Quartet Secures $60M Series D Funding Led by Centene to Expand Mental Health Platform, Files for IPO

VCBeat (WeChat ID: vcbeat) learned from foreign media that on June 14, Quartet, an innovative medical technology services company, completed a $60 million Series D financing round. The funds will be used to promote its mental health network platform. This round was led by Centene Corporation, a leader in the healthcare services sector, with participation from existing investors F-Prime Capital Partners, GV, Oak HC/FT, and Polaris Partners. Reportedly, this latest round brings Quartet’s total funding to $153 million.

Meanwhile, Quartet has established a strategic partnership with Centene Corporation, a leader in the healthcare services sector, in the field of mental health care.

Quartet, founded in 2014, integrates mental health and primary care by building scalable products and services for healthcare providers. Through its HIPAA-compliant technology platform—the Mental Health Network Platform—Quartet enables care teams across various locations to collaborate, placing primary care and mental health providers at the center of patient care. Supported by data and resources via the Mental Health Network Platform, physicians can better identify patients with potential mental health conditions and seamlessly connect them to the platform. Primary care and mental health providers collaborate to support patients by sharing treatment plans and updating clinical assessment results.

On June 14, Quartet announced a new feature for its mental health network platform: Care Teams. This feature enables clinicians, healthcare providers, and community professionals (such as case managers) to collaborate and divide responsibilities, thereby better supporting patients with mental health conditions. It will allow more professionals to help patients receive the right care at the right time.

The development of online mental health platforms is closely linked to Medicaid beneficiaries. These platforms are supported by U.S. Federally Qualified Health Centers (FQHCs) and community resources, with many non-clinical professionals serving as part of their care teams. Notably, Medicaid, which provides healthcare coverage to nearly one in five Americans, is the largest payer for mental health services in the United States. Medicaid beneficiaries with mental illness incur average expenditures four times higher than those without mental illness. This excess spending is often driven by physical health complications, emergency department visits, and other factors. Research indicates that integrating mental health care with primary care improves patient outcomes while reducing healthcare costs.

“We are committed to building a healthcare system in which every patient with a mental health condition receives the care they need,” said David Wennberg, MD, CEO of Quartet. “Everything we do is aimed at ensuring patients receive better healthcare. Our mission is to improve the lives of individuals with mental health conditions through technology and services. Our partnership with Centene enables us to continue helping those in need of behavioral health services.”

Centene is a multi-line healthcare enterprise that provides Medicaid managed care and specialty services.

F-Prime Capital Partners is a global venture capital firm investing in healthcare and technology.

Oak HC/FT will make venture capital and growth equity investments in companies focused on healthcare and financial services.

Polaris Partners, founded in 1996 and headquartered in Massachusetts, USA, is a venture capital firm focused on investing in early- and late-stage development of startups in the biotechnology sector. It has completed 506 investments to date.

GV is the venture capital arm of Google, established in March 2008. Leveraging its strengths, Google aims to support innovative and promising technology companies by making early-stage investments across multiple sectors, including consumer internet, software, clean technology, biotechnology, healthcare, and other fields.

(Compiled by Zhang Jing)