MENTAL HEALTHCARE PROVIDER MINDFUL CARE INC. CLOSES $7MM SERIES B FUNDING ROUND

LONG ISLAND, N.Y., Oct. 19, 2022 /PRNewswire/ -- Mindful Care Inc., which aims to improve access to urgent and affordable mental healthcare, today has officially announced that it has closed its $7MM oversubscribed Series B funding round. 

The round was composed of the entire Series A syndicate, led by Sopris Capital, with participation by the University of Chicago, the Caruso Foundation, Venkon Group, and others. The funds will help Mindful Care expand current offerings to other regions, including the Midwest and Southeast, launch innovative individual therapy and addiction treatment programs, and further develop technology to improve clinical outcomes and patient satisfaction.  

Dr. Tamir Aldad, the CEO and founder of Mindful Care, wanted to bring urgent and affordable care to mental health by offering same-day access to care, including medication to stabilize symptoms and therapy options. The company works with nearly all insurance providers to ensure its services are available to patients and offers affordable self-pay rates.

"Mental Health can be an invisible illness, and when someone who is really struggling is told they will need to wait several weeks to see a specialist, it can feel like a lifetime," said Dr. Aldad. "We wanted to create a solution that meant patients of all economic backgrounds could have access to needed care. This additional funding will enable us to quickly expand our offerings to more patients across America as we work to change the face of mental healthcare."

The current care landscape is unsustainable to treat a growing mental health crisis properly. On average, patients often have to wait 6-8 weeks to see an in-network mental healthcare provider, during which time their symptoms can worsen. Those struggling end up in emergency rooms, self-medicating with drugs or alcohol, or resorting to self-harm.

With a monthly average of over ten thousand patient visits, Mindful Care has already seen a great need for its services. Mindful expects that number to grow exponentially in the coming years by expanding to new regions and offering new treatment options where affordable care is challenging to find.

"Sopris is excited to continue supporting Mindful Care in this round as their growth and impact remain strong, and their commitment to improving the mental health crisis nationally is one we strongly believe in." said Mark Groner, Partner at Sopris Capital, who sits on the Mindful Care Board of Directors.

"I am excited to see Mindful opening in Connecticut and several other states across the US post-Series-B, as their solution is timely and the need for quality mental health care continues to grow. Access to care remains an issue, and patients need a reliable and dependable service focused on quality of care and strong clinical outcomes, making Mindful a leader in its field," said Dr. Hugh Taylor, chair of Obstetrics, Gynecology and Reproductive Medicine at Yale School of Medicine.

The Total Cost of Care (TCOC) to the healthcare system is in the tens of thousands per single hospitalization. Mindful Care's ability to provide immediate help to patients in need improves outcomes and lowers TCOC by decreasing preventable emergency room visits and hospitalizations. Based on current patient visit data, Mindful estimates it saves insurance payors $20MM a month by offering an alternative to emergency room visits.

In 2018, Mindful Care placed first at the University of Chicago's Polsky Center for Entrepreneurship and Innovation Global New Venture Challenge and second in the Edward L. Kaplan, '71, New Venture Challenge, which is recognized as one of the top-ranked accelerator programs in the nation. After this, the company opened its first location in West Hempstead, New York. Since then, it has opened an additional seven locations in the Greater NYC area, two in New Jersey and two in Chicago. To date, Mindful Care has helped over 30,000 patients receive urgent mental health treatment preventing countless suicides and hospitalizations.

Mindful Care is the first ever same-day mental health company focused on providing psychiatric care, group therapy, and individual therapy. Providing same or next-day care, at-home, and in-person treatment at an affordable cost, Mindful Care has flexible and accessible options for every client. Mindful Care's services include MicroTherapy® individual therapy, MindFit® Group Therapy, psychiatry, and a combination of psychiatry and therapy. In addition, Mindful Care provides Mental Health Urgent Care for immediate mental healthcare needs and offers access to GeneSight, a DNA service that determines how a patient's body will respond to potential medications. This enables patients to make informed decisions regarding prescriptions, saving them time on trial-and-error when they need help the most. Through assessing an individual patient's needs using the business's flexible options, Mindful Care is a flexible, accessible, and affordable option for all seeking mental health services. For more information, visit mindful.care.

Founded in 2002, Sopris Capital is a US-based venture capital firm that invests in early-stage high-growth healthcare and B2B technology companies. Sopris seeks to be a value-added partner to emerging companies with validated business models, evidence of product/market fit, and a passionate management team that can capitalize on the market opportunity. Learn more at: www.sopriscapital.com.

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Valerie Allen PR
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SOURCE Mindful Care Inc.