Array Behavioral Care recently completed a Series B round led by Wells Fargo Strategic Capital which included new participation by Health Velocity Capital and multiple existing shareholders. Array will use the investment to continue to build upon its market leading position by accelerating growth in both existing and new geographies and increasing its established base of psychiatrists, psychiatric nurse practitioners and behavioral health professionals.
MOUNT LAUREL, NJ – Array Behavioral Care, the leading telepsychiatry service provider organization in the US, recently secured additional investment to further advance its mission to improve access to timely, quality behavioral health care for even more individuals across the country.
Wells Fargo Strategic Capital (WFSC) and Health Velocity Capital recognized the importance of Array Behavioral Care’s work and the opportunity presented. They each made a significant investment to help fuel its continued growth. In addition to these new investors, many existing investors also contributed additional capital.
Array Behavioral Care is the new brand identity for InSight + Regroup, the combined organization formed by the 2019 merger between InSight Telepsychiatry and Regroup Telehealth. The new brand, including a new name, logo and website, was announced in early 2021.
Array addresses fundamental challenges related to timely access to mental health care for emergency departments (EDs), community mental health centers (CMHCs), Federally Qualified Health Centers (FQHCs) and an array of other care settings. The organization’s OnDemand Care division provides emergency departments with timely psychiatric consults, enabling quicker access to care and significantly improving the throughput of EDs. Array's Scheduled Care division provides CMHCs and FQHCs and other community-based settings with much needed access to psychiatric services and specialists in underserved communities. Array also has an AtHome Care division, which offers psychiatry and behavioral health services directly to individuals in their homes or other private settings.
“We are excited to welcome Wells Fargo Strategic Capital and Health Velocity Capital as key investors. Their knowledge of the industry and expertise in healthcare services, together with the continued trust and support of our existing investors, will allow us to make an even greater impact at a time when it is needed most” said Geoffrey Boyce, CEO of Array Behavioral Care. “This marks a significant milestone in our next phase of growth as we strive towards helping healthcare organizations, payers and individuals across the country access behavioral healthcare. With this new funding, we will be able to move faster to enhance our service offerings and operations, implement and use better systems, hire more people, take on new initiatives and increase our overall market presence and impact.”
Rod Altman, MD, Managing Director of Wells Fargo Strategic Capital, who led the deal commented: “As we look to the future, we believe in healthcare companies like Array Behavioral Care that provide high quality and cost-effective care across the healthcare ecosystem. We are excited to partner with the Array team to expand its market-leading position in behavioral care.”
Marty Felsenthal, Partner at Health Velocity Capital, noted: “With significant prior experience in both telemedicine and behavioral health care at companies like Teladoc, MDLive, Livongo and Ginger, our Partners believe Array Behavioral Care is extremely well positioned to serve the nation’s unfortunately growing mental health crisis. We were clearly facing shortages of clinicians prior to the pandemic caused by the novel coronavirus, those shortages are even more acute now, and we believe the pandemic has and will continue to drive rapid continued adoption of telemedicine in behavioral health.”
Wells Fargo Strategic Capital and Health Velocity Capital join other industry leaders and early investors in Array Behavioral Care including Harbour Point Capital, HLM Venture Partners, OCA Ventures, OSF Healthcare, Impact Engine, FristCressey Ventures, Hyde Park Angels and Wasson Enterprise. Dr. Altman and Mr. Felsenthal will sit on the organization’s board of directors.
Robert Juneja, Co-Founder and Partner of Harbour Point Capital added: “Harbour Point Capital is impressed with the progress that Array Behavioral Care has made since our initial investment. We feel privileged to have been part of the journey to improve access to mental health care for underserved individuals, facilities and communities and are excited to welcome two new strategic investors for this next phase of growth.”
Array Behavioral Care (formerly InSight + Regroup) is the leading and largest telepsychiatry service provider in the country with a mission to transform access to quality, timely behavioral health care. Array offers telepsychiatry solutions and services across the continuum of care from hospital to home with its OnDemand Care, Scheduled Care and AtHome Care divisions. For more than 20 years, Array has partnered with hundreds of hospitals and health systems, community healthcare organizations and payers of all sizes to expand access to care and improve outcomes for underserved individuals, facilities and communities. As an industry pioneer and established thought leader, Array has helped shape the field, define the standard of care and advocate for improved telepsychiatry-friendly regulations. To learn more, visit www.arraybc.com.
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 45 team members across the United States and holds over 180 portfolio investments. For more information, visit https://www.wellsfargo.com/com/financing/strategic-capital/.
Health Velocity Capital invests exclusively in innovative healthcare software and services companies contributing to a more affordable, sustainable, consumer-friendly healthcare system. The firm’s partners have more than 50 collective years as investors, entrepreneurs, and executives helping to finance and build innovative companies that created important new healthcare markets and that became market leaders, including companies such as Teladoc, Change Healthcare, Livongo, MDLive, US Renal Care, Aperio, Aspire Healthcare, and many others. In addition to investing on behalf of institutional investors, Health Velocity Capital invests on behalf of a number of the nation’s largest and most influential healthcare organizations and many of their top executives who collectively represent organizations that provide health insurance to more than 140 million Americans, operate almost 500 hospitals, provide pharmacy and PBM services to more than 75% of all Americans, and provide software and services to every major hospital in the United States. For more information, please visit www.healthvelocitycapital.com.
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