NEW YORK, Oct. 10, 2019 /PRNewswire/ -- Tempest, the virtual program changing how individuals access recovery, has completed a $10 million Series A round of financing. Maveron Capital led the investment round and Anarghya Vardhana will join Tempest's Board of Directors. Additional Series A Investors include: Slow Ventures, Female Founders Fund, AlleyCorp, Refactor, Green D Ventures and a number of individual investors. The investment brings Tempest's total funding to $14.3 million.
The Series A funding will support the expansion of Tempest's Membership program, which provides access to recovery-related content, community, and care – resources that help people overcome alcohol use disorder earlier and sustain their sobriety longer. The company is also dedicated to lowering the barrier of accessibility to recovery treatment through reimbursement and will expand its operations team to support B2B efforts.
"We are very pleased to complete our Series A financing with mission-aligned investors," said Holly Whitaker, Founder and CEO of Tempest. "From the beginning, it has been crucial that we partner with investors who understand our vision for building a recovery platform that is both desirable and accessible. Maveron stepped up to lead the Series A, and we're excited to have Anarghya join our Board of Directors. We have an outstanding team and board for the next phase as we lay down product, technology and infrastructure for a more expansive membership offering and increased accessibility as we move into the private payor market."
Tempest's core product, an 8-week program, lowers the barrier to entry to treatment for people seeking to change their relationship with alcohol. Tempest is offered at a fraction of the cost compared to traditional intensive treatment programs. By integrating technology and social media to make treatment accessible and affordable, Tempest is able to serve a much broader population of drinkers than traditional recovery modalities.
"Tempest's combination of technological sophistication and service model innovation will allow us to work with payors and providers to have a transformative impact on how we address the personal and economic costs of alcohol," said Julia F. Bernstein, COO of Tempest. "Our evidence-based approaches such as peer support within our propriety framework and structure will allow us to scale and reach those whose access to care is limited by geography and cost."
Maveron Capital invests in consumer-only businesses centered on technology-enabled products and services in commerce, education, and health and wellness. Notable investments include: AllBirds, Everlane, Two Chairs, and Modern Fertility.
"We're thrilled to back Holly and the team on this important, bold, and paradigm-shifting mission. Access to treatment and resources should not be limited to a select few, and we believe that Tempest can be the solution to open the aperture to a much more diverse audience," said Anarghya Vardhana of Maveron Capital. "Tempest epitomizes one of the Maveron values of being focused on purpose and profit and we are honored to be a part of the journey."
Tempest is a female-founded digital recovery platform. Founded by Holly Whitaker, Tempest provides alcohol use disorder treatment for the 46 million Americans who don't identify as addicted. Tempest is a modern alternative to current recovery options like AA and is focused on putting people at the center of their own recovery through an approach that's empathetic and empowering, driven by a brand that's desirable and aspirational.
Learn more: jointempest.com