Workit Health Valuation, Funding & Investors

Workit Health is valued at $500M as of October 2021.

Last Workit Health valuation

$500M

Series C · Oct 2021

Last Workit Health funding round

$90M

Series C · Oct 2021

Cumulative funding Workit Health raised

$110M

across 4 funding rounds

Key investors in Workit Health

  • Lux Capital
  • The Blue Venture Fund
  • RRE Ventures
  • FirstMark
  • Montage Ventures
  • Wakestream Ventures

Workit Health Overview

About Workit Health

Workit Health is a telemedicine provider specializing in substance use disorder treatment through its mobile app. Based in San Francisco, California, the platform delivers medication-assisted therapy, individual counseling, group sessions, psychiatric care, and recovery coaching compliant with ASAM standards. Founded in 2016, it serves patients in 38 U.S. states, treating over 25,000 individuals annually with evidence-based protocols including buprenorphine prescriptions and cognitive behavioral therapy. Workit Health partners with employers and health plans for accessible outpatient care.


Founded

2015

HQ

United StatesAnn Arbor, MI

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$500M (Oct 2021)

Workit Health Valuation

Workit Health is currently valued at $500M, based on its Series C in October 2021.

The $90M round was led by Insight Partners, with participation from The Blue Venture Fund, FirstMark, 3L Capital and CVS Health Ventures.

Workit Health valuation by funding round

Workit Health valuation by funding round
DateStageValuation
Oct 2021Series C$500M

Workit Health Funding History

Workit Health has raised a total of $110M across 4 funding rounds.

Workit Health's first fundraising round was a $3M seed round in August 2016. The most recent completed round was a $90M Series C in October 2021.

Workit Health funding rounds

Workit Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2021Series CInsight Partners (lead); The Blue Venture Fund; FirstMark; 3L Capital; CVS Health Ventures$90M$500MWorkit Health is a virtual substance use disorder (SUD) treatment provider offering telehealth services including therapy, medically assisted treatments like suboxone, and care for co-occurring conditions such as hepatitis C, depression, anxiety, and insomnia. The company operates in multiple states including Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington, and Texas, with plans to expand nationally by 2023. On October 21, 2021, Workit Health raised $118 million in a Series C funding round led by Insight Partners, with participation from CVS Health Ventures, FirstMark Capital, BCBS Venture Fund (noted as The Blue Venture Fund in some contexts), and 3L Capital. This followed a $12 million Series B in December 2020 led by FirstMark Capital. The valuation at this October 2021 round was $500 million. The funding aims to accelerate growth into new markets and expand primary and psychiatric care offerings amid heightened telemedicine demand during COVID-19, which drove a 400% increase in membership over the prior 18 months. Nicole Shimer from Insight Partners joined the board, with Peter Segall as a board observer. Workit positions itself as a leader in modernizing addiction care through a relationship-based, telehealth-first, value-based approach to address the overdose crisis. Competitors in digital SUD treatment include Pear Therapeutics, Quit Genius, axialHealthcare, and Lucid Lane.
Dec 2020Series BFirstMark (lead); The Blue Venture Fund; Rob Lowe; Lux Capital; GingerBread Capital$12M-Workit Health is a virtual substance use disorder provider offering evidence-based telemedicine care, including medication for opioid and alcohol use disorders, through web and mobile apps. The company provides holistic treatment with therapy, group counseling, and medically assisted options like suboxone, targeting individuals, healthcare organizations, and employers. Workit Health raised $12 million in a Series B funding round on December 16, 2020, led by FirstMark Capital, with participation from Lux Capital, GingerBread Capital, Blue Cross and Blue Shield Venture Partners, and actor Rob Lowe. This brought the company's total funding to $20 million. The funds were intended to expand access to virtual addiction treatment amid surging demand accelerated by COVID-19. Workit Health reported better retention results than traditional in-person recovery programs in a company white paper around the time of the round. The company aimed to treat more people and broaden its business reach using the new capital.
Jan 2019Series AThe Blue Venture Fund (lead); RRE Ventures; Lux Capital; Montage Ventures; Endeavor Catalyst; Invest Detroit; Wakestream Ventures; Bossa Invest$5M-Workit Health is a telehealth addiction treatment company offering affordable, evidence-backed care for opioid use disorder and other addictions through mobile-first programs, including clinician video follow-ups, 24/7 recovery coaching, and personalized curricula. Founded in 2015 by Robin McIntosh and Lisa McIntosh, the company launched its Clinic program in Michigan in 2017 and California in 2018, achieving over 90% retention of stabilized clients compared to over 50% attrition in traditional systems. On January 31, 2019, Workit Health announced a Series A investment round led by Blue Cross Blue Shield Venture Partners (The Blue Venture Fund), with participation from Endeavor Catalyst and existing investors Montage Ventures, Lux Capital, Wakestream Ventures, Invest Detroit, and RRE Ventures (Bossa Invest not mentioned). The funding aimed to expand addiction treatment programs across the United States.
Aug 2016SeedLux Capital (lead); Montage Ventures (lead); RRE Ventures; Invest Detroit; Impact Engine; Wakestream Ventures$3M-Workit Health provides online addiction treatment services, focusing on substance use disorders through a digital platform offering therapy, medication-assisted treatment, and support. The company was founded in 2015 and received early investment from Lux Capital in 2016. Investors in early rounds included Impact Engine, Invest Detroit, Lux Capital, Montage Ventures, RRE Ventures, and Wakestream Ventures, with Lux Capital and Montage Ventures as leads around August 2016. Workit Health raised a total of approximately $135 million across nine funding rounds, with later rounds including a $12 million Series B in 2020 led by FirstMark Capital and a $118 million Series C in October 2021 valuing the company at $500 million. The 2021 round involved investors such as Insight Partners, CVS Health Ventures, and The Blue Venture Fund. The company expanded services to multiple states and grew its patient base significantly during the COVID-19 pandemic. Workit Health bills health insurers or Medicaid at about $4,200 per client per year and achieved 400 percent growth for two years running as of 2022, serving 7,000 patients with a team of over 120 counselors.

Who has invested in Workit Health?

15 investors have backed Workit Health across its funding rounds, including Lux Capital, The Blue Venture Fund, RRE Ventures, FirstMark, Montage Ventures and Wakestream Ventures.

Lead investors include Insight Partners, FirstMark, The Blue Venture Fund, Lux Capital and Montage Ventures.


Workit Health Investors

Investors in Workit Health by funding rounds participated
InvestorHQRoundsRoleFirst check
The Blue Venture FundUnited StatesChicago, IL3LeadJan 2019
Lux CapitalUnited StatesNew York City, NY3LeadAug 2016
FirstMarkUnited StatesNew York City, NY2LeadDec 2020
RRE VenturesUnited StatesNew York City, NY2ParticipantAug 2016
Montage VenturesUnited StatesSan Francisco, CA2LeadAug 2016
Invest DetroitUnited StatesDetroit, MI2ParticipantAug 2016
Wakestream VenturesUnited StatesUnited States2ParticipantAug 2016
Rob LoweUnited KingdomLondon1ParticipantDec 2020
3L CapitalUnited StatesUnited States1ParticipantOct 2021
CVS Health VenturesUnited StatesProvidence, RI1ParticipantOct 2021
Endeavor CatalystUnited StatesNew York City, NY1ParticipantJan 2019
Insight PartnersUnited StatesNew York City, NY1LeadOct 2021
Impact EngineUnited StatesChicago, IL1ParticipantAug 2016

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Workit Health Competitors

Workit Health competitors include listed companies like Talkspace and Teladoc, and private ones like Slingshot AI, Doktor.se, Found and Mosaic Wellness.

Public and private companies comparable to Workit Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Slingshot AIUnited StatesSan Francisco, CAPrivate$10M-$220M22.0x
Doktor.seSwedenStockholmPrivate$89M-$578M7.3x
FoundUnited StatesSan Francisco, CAPrivate--$600M-
Mosaic WellnessIndiaMumbaiPrivate$79M-$380M4.8x
TalkspaceUnited StatesUnited StatesPublicly listed$229M$6M$871M3.4x
TeladocUnited StatesUnited StatesPublicly listed$2.5B$124M$1.1B0.6x

Workit Health Public Comps

Workit Health is still privately-owned, but its public comps include Guiyang Longmaster, Medley Inc., Evolent Health, American Well, Sphere, Nyxoah, LifeMD, Talkspace, Oneview Healthcare and Kooth.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Guiyang Longmaster$44M$5M10.0x-87.9x-
Medley Inc.$236M$32M2.1x1.8x15.7x13.2x
Evolent Health$1.9B($365M)0.7x0.5x(3.5x)9.4x
American Well$249M($63M)0.2x0.2x(0.8x)(3.1x)
Sphere$70M$6M14.3x6.9x156.3x103.0x
Nyxoah$12M($97M)9.5x3.2x(1.1x)(1.4x)
LifeMD$194M($2M)0.7x0.7x(89.1x)75.2x
Talkspace$229M$6M3.4x3.4x129.3x49.4x

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Common questions about Workit Health

When was Workit Health founded?Workit Health was founded in 2015.
Where is Workit Health headquartered?Workit Health is headquartered in Ann Arbor, MI, United States.
Is Workit Health publicly listed?No, Workit Health is a private, VC-backed company.
What is Workit Health's valuation?Workit Health was last valued at $500M in its Series C in October 2021.
How much funding has Workit Health raised?Workit Health has raised $110M across 4 funding rounds.
What was Workit Health's last funding round?Workit Health's last funding round was a $90M Series C in October 2021, led by Insight Partners.
Who are Workit Health's investors?Workit Health's investors include The Blue Venture Fund, Lux Capital, FirstMark, RRE Ventures, Montage Ventures, Invest Detroit, Wakestream Ventures, Rob Lowe, 3L Capital, CVS Health Ventures and 5 others.
Which companies are comparable to Workit Health?Companies comparable to Workit Health include Slingshot AI, Doktor.se, Found, Mosaic Wellness, Talkspace and Teladoc.

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