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Venture Capital News: Pelago Announces $58M Series C Funding

NEW YORK, NY, Pelago today announced $58 million in new funding.
Pelago, the leading digital clinic partner to U.S. businesses and health plans for substance use management, today announced $58 million in new funding on the strength of customer growth and validated ROI, bringing total funding to $151 million.

Existing investor Atomico doubled down to lead this Series C investment on the back of Pelago's impressive growth, with participation from all existing investors Kinnevik AB, Octopus Ventures, and Y Combinator plus new investors Eight Roads and GreyMatter Capital. As part of this latest round, Atomico Partner Laura Connell will join the Pelago board.

Pelago 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. Tens of thousands of members enroll in the Pelago program each year, and more than 3.4 million now have access to the digital clinic.
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