · Mar 2021
Cumulative funding Pear Therapeutics raised
$234M
across 5 funding rounds
Key investors in Pear Therapeutics
5AM Ventures
Novartis
Jazz Venture Partners
Arboretum Ventures
Bridge Builders Collaborative
Temasek
EDBI
SoftBank Group
About Pear Therapeutics
Pear Therapeutics is a Boston-headquartered provider of prescription digital therapeutics for behavioral health. Its FDA-cleared products include reSET for substance use disorder and reSET-O for opioid addiction, combining app-based cognitive behavioral therapy with clinician monitoring. Founded in 2013, Pear partners with pharmaceutical firms to expand treatments for chronic conditions.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing, Subscription
Pear Therapeutics Funding History
Pear Therapeutics has raised a total of $234M across 5 funding rounds.
Pear Therapeutics' first fundraising round was a $20M Series A in February 2016. The most recent completed round was a $20M Series D in March 2021.
Pear Therapeutics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2021 | Series D | - | $20M | Pear Therapeutics is a digital therapeutics company that develops FDA-approved prescription digital therapeutics (PDTs) including reSET for substance use disorder, reSET-O for opioid use disorder, and Somryst for insomnia. The company sells cell phone applications and digital interventions that have completed clinical trials and received FDA clearance. Pear Therapeutics announced a reverse merger with Thimble Point Acquisition Corporation in June 2021, completing the transaction on December 6, 2021, resulting in a $1.6 billion post-money valuation and listing on NASDAQ under ticker PEAR. The SPAC transaction provided approximately $400 million in total capital, including $276 million from Thimble Point's IPO proceeds and $125 million in PIPE financing from Neuberger Berman funds and the Pritzker Vlock Family Office. As of the SPAC announcement in mid-2021, Pear projected only $4 million in revenue for 2021, reflecting early-stage commercialization challenges despite its leadership position in the emerging PDT market. The company had secured payer coverage through 15 pharmacy benefit managers, self-insured employers, and state mental health departments, with pilot programs ongoing at Tufts Health Plan and Kaiser, demonstrating initial traction in reimbursement adoption. |
| Dec 2020 | Series D | SoftBank Group (lead) | $80M | Pear Therapeutics develops prescription digital therapeutics (PDTs), a new class of software-based therapeutics regulated by the FDA, with three FDA-authorized products at the time: reSET for substance use disorder, reSET-O for opioid use disorder, and Somryst for chronic insomnia. The company closed an $80 million oversubscribed Series D financing round on December 8, 2020, led by SoftBank Vision Fund 2, with participation from new investors Forth Management, Pilot House, Sarissa Capital, Shanda Group, QUAD Investment Management, and existing backers including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI. Concurrently, Elena Viboch from SoftBank Investment Advisers and Nancy Schlichting, former CEO of Henry Ford Health System, joined the board. Proceeds from the round were earmarked to support commercialization efforts, secure reimbursement coverage for its three products, accelerate revenue growth through product launches, and advance its pipeline and platform in the emerging digital therapeutics industry. Pear aimed to establish the first market access pathways for PDTs amid challenges like prior co-promotion deals, including a now-ended partnership with Novartis' Sandoz unit for reSET and reSET-O, and independent development of therapies for schizophrenia and multiple sclerosis. CEO Corey McCann highlighted SoftBank as an ideal partner for industry-building. Pear Therapeutics later went public via SPAC in 2021 and explored strategic alternatives including potential sale in 2023. |
| Jan 2019 | Series C | Temasek (lead); Bridge Builders Collaborative; 5AM Ventures; Trustbridge Partners; Blue Water Life Science Fund; Novartis; Arboretum Ventures; Jazz Venture Partners; EDBI | $64M | Pear Therapeutics develops prescription digital therapeutics (PDTs) for substance use disorders, opioid use disorder, and chronic insomnia, including FDA-authorized products like reSET, reSET-O, and Somryst. The company raised $64 million in a venture funding round in January 2019 from investors including 5AM Ventures, Arboretum Ventures, Blue Water Life Science Fund, Bridge Builders Collaborative, EDBI, Jazz Venture Partners, Novartis, Temasek Holdings (lead), and Trustbridge Partners. In 2019, near the time of this funding round, Pear Therapeutics reported $32.6 million in revenue, primarily driven by collaboration and licensing agreements, such as with Novartis which later ended. This figure represents a high point before revenue declined to $9.4 million in 2020 and $4.2 million in 2021 due to the expiration of major licensing deals, though product revenue began surging with commercialization of its PDTs. The company had negative earnings of -$9.3 million in 2019. Post-2019, Pear Therapeutics went public via SPAC merger in December 2021, guiding for $22 million in revenue in 2022 with expanded prescriptions, fulfillment rates, and covered lives. It reported Q2 2022 revenue of $3.3 million, up from prior periods, focusing on payer coverage, health economic data, provider adoption, and pipeline expansion including international deals like with SoftBank for Japan. |
| Jan 2018 | Series B | Temasek (lead); Bridge Builders Collaborative; 5AM Ventures; dRx Capital; Novartis; Arboretum Ventures; Jazz Venture Partners; EDBI | $50M | Pear Therapeutics is a commercial-stage healthcare company that developed prescription digital therapeutics (PDTs) as software-based medicines to treat diseases such as substance use disorders and insomnia, utilizing platforms like PearConnect for patient engagement, clinician dashboards, and data analytics. The company commercialized products including reSET and reSET-O, focusing on expanding payer coverage, prescriptions, and health economic data to drive adoption. Later financials show revenue of $32.6 million in 2019, $9.4 million in 2020 (including collaboration revenue), $4.2 million in 2021, and guidance for $22 million in 2022, with product revenue growth but overall declines due to ended licensing deals like with Novartis. Pear went public via SPAC merger in December 2021, reporting TTM revenue of $12.69 million post-2021 and $12.7 million in 2022 alongside high expenses exceeding $136 million. The company faced ongoing cash needs, ending 2022 with $170 million to fund into 2023, and by 2023 explored strategic alternatives including potential sale, merger, asset sales, or bankruptcy due to insufficient revenues to cover operations. Post-round traction included surpassing prescription and covered lives goals in later years, reaching 31.7 million covered lives and over 14,000 prescriptions in 2021. |
| Feb 2016 | Series A | 5AM Ventures (lead); Arboretum Ventures (lead); Jazz Venture Partners (lead); Bridge Builders Collaborative; Novartis | $20M | Pear Therapeutics, a pioneer in digital therapeutics, raised $20 million in equity financing on February 3, 2016, led by 5AM Ventures, Arboretum Ventures, and JAZZ Venture Partners, with participation from Bridge Builders Collaborative and other investors. The funds were designated to build and launch a portfolio of prescription digital therapies called eFormulations, including reSET for Substance Use Disorder (SUD) and reSET-O. The company, based in Boston and San Francisco, focuses on software-based treatments administered via mobile devices, often in conjunction with medications, targeting conditions like substance abuse and schizophrenia. This Series A round positioned Pear at the forefront of the emerging digital therapeutics field, which involves clinically validated apps and software for health improvement. Subsequent rounds included a $50 million Series B in 2018 led by Temasek with returning investors, followed by a $64 million Series C in 2019, $100 million Series D in 2021, and a $1.6 billion SPAC merger valuation later that year, reflecting growing traction with FDA approvals like reSET in 2017. Pear's lead product reSET received FDA De Novo approval in 2017 as the first prescription digital therapeutic for SUD, demonstrating improved abstinence and treatment retention in trials. The company expanded commercially, securing coverage from pharmacy benefit managers, employers, and state programs, while advancing pipeline products for opioid use disorder, insomnia, and other CNS disorders. Investors like Novartis participated in later rounds, though some collaborations faced setbacks. |
Who has invested in Pear Therapeutics?
11 investors have backed Pear Therapeutics across its funding rounds, including 5AM Ventures, Novartis, Jazz Venture Partners, Arboretum Ventures, Bridge Builders Collaborative and Temasek.
Lead investors include SoftBank Group, Temasek, 5AM Ventures, Arboretum Ventures and Jazz Venture Partners.
Pear Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Feb 2016 | ||
| 3 | Lead | Feb 2016 | ||
| 3 | Participant | Feb 2016 | ||
| 3 | Lead | Feb 2016 | ||
| 3 | Lead | Feb 2016 | ||
| 2 | Lead | Jan 2018 | ||
| 2 | Participant | Jan 2018 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Participant | Jan 2019 | ||
This data is available for Pro users. Sign up to see all 11 Pear Therapeutics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPear Therapeutics Competitors
Pear Therapeutics competitors include listed companies like Sphere, Oneview Healthcare, IQVIA and Veeva, and private ones like Hippocratic AI and Overjet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3.5B | - | ||
| Publicly listed | $70M | $6M | $813M | 6.9x | ||
| Private | - | - | $712M | - | ||
| Publicly listed | $14M | ($12M) | $100M | 7.1x | ||
| Publicly listed | $16B | $3.4B | $44B | 3.4x | ||
| Publicly listed | $3.2B | $965M | $43B | 10.2x |
Pear Therapeutics Public Comps
Pear Therapeutics is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus, United Imaging, Glaukos and M3 Inc..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $186M | $147M | 66.6x | 62.7x | 84.4x | 77.6x | |||
| $2.1B | $367M | 5.5x | 4.8x | 30.7x | 26.9x | |||
This data is available for Pro users. Sign up to see all Pear Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pear Therapeutics
| When was Pear Therapeutics founded? | Pear Therapeutics was founded in 2013. |
| Where is Pear Therapeutics headquartered? | Pear Therapeutics is headquartered in Boston, MA, United States. |
| Is Pear Therapeutics publicly listed? | No, Pear Therapeutics is a private, VC-backed company. |
| How much funding has Pear Therapeutics raised? | Pear Therapeutics has raised $234M across 5 funding rounds. |
| What was Pear Therapeutics' last funding round? | Pear Therapeutics' last funding round was a $20M Series D in March 2021. |
| Who are Pear Therapeutics' investors? | Pear Therapeutics' investors include Bridge Builders Collaborative, 5AM Ventures, Novartis, Arboretum Ventures, Jazz Venture Partners, Temasek, EDBI, Trustbridge Partners, Blue Water Life Science Fund, SoftBank Group and 1 other. |
| Which companies are comparable to Pear Therapeutics? | Companies comparable to Pear Therapeutics include Hippocratic AI, Sphere, Overjet, Oneview Healthcare, IQVIA and Veeva. |
See companies similar to Pear Therapeutics
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