Gambling addiction treatment provider Birches Health announced Thursday it received $20 million in combined Series A and Seed funding.
Key Takeaways
- The investments will help Birches Health treat addictions for gambling, sex, pornography, internet, and other behaviors.
- Treatment plans begin by destigmatizing the behaviors.
- A recent poll found that 28% of American adults have a daily gambling habit.
Venture capital and investment company General Catalyst led the Seed round, which ran through December 2023. Will Ventures, defy.vc, Haystack, Operator Partners, and other entities also made contributions.
AlleyCorp led the Series A funding, which closed in August.
Birches Health helps those afflicted with a variety of issues, including addictions related to video gaming, sex, pornography, and the internet. Its treatment for problem gambling starts with a general destigmatization that opens the door for patients to receive help.
“Gambling addiction is so often seen as a personal failing or a financial issue rather than the behavioral addiction that it is,” said Dr. Martin Rosenzweig, former chief medical officer, behavioral at Optum and Birches Health board member. “Individuals, family members, or other loved ones often do not know where to turn for help.
“Birches has developed a much needed evidence-based clinical solution with a unique program acuity matched to the needs of the individual in the comfort of their home offering a viable path to recovery.”
The announcement notes individuals battling gambling, sex, and other addictions have struggled to receive the proper care in the U.S. Birches Health claims to have assembled the “largest network of specialized clinicians” and partnered with hundreds of insurance providers to help increase their coverage.
Leading the charge
The American Psychiatric Association found that 28% of American adults maintain a daily gambling habit, per the release.
The arms race within the gambling industry to expand legal jurisdictions and introduce new platforms for wagering has also made betting platforms easier to access than ever before.
“Gambling addiction is a public health crisis unraveling before our eyes,” said Youssef Kalad, principal at AlleyCorp. “Between the constant flood of ads in sports media and the rise of new financial speculation products, gambling's impact on American families is reaching a tipping point.
“Birches Health is proving to be the preeminent platform, supported by dozens of state governments and payors, for treating gambling addiction and other emerging behavioral disorders.”
Birches Health’s clinical treatment programs are available in every U.S. state and are covered by major insurance providers, including United Healthcare, Cigna, Aetna, and a variety of Blue Cross Blue Shield plans.
Plans are personalized to each patient, which can include individuals, families, and groups.
Preparing for 'looming gambling addiction crisis'
The announcement revealed Birches Health has already helped thousands of patients since it launched at the start of 2023.
“The United States is facing a looming gambling addiction crisis,” said Elliott Rapaport, founder and CEO of Birches Health. “By integrating with leading insurance companies and state Departments of Health, we are proving that access to specialized care for those struggling with gambling, gaming, sex, pornography, and internet addiction should be available to all.”
The Birches Health team can be reached at hello@bircheshealth.com. Learn about responsible gambling here.
