January 25, 2024

Being Health seeds $5.4M to open doors to private practice

By
Aaron Weitzman

Being Health, a psychiatrist-founded mental health practice, raised $5-4 million in seed funding, co-founder Allie Sharma tells Axios exclusively.

Why it matters:

Mental health resources can be fragmented, with many point solutions. Being Health aims to treat patients with a personalized, holistic approach.

Details:

Investors in this round include 18 Park and HDS Capital.

• Proceeds will help open Being Health's first clinic in lower Manhattan, Sharma says.

• Once the concept is proven as a repeatable model, the company hopes to expand further in New York City and other areas of the U.S.

How it works:

Being Health provides psychiatry and psychotherapy, along with alternative treatments like ketamine infusion therapy, acupuncture and nutrition counseling.

• The company has a team of 11 providers - spanning psychiatrists, licensed clinical social workers, nurse anesthetists, and acupuncturists and nutritionists.

• Being Health offers both in-person and virtual care. Ketamine consultations and preparation sessions are available in person and virtually.

What's next:

Being Health aims to add to its administrative team and hire more clinicians.

• Sharma declined to comment on runway.

What they're saying:

"We are combining the best of what is tried and tested in psychiatry with what is new and novel in our field," Sharma says.

• "For certain patients with certain conditions, psychedelics is another tool in the toolkit," she adds.

• "Over 90% of mental health is done by individual practitioners and they are not in a position to do holistic approach," says HDS founder Haim Dabah.

Be smart:

Patient demand for alternative treatments including psychedelics is robust, but a shortage of clinicians and lack of standardization and general oversight has stymied the market.

• In the meantime, investors have Pursued companies that provide back-end support for ketamine therapy and track outcomes.

Aaron Weitzman
Focuses on private equity, growth equity and also venture capital for Axios. Formerly: PEHub, Buyouts and The Bond Buyer.
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