Key Highlights
- $11 million Series A funding led by Rock Health and Innospark Ventures.
- Expansion of peer support program to address substance use disorder (SUD) nationally.
- Innovative technology integration with natural language processing (NLP) for enhanced support.
- Successful pilot in Delaware, becoming the largest provider of peer recovery supports.
- Plans to expand to 4 additional states by the end of next year.
Source: Business Wire
Notable Quotes
- “Historically, most investment in SUD care has focused on the small minority of people already receiving and open to treatment. Generally, this treatment isn’t very effective – peer support is the unspoken reality on how most people finally get better.” — Shrenik Jain, Founder and CEO at Marigold Health
- “We made the decision to invest after seeing how Marigold engaged and reduced costs for members with SUD at other health plans. Marigold’s unique approach combines traditional peer support services with technology that is highly complementary to existing programs that engage individuals with substance use disorders.” — Aman Shah, VP of New Ventures at VNS Health
- “Marigold has achieved impressive milestones due to a combination of community partnerships, innovative technology, and a commitment to real-world outcomes. We are excited to support their next phase of growth.” — Bill Evans, Founder and General Partner at Rock Health
- “Marigold’s team has a unique vision that involves investing heavily in their served communities and scaling the impact of their efforts through AI.” — Andy Palmer, Founding Partner at Koa Labs
- “Marigold has built innovative technology grounded in direct feedback from health plans, providers, and peers to drive scalable impact.” — Mark Legare, General Partner at Innospark Ventures
SoHC's Take
Marigold Health’s successful $11 million Series A funding round underscores the growing recognition of technology-driven peer support as a critical component in addressing the national substance use disorder crisis. The integration of natural language processing (NLP) with peer support mechanisms exemplifies an innovative approach that can significantly enhance the effectiveness of recovery programs. This funding will not only allow Marigold to expand its reach across multiple states but also further develop its technology to provide even more robust support. The involvement of notable investors like Rock Health and Innospark Ventures highlights the confidence in Marigold’s unique model, which promises to make substantial impacts in the SUD recovery landscape.
