Options MD, a telehealth startup providing care for treatment-resistant depression, announced this month $2.3 million in funding, bringing the company’s total pre-seed funding to nearly $3.8 million. The round was led by Minneapolis-based Bread & Butter Ventures, along with participation from M13, Bright Ventures and Collab Capital. MedMountain Ventures and Techstars also reinvested in the company.
In addition, Options MD received $100,000 from Google’s Startups Latino Founders Fund.
The pre-seed funding will enable the expansion of clinical operations and medical research, in addition to enhancements to Options MD’s clinical protocols.
Options MD offers a personalized care model, including proprietary treatment-matching software. Clinicians curate research-backed treatment plans, including more than 200 treatments that range from pharmacological protocols and evidence-based behavioral treatments to non-pharmaceutical methodologies and lifestyle changes.
Morgan Hewett and Kyle Pierce, co-founders of Options MD, are trying to prevent suicide deaths by addressing treatment-resistant mental illnesses.
“Options MD is addressing the white space that exists for the estimated 32 million patients who are most challenging to the mental health system – those struggling with severe and treatment-resistant mental illnesses,” Pierce said. “Unlike the host of mental health platforms that focus only on patients suffering from milder mental health issues, Options MD has committed to supporting patients diagnosed with the most severe and chronic cases of mental illness.”
A consultation meeting costs $250, therapy sessions are $120 each and psychological follow-ups cost $150 each. Treatments are not covered by any insurance plans at the moment; however, the company’s website states that it is hoping to make that possible by next year.
