Organization co-founded by Marjorie Morrison and Rep. Patrick J. Kennedy Closes $16 Million Investment Co-Led by HC9 and Frist Cressey Ventures
NASHVILLE, Tenn., Aug. 25, 2022 /PRNewswire/ -- Psych Hub, America's go-to resource for mental health education and navigation is expanding its platform to offer a broader suite of solutions to help address our nation's collective mental health crisis. To support this new phase of growth, the organization is announcing a $16 million funding round, co-led by HC9 and Frist Cressey Ventures, with participation from return investors HealthStream, Emerson Collective, in addition to Bailey & Co.'s strategic fund. Psych Hub plans to utilize the new capital to deploy their upcoming product, Psych Hub Connect, and to expand content in their existing Mental Health Practitioner Hub, Mental Health Ally Hub, and Psych Hub Public Consumer Hub libraries.
Every day, consumers and their allies struggle to navigate a fragmented, confusing mental healthcare system. Their challenges range from grasping the difference between common symptoms and complex diagnoses, to understanding the roles of different practitioner types, to figuring out the best treatment options. Over 52 million people in the U.S. live with mental health issues, and half of them do not receive the help they need. One-in-three Americans show signs of clinical anxiety, and six-in-ten Americans have experienced concerns about either their own mental health or that of family and friends - rates that have trended up significantly since the beginning of the COVID-19 pandemic.
With this context in mind, Psych Hub was founded to be the single resource for practitioners and consumers to become educated about and navigate all aspects of mental health. The company's Practitioner Hub empowers clinicians with the knowledge and skills necessary to deliver high-quality evidence-based care, and the Consumer and Ally Hubs offer the resources to understand and navigate mental health both for themselves and for their community. Psych Hub's multimedia education platform boasts a robust library of more than 1,500 proprietary educational assets and a YouTube channel that receives around one million views per month. Psych Hub has deployed this platform to over 800 partners including corporations, healthcare organizations, governments, nonprofits, and educational systems.
The upcoming Psych Hub Connect will further enhance the impact and increase the reach of the company. Psych Hub Connect will enable consumers and allies to match with practitioners who are specifically trained on the evidence-based interventions for their mental health needs, are in-network with their insurance, and are a good cultural fit.
"When mental health practitioners deliver evidence-based, client-specific care in areas such as depression, anxiety, insomnia, substance use, and adolescent mental health, consumers experience better outcomes, practitioners experience less burnout, and the healthcare system sees overall cost-of-care savings," said Marjorie Morrison, CEO, and Co-Founder of Psych Hub. "I'm humbled that Psych Hub's Mental Health Practitioner Hub is certifying more and more practitioners each day into specialties. We are fiercely dedicated to expanding our reach and impact, and we are excited to welcome our new investors HC9, and their deep healthcare growth and operations experience to help us deliver on that critical mission."
"The demand for mental health care significantly exceeds the current supply of practitioners, but there is an opportunity for all of us to play a critical role by being there for each other. Our Mental Health Ally Hub educates everyone on how to support those around you who may be going through a difficult time. We have all, at one time or another had to guide someone through their mental health journey, and have had our own support networks make a difference to us. Mental Health Ally helps us all do it more effectively and truly save lives," said Rep. Patrick J. Kennedy, Co-Founder of Psych Hub.
"Psych Hub has assembled a comprehensive set of resources intended to address the black box in mental health care. We are impressed by their focus on education and their ability to navigate people to the right level of in-network care, and are excited for the next steps in their growth. Marjorie, Patrick, and the whole Psych Hub team are a key pillar to improving the mental health of our country, and we are proud to bring our operational prowess to support their vision," said Richard Lungen, General Partner of HC9.
HC9 Ventures is an early-stage venture capital firm purpose-built to provide unparalleled expertise to emerging healthcare companies. Our firm's leaders have spent more than 70 years investing in, leading, and growing healthcare companies. HC9 leverages the power of that experience to support the founders that are shaping the future of healthcare.
Psych Hub is the go-to solution for mental health education and navigation, co-founded by CEO Marjorie Morrison and Rep. Patrick J. Kennedy in 2019. They develop content for every learning style including courses, videos, podcasts, and text resources. Psych Hub's content is divided into three areas: Mental Health Practitioner Hub which upskills those that treat mental health, Mental Health Ally Hub which trains people on how to support the community around them, and the Psych Hub Public Consumer Library which includes the Psych Hub YouTube channel and several popular podcast series. In November 2022, they are launching Psych Hub Connect where Allies and Consumers can get matched with Practitioners who are trained to treat their symptoms, are in-network, and are a good cultural fit. Psych Hub believes when we know better, we do better.
SOURCE Psych Hub