LearnWell, a provider of school-based mental health and academic support, received an investment from Goldman Sachs Alternatives to bolster its growth strategy. Terms of the deal were not disclosed.
The funding will be used to expand its footprint into additional geographies beyond the 7,700 school districts it already serves and to enhance its current services, Kathleen Egger, LearnWell’s CEO, said in a news release.
This appears to be the first major investment in the Plymouth, Massachusetts-based provider since it was acquired by Brook Venture Partners in 2018. Until now, LearnWell has been primarily backed by its 2018 acquirers, Eagle Private Capital and 424 Capital.
“LearnWell sits at the intersection of education and healthcare, two areas of focus for our Inclusive Growth strategy,” Richard Waitumbi, managing director in sustainable investing at Goldman Sachs Alternatives, told Behavioral Health Business. “We observe a need for interventions to address learning loss, and by reaching students in healthcare settings, LearnWell transcends barriers and offers greater access to academic and behavioral health solutions.”
Jumping on the momentum the pandemic brought to telehealth, in the fall of 2020, LearnWell purchased the New York-based counseling practice Comprehensive Counseling to expand its virtual therapy and mental health offerings. Since then, it has focused on expanding, along with in-person counseling at some locations.
The company aims to be a “bridge” along the care continuum between schools, hospitals, students and their families. With new support from Goldman Sachs, which has comprehensive experience scaling social impact companies, LearnWell will be able to “amplify” its impact, Egger said.
Now, as part of Goldman Sachs Alternatives’ portfolio, LearnWell will be able to leverage the investment giant’s “value accelerator” platform, Waitumbi said, which provides differentiated resources and operating advisors.