Payer Networks Power Grow Therapy's $3B Rise

Grow Therapy closed a $150M Series D at a $3B valuation, acquiring AI firm Tenor Therapy to expand insurance-integrated mental health access

15 Jun 2026

Grow Therapy, a telehealth platform connecting patients with therapists through employer and insurer networks, has raised $150 million in a Series D round at a $3 billion valuation. Announced in early March 2026, the deal makes Grow one of the most heavily funded mental health companies in the United States.

Investor interest in payer-integrated care has grown steadily, favouring models that route mental health services through insurance rather than direct consumer subscription. Grow currently holds partnerships with more than 125 health plans, covering an estimated 220 million insured Americans. Such scale distinguishes it from most telehealth rivals and positions it as an infrastructure provider for insurers managing behavioural health benefits at volume.

Alongside the capital raise, Grow acquired Tenor Therapy, a developer of AI-powered clinical support tools. Folding those capabilities into its provider-facing platform gives therapists administrative automation and outcome-tracking features that insurers increasingly require before expanding their behavioural health networks.

"This Series D reflects investor confidence in Grow's ability to execute a high-impact strategy and continue making mental health care more accessible, effective and connected," said Jake Cooper, chief executive and co-founder.

Crossing $1 billion in annual revenue ahead of the raise, Grow enters a market where employers, insurers, and regulators face pressure to demonstrate measurable gains in mental health access. Platform scale, not clinical brand alone, is becoming the deciding factor in contract wins.