Caraway, a virtual care startup focused on providing mental, physical and reproductive healthcare for Generation Z, has secured $16.75 million in Series A funding led by Maveron and GV.
Existing investors 7wireVentures and Hopelab Ventures also participated in the round alongside Wellington Access Ventures, Ingeborg Investments and The Venture Collective.
OMERS Ventures was a seed stage investor and will remain on Caraway’s board of directors.
WHAT THEY DO
The New York-based startup offers college-age women and other individuals assigned female at birth a care team made up of reproductive care, mental health and physical health professionals. Patients can access care through the company’s app, like chatting with a doctor or nurse practitioner, connecting with a therapist via chat and virtual appointments, getting referrals to in-person care and ordering home tests for STIs.
The company offers virtual care services in California, New York, North Carolina and Ohio and announced its expansion to Illinois, Massachusetts, Colorado, Michigan, Pennsylvania and New Jersey.
Caraway will use the funds to expand its platform and scale its services.
“What Lori [Evans Bernstein, Caraway cofounder and CEO] and the entire Caraway team have accomplished in such a short period of time is compelling,” Alyssa Jaffee, partner at 7wireVentures, said in a statement. “Now more than ever, a renewed focus on promoting and supporting the fundamental healthcare rights of women is critical. Caraway is already making a real difference in the health of young women, those AFAB, and by providing personalized care for all. With this new funding round and the addition of strong like-minded investors, Caraway will meaningfully expand their ability to serve more health consumers across the country.”
MARKET SNAPSHOT
Last year, Caraway scored $10.5 million in seed funding to launch its virtual care offering.
Other digital health companies focused on college students include Mantra Health, which offers a behavioral health tool with teletherapy for individuals with bipolar disorder. Mantra is able to integrate with University Health Services to make a collaborative model. In 2022, the company raised $22 million in Series A funding.
Boston-based company Uwill partners with colleges to provide students with on-demand virtual access to licensed therapists and providers trained in crisis counseling. Students can attend online wellness events through the company’s mental health-and-wellness app. It completed a $30 million Series A funding round led by Education Growth Partners in May.
