Behavioral health tech startup HelloHero has raised $4.3 million of a $5 million round.
The round, disclosed on November 25, brings the company’s total funding to at least $21.5 million, according to public documents.
HelloHero provides children with telehealth services. These include mental health, speech and language pathology, physical therapy and occupational therapy. The company uses B2B and B2C models and markets itself to K-12 school special education and student health programs.
It also serves adults with long-term care services — counseling and prescription management — for public employers and unions.
Founded in 2017, HelloHero previously operated as Enable My Child. The company rolled out the rebrand in November 2021. The company has 306 employees and contractors in 41 states.
This latest round will help accelerate the company’s growth as it prepares for a Series A round in the second quarter of 2023, Founder and CEO Syed Mohammed told Behavioral Health Business.
Mohammed added that most of the money will operationalize four times or more growth at the company.
This latest funding round included only existing investors.
In July 2021, HelloHero raised $5 million, according to an SEC filing. In December, it secured $12.2 million.
The bulk of the latter round — $7.7 million — came from an equity sale. The investors included Silverton Partners, Correlation Ventures, Achieve Partners and Service Provider Capital New England Fund, according to TechCrunch. Silicon Valley Bank provided HelloHero with a $4.5 million line of credit.
HelloHero’s pediatric service arm places it among a growing pack of youth-focused behavioral health tech companies seeking scale through funding.
In October, in-school tele-behavioral health startup Hazel Health announced it completed a $51.5 million Series C1 round. London-based Healios Ltd. landed in November $16 million to fund the expansion of Meliora Health, its entity in the U.S.
Before announcing layoffs in October, Brightline raised $115 million in 2022 alone.
Digital health investment reached a historic peak in 2021. This year has seen deflated funding numbers in comparison. Behavioral health tech investment through the third quarter was down about 40%, according to a CB Insights report.
Editor’s note: This article has been updated to clarify that HelloHero provides virtual behavioral health care to adults and children.