Nue Life Health, a Next-Gen Mental Wellness Platform, Announces a $23M Financing Led by Obvious Ventures and Western Technology Investment
19 Apr, 2022, 12:40 ET
Company also announces geographic expansion plans and key additions to advisory boards with Drs. Phil Wolfson and Andrey Ostrovsky
MIAMI, April 19, 2022 /PRNewswire/ -- Nue Life Health , a breakthrough mental wellness company, today announced the completion of its Series A equity financing led by Obvious Ventures, as well as additional venture debt financing from Western Technology Investment, for a total funding of $23M. Founded in 2021, Nue Life offers an integrated therapeutic ecosystem of ketamine therapy, an interactive companion app, and virtual aftercare programs that have proven to effectively treat the root causes of mental health issues, even among treatment-resistant patients.
The financing comes on the heels of Nue Life's November 2021 Nue.App and Nue.Portal launch, the Company's proprietary technologies serving patients and providers. The funding will support the brand as it continues to expand its offerings—including new next-generation digital and integrated wellness programs—and as it accelerates its geographic expansion with the addition of experienced clinicians throughout the United States. In March, Nue Life launched its service in New York, in addition to being available in Florida, Texas, California, Colorado, and Washington State. In April, its service will expand to Georgia and Massachusetts. The Company plans to expand to at least twenty additional states by the end of the year.
"650 million people struggle with mental health worldwide, and there is a vital need for helping women, veterans, and other folks experiencing symptoms of anxiety, depression, and PTSD that have not been helped by traditional treatments," said Juan Pablo Cappello, Nue Life co-founder and CEO. "We're grateful for the support of Obvious Ventures, Western Technology Investment, and all of our investors to help us continue providing personalized treatment plans that drive profound change."
"We're thrilled to be a part of Nue Life's efforts to create a new paradigm for mental health— one focused on healing the root cause of suffering," said James Joaquin, co-founder and Managing Director of Obvious Ventures. "We strongly believe in the work Nue Life is doing to create lasting change, and we're excited to be a part of the brand's continued expansion and success."
The equity financing also included a number of existing and new mission-aligned investors including MAGIC Fund, Myelin VC, Palm Drive Capital, certain Getty family investors, Jon Oringer, founder and executive chairman of Shutterstock, Brent L. Saunders, chairman of Vesper Healthcare and former chairman and president of Allergan, and Andrey Ostrovsky, MD, who also joins Nue Life's advisory board. Dr. Ostrovsky brings a wealth of experience in medical innovation and clinical expertise as the former chief medical officer of the U.S. Medicaid program and the managing partner at Social Innovation Ventures, which is dedicated to eliminating healthcare disparities.
Phil Wolfson, MD, has also joined the company's advisory board. In his role, he will help Nue Life develop the highest standard of care in the industry. Dr. Wolfson is the CEO of the non-profit Ketamine Research Foundation, which provides research, education, and training on the use of ketamine-assisted psychotherapy as part of a collaborative treatment approach. He is the author of numerous books and papers on the use of psychedelics for mental health treatment, including The Ketamine Papers, the most important research work on ketamine, and was the principal investigator of the MAPS (Multidisciplinary Association for Psychedelic Studies) study on MDMA treatment for patients with life-threatening illnesses.
"We're thrilled to have Dr. Wolfson and Dr. Ostrovsky joining our advisory board to help guide Nue Life on our journey," continued Mr. Cappello. "Combined with our recent funding, we have an industry-leading team to scale and provide this vital treatment to patients nationwide."
ABOUT NUE LIFE HEALTH
Nue Life Health Inc. (Nue Life) is a comprehensive telehealth platform that strengthens and improves mental wellness by enhancing brain function, performance, and longevity through innovative, evidence-based therapies. Launched in 2021, the company currently offers at-home ketamine therapy, virtual integration groups, and individual health coaching, easily accessible via telemedicine in California, Colorado, Florida, Washington, New York, and Texas. Nue Life will offer services in Georgia and Massachusetts in April and an additional 20 states by the end of 2022. For more information, please visit www.nue.life
ABOUT OBVIOUS VENTURES
Obvious Ventures is a venture capital firm investing in startups and entrepreneurs reimagining trillion-dollar industries through a world-positive lens. Since launching in 2014, Obvious has backed over 90 companies using technology to create a smarter, healthier, more sustainable world. The fund has led investments in breakthrough companies such as Beyond Meat, Olly, Virta Health, and Recursion. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth. More information is available at obvious.com.
SOURCE Nue Life Health
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