When Alex Katz founded 2017 two chairswho firmly believes that face-to-face therapy is most effective for behavioral health.

The two chairs use technology (a proprietary matching algorithm) to find the best therapists for their clients, but treatments primarily take place inside one of the startup’s six sleekly designed clinics in prime San Francisco Bay Area locations.

But when COVID-19 hit and the entire world moved online, the company was forced to rethink its in-person approach. While Two Chairs currently operates at least one physical site in each of the three states it serves (California, Washington and Florida), the majority of the company’s more than 500 therapists are working with clients virtually treat.

The adoption of a remote-first treatment model may help the company grow faster (and certainly at a lower cost) than continuing to emphasize seeing patients in person. Its revenue has grown eightfold in the past three years, the two chairs said.

On Tuesday, the company announced the completion of a $72 million Series C equity and debt financing round led by Amplo and Fifth Down Capital, bringing Two Chairs’ total funding to $103 million. Amplo also leads the company Series B financing of US$22.5 million August 2019. The debt component is provided by Bridge Bank, which includes a minority portion of the latest capital.

Two Chairs is one of the latest therapy startups to raise significant funding.Last week, Grow Therapy , a three-sided mental health platform for therapists, payers and patients, raised Series C financing of US$88 million This round was led by Sequoia Capital.

Katz said the main difference between his company and other virtual behavioral health platforms, including Talkspace and Teladoc-owned BetterHelp, is that Two Chairs employs the “vast majority” of therapists, while most competitors work with clinicians signing the contract. “This allows us to select therapists that we think are really high quality, and then we can train them on how to use measurement-based care,” he explains. Clinicians using measurement-based care (MBC) can improve outcomes and reduce costs by assessing patient progress against standard metrics, but only a small percentage of therapists use MBC in their practice, Katz said.

Teletherapy offered by independent clinicians, established institutions and startups like Two Chairs has been helping address the shortage of mental health professionals in the United States, but Katz said online psychotherapy is not a panacea.

“While finding a therapist has become easier because of digital platforms, finding the right therapist and really high-quality care is still difficult, and that’s what we’re trying to address,” he said. “Our demand continues to far exceed our ability to serve.”

The two chairs will use the new funding to hire more therapists, expand into new states and improve its technology. The company currently provides services at a copay rate to Aetna and Kaiser Permanente health insurance holders, and charges $226 per visit to other individuals.

As for whether artificial intelligence will one day replace mental health professionals, making businesses like Two Chairs more effective, Katz isn’t so sure that’s likely to happen anytime soon. “This is a humane, emotionally driven job, and that’s the only way [to do well] There was a great therapist in the room,” he said.

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