What You Should Know
The Funding: Grow Therapy has secured a $150M Series D led by TCV and Growth Equity at Goldman Sachs Alternatives with new participation from BCI and Menlo Ventures, the round brings Grow’s total capital raised to $328M at a reported $3 billion valuation.The Scale: The company has quietly built a massive footprint, reaching a reported $1 billion revenue run rate. In 2025 alone, Grow facilitated 7 million visits, connecting its 26,000 providers with patients across 125+ health insurer partners.The “EAP Cliff” Solution: Grow is officially entering the employer benefits space by redesigning the traditional Employee Assistance Program (EAP). Instead of employees maximizing their 3 to 5 free EAP sessions and being forced to switch therapists, Grow’s platform allows a seamless transition to the employee’s standard health insurance, keeping the same provider.The AI Leverage: To attract and retain its massive provider network, Grow deployed a free, clinically-guided AI notetaker that has successfully slashed provider documentation time by nearly 70%.The Primary Care Bridge: Grow is extending its platform directly into health systems—beginning with Circle Medical—to coordinate referrals and ensure patients screened for mental health issues in primary care actually make it to treatment.
Eradicating the “EAP Cliff”
For decades, corporate mental health benefits have been functionally broken. Employers typically offer an Employee Assistance Program (EAP) that grants workers a handful of free therapy sessions. However, EAPs and traditional health insurance networks are almost never connected. When an employee inevitably exhausts their 3 to 5 free EAP sessions, they hit a “cliff.” They are forced to either pay exorbitant out-of-pocket cash rates to stay with their therapist, or abruptly end their care and start over with a new, in-network provider.
Grow Therapy is using its new enterprise expansion to kill this cliff. Beginning in March 2026, companies can offer Grow Therapy through a redesigned benefit program that bridges the gap. Because Grow already has deep integrations with over 125 health insurers (covering 220 million lives, including Medicare and Medicaid), an employee can seamlessly transition from their EAP directly to their standard health insurance—without ever changing their therapist.
Furthermore, Grow is offering a highly attractive pricing model for CFOs: they only charge employers for the care actually delivered, abandoning the wasteful, flat Per-Member-Per-Month (PMPM) fees that plague traditional digital health contracts.
Automating the Administrative Grind
You cannot scale a mental health network to 7 million annual visits without an army of providers. And the only way to attract 26,000 independent providers in a massive clinical shortage is to build software that makes their lives easier.
Administrative burnout is the primary enemy of the independent therapist. To combat this, Grow introduced a free, clinically-guided AI notetaker natively embedded into its EHR software. By ambiently capturing the session and structuring the clinical documentation, the AI tool has dropped provider documentation time by nearly 70%, surpassing the accuracy of manual note-taking. This operational leverage allows therapists to see more patients, drives 80% of clients to see measurable symptom improvement within 30 days, and yields a world-class Net Promoter Score (NPS) of 85.
Bridging the Primary Care Chasm
While employers control the purse strings, primary care doctors control the funnel. Annually, more than 70% of people receive a mental health screening during a routine medical visit, but less than half actually make their way to treatment. The referral process is simply too fragmented.
To fix this, Grow is extending its platform directly into health systems, starting with national primary care company Circle Medical. Medical teams can now coordinate referrals, share clinical context with patient consent, and schedule the first therapy session directly within their existing workflows.