Mental wellness company Nue Life Health has announced the completion of its Series A equity financing led by Obvious Ventures.
The $23m round saw additional venture debt financing from Western Technology Investment. The funding will support the expansion of Nue Life’s offerings including next-generation digital and integrated wellness programmes as well as its geographic expansion and the addition of experienced clinicians throughout the United States.
The financing follows Nue Life’s November 2021 Nue.App and Nue.Portal launch, its proprietary technologies serving patients and providers.
Nue Life co-founder and CEO, Juan Pablo Cappello, commented: “650 million people struggle with mental health worldwide, and there is a vital need for helping women, veterans, and other folks experiencing symptoms of anxiety, depression, and PTSD that have not been helped by traditional treatments.
“We’re grateful for the support of Obvious Ventures, Western Technology Investment, and all of our investors to help us continue providing personalised treatment plans that drive profound change.”
Co-founder and managing director of Obvious Ventures, James Joaquin, commented: “We’re thrilled to be a part of Nue Life’s efforts to create a new paradigm for mental health— one focused on healing the root cause of suffering.
“We strongly believe in the work Nue Life is doing to create lasting change, and we’re excited to be a part of the brand’s continued expansion and success.”
NueLife offers its services in Florida, Texas, California, Colorado, and Washington State, and in March 2022, the company launched its service in New York. The company has stated that April 2022 will see its service expand to Georgia and Massachusetts, and plans to expand to at least twenty additional states by the end of the year.
The equity financing also included a number of existing and new mission-aligned investors including Magic Venture Capital, Myelin VC, Palm Drive Capital, certain Getty family investors, 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.
Ostrovsky has joined Nue Life’s advisory board, bringing experience in medical innovation and clinical expertise as the former chief medical officer of the US Medicaid programme and the managing partner at Social Innovation Ventures, which is dedicated to eliminating healthcare disparities.
Phil Wolfson, MD, has also joined the company’s advisory board, where he will help Nue Life develop the highest standard of care in the industry.
Wolfson is the CEO of the non-profit Ketamine Research Foundation, which provides research, education, and training on the use of ketamine-assisted psychotherapy as part of a collaborative treatment approach.
He is the author of numerous books and papers on the use of psychedelics for mental health treatment, including The Ketamine Papers, the most important research work on ketamine, and was the principal investigator of the MAPS (Multidisciplinary Association for Psychedelic Studies) study on MDMA treatment for patients with life-threatening illnesses.
Cappello said: “We’re thrilled to have Dr. Wolfson and Dr. Ostrovsky joining our advisory board to help guide Nue Life on our journey. Combined with our recent funding, we have an industry-leading team to scale and provide this vital treatment to patients nationwide.”
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