Telehealth Leader Pelago Secures $58M for Substance Use Management Solutions

Pelago, a leading telehealth clinic specializing in substance use management, has announced a significant milestone with a $58 million Series C financing round, boosting its total funding to $151 million.

Expanding Treatment Offerings and Clinical Research

The fresh infusion of capital will empower Pelago to enhance its substance use disorder treatment options and bolster its clinical research endeavors.

With the substance use and treatment market projected to experience robust growth, Pelago aims to capitalize on this opportunity by offering accessible and cost-effective virtual care alternatives to traditional inpatient rehab.

Proactive Approach to Personalized Treatment

CEO and co-founder Yusuf Sherwani, MD, emphasizes Pelago’s proactive and personalized approach to treatment, enabling more patients to receive effective care while mitigating the stigma associated with addiction.

Pelago collaborates with employers and health plans to mitigate the downstream costs of acute substance use-related problems through preventive measures, potentially saving up to 60% in treatment costs.

Chronic Disease Management Perspective

Viewing substance use disorder as a chronic disease, Pelago advocates for proactive treatment to manage and mitigate its impacts, highlighting the potential for substantial cost savings and improved outcomes.

Strategic Partnerships and Clinical Research Advancements

Pelago boasts a roster of notable clients and is enhancing its clinical research capabilities under the leadership of Dr. Suzette Glasner, focusing on leveraging technology for long-term habit changes and validating its program.

Data-Led Marketing and Growth Strategy

Pelago adopts a data-driven marketing approach, prioritizing B2B opportunities over consumer-centric advertising, while doubling down on growth and exploring new product developments in other therapeutic areas.

TL;DR:

• Pelago secures $58 million in Series C funding, totaling $151 million.
• The company aims to enhance substance use disorder treatment options and clinical research efforts.
• By offering virtual care alternatives, Pelago aims to address the growing treatment market.
• Its proactive, personalized approach aims to reduce stigma and broaden access to care.
• Pelago focuses on preventive medicine to lower treatment costs and improve outcomes.
• Strategic partnerships and clinical research advancements drive the company’s growth strategy.