Octave Secures $11 Million Series A Funding to Expand Mental Health Services in New York and San Francisco

VCBeat (WeChat ID: vcbeat) has learned that on October 22, 2019, Octave, a behavioral health startup, announced the completion of an $11 million Series A financing round. The round was led by Greycroft, with participation from Obvious Ventures.

Octave is currently implementing a nationwide expansion plan, and this round of financing will be used to expand its operations in New York and San Francisco. Octave will open its first branch at 625 Market Street in San Francisco on October 28, and its second New York office in the Flatiron Building in December.

Octave is a company that provides mental health guidance and treatment tailored to clients’ actual circumstances and needs. In the field of psychiatry, the company has developed a range of content and assessment tools, delivering mental health services through a combination of in-person, offline guidance and online virtual support. Since opening its first office in New York in October 2018, Octave has launched a series of new services, including group therapy for individuals with anxiety disorders, LGBTQ+ patients, and engaged couples. Additionally, it has expanded its virtual counseling services nationwide, serving patients across multiple states and around the world. The company plans to hire more staff therapists in the coming months, offer various free courses to Octave members, and host “One Night of Meditation” workshops.

According to the latest research from the Mental Health First Aid Center, 5% of adults (equivalent to 43.8 million people) suffer from mental illness each year. Octave alleviates this situation by leveraging technology to make high-quality professional expertise more accessible. With 30-minute virtual exercises and 45-minute in-person therapy sessions, Octave’s program seamlessly integrates into people’s busy schedules, thereby improving emotional well-being and developing actionable psychotherapy plans.

Octave is led by its founder and CEO, Sandeep Acharya, who serves as the Strategy Lead at One Medical, the largest independent primary care organization in the United States.

Sandeep Acharya stated, “In today’s society, many things are deeply unsettling. I have seen close friends struggle with anxiety and depression following traumatic experiences, which led me to launch Octave. At that time, I recognized the profound importance of accessing high-quality behavioral health services. With Octave, I aim not only to make it easier for people to find exceptional therapists but also to create a space where individuals can focus more intently on their emotional well-being. As we continue to grow and expand into new markets, I am excited to bring this vision to a broader audience.”

Ellie Wheeler, a partner at Greycroft, stated, “Octave offers a convenient solution that supports a diverse clientele—including professionals, couples, and parents—by providing a secure psychological space for accessing high-quality emotional support and exploring personal challenges. Sandeep’s compelling vision and commitment to the future of behavioral health help dismantle the stigma associated with treatment. We invested in Octave because we want to be part of this important mission.”

Nan Li, Managing Director at Obvious Ventures, stated, “Octave’s vision for technology-enabled mental health aligns with the future we see across many areas of healthcare. We are excited to partner with Octave’s exceptional team to bring this vision to life.”

Octave is the first company in the United States to support practices, coaching, and therapy across all aspects of emotional health. The company advocates for science-based, personalized practice, coaching, and treatment plans that enable clients to experience profound psychological changes that are both measurable and meaningful.

Greycroft is a leading venture capital firm focused on investments in the internet and mobile markets. Greycroft’s CEO has access to the profiles of all partners and their associated areas of expertise. The firm leverages its extensive network of media and technology connections to enhance visibility and build strong strategic partnerships.

Obvious Ventures is a venture capital firm founded in 2014 and headquartered in California. Positioning itself as product designers and company builders, the firm helps startups achieve profitability and growth. Its investment focus is primarily on early-stage ventures and seed rounds.

(Compiled by Wang Fang)