Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
We wrote about NUE Life Health’s $3.3 million seed round last year. NUE Life Health is a US-based telemedicine startup that is building a mental health platform with psychedelic-assisted therapies and an app that is powered by a graph database. This at-home ketamine therapy is thought to be a completely new way to treat depression. It also uses music therapy and a “quantified self” approach, which is based on data.
It has now raised $23 million in a Series A equity financing led by Obvious Ventures, which was co-founded by Ev Williams, who also co-founded Twitter. Western Technology Investment also contributed venture debt financing. TechCrunch knows that most of the round was made up of equity.
The financing comes after Nue Life launches its Nue.App and Nue.Portal in November 2021. These are the company’s own technologies that serve both patients and providers.
Mindbloom and Field Trip Health, both of which have real treatment centers, are in competition with NUE Life.
The new round of funding will help pay for its new services in New York as well as in Florida, Texas, California, Colorado, and Washington State, where it already operates. In April, the service will be available in Georgia and Massachusetts. By the end of the year, it is planned to be available in twenty more states.
In a statement, Nue Life co-founder and CEO Juan Pablo Cappello said, “650 million people around the world struggle with mental health, and there is an urgent need to help women, veterans, and other people with symptoms of anxiety, depression, and PTSD that traditional treatments haven’t helped.”
James Joaquin, co-founder and managing director of Obvious Ventures, said, “We’re thrilled to be a part of Nue Life’s efforts to create a new paradigm for mental health, one that focuses on healing the root cause of suffering.”
In addition to Magic Venture Capital, Myelin VC, Palm Drive Capital, and some members of the Getty family, the equity financing also included Jon Oringer, founder and executive chairman of Shutterstock; Brent L. Saunders, chairman of Vesper Healthcare and former chairman and president of Allergan; and Andrey Ostrovsky, MD, who also joins Nue Life’s advisory board.
Phil Wolfson, MD, has also joined the company’s advisory board to help develop its care program. Dr. Wolfson is the CEO of the non-profit Ketamine Research Foundation and the author of The Ketamine Papers. He is also the main researcher for the MAPS (Multidisciplinary Association for Psychedelic Studies) study on MDMA treatment for people with life-threatening illnesses.
READ MORE ARTICLES:
