Quit Genius Raises $64M to Expand Access To #1 Digital Clinic for Substance Addictions
NEW YORK, July 19, 2021 — Quit Genius, the world’s first digital clinic for treating multiple addictions, announced today that it has raised a highly oversubscribed $64M Series B funding round co-led by Kinnevik and Atomico, with participation from Series A investors Octopus Ventures, Triple Point Ventures and Startup Health. The company will use the funds to fuel expansion of its platform in the U.S..
Already recognized as the #1 digital clinic for substance addictions, Quit Genius grew revenue by 10x in the past 12 months, and now partners with 55 employer and health plan clients, covering 2.1M lives. Its headcount grew by 4x in the past year. Quit Genius is the only such solution with 8 peer-reviewed studies and a randomized controlled trial demonstrating best-in-class outcomes.
“Substance abuse is an absolute crisis right now, and Quit Genius is taking a unique approach that’s been scientifically proven to work,” said Georgi Ganev, CEO of Kinnevik. “This is a company with strong fundamentals that’s also making a big difference in people’s lives. We’re proud to be working with Yusuf and team to help accelerate the growth of Quit Genius.”
“You’d be hard pressed to find someone whose life hasn’t been touched by substance abuse in some way,” said Ben Blume, Partner at Atomico. “Quit Genius is bringing addiction treatment into the 21st century with digitally delivered care programs that, similar to what we have seen Hinge Health do for MSK, provide clear clinical impact, financial ROI and meaningful patient outcomes.”
A survey conducted in March 2021 by Quit Genius of 1,075 full- and part-time workers found increased use of alcohol and drugs during the pandemic: 38 percent of workers reported increasing their alcohol intake, and 18 percent reported increasing their drug intake. Those working remotely had higher rates (51 and 37 percent respectively), and more than 1 in 4 remote workers reported going to work impaired by alcohol, drugs or both.
Quit Genius delivers the industry’s most complete virtual clinical care model for addiction. The program combines virtual behavioral therapy with approved medication and connected devices to help people overcome addiction from the comfort and privacy of their own home. To date, Quit Genius has helped more than 750,000 people improve their lives and conquer their addictions. The average success rate for people in the Quit Genius tobacco program is 52 percent, far higher than traditional methods.
Quit Genius program pricing is based on quit rates among an employer’s or health plan’s participants, and the company’s client retention rate is 100 percent.
“As physicians, my co-founders and I saw firsthand the devastating effects of substance abuse,” said Yusuf Sherwani, M.D., Co-founder and CEO of Quit Genius. “We designed Quit Genius to be the program we wish we had as physicians, that’s dedicated to helping individuals conquer their addictions and payers bend the cost curve. We’re excited that our solution has been so well received by the market and, more importantly, that 8 peer-reviewed studies have clinically validated Quit Genius as being best-in-class.”
“In the near term, we are aggressively expanding our provider network to cover the entire U.S. population across all 50 states,” Dr. Sherwani added. “Our goal is for everyone to have access to evidence-based treatment for tobacco, alcohol and opioid addiction on their own terms.”
To learn more, visit quitgenius.com.
Pelago, formerly Quit Genius, partners with enterprises as the leading virtual clinic for substance use management among their employees. We are transforming substance use support—from prevention to treatment—delivering education, management skills, and opportunities for positive change to members struggling with substance use, most commonly tobacco, alcohol, or opioids. Our solution gives employers the means to offer on-demand, personalized support to workers seeking to live healthier lives. Pelago’s cognitive behavioral therapy (CBT) and medication-assisted treatment (MAT) programs deliver convenient, accessible, and effective support that seamlessly integrates with health plans, pharmacy benefit managers, and wellness platforms. To date, Pelago has helped more than 750,000 members manage their substance use and improve their lives.
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