Psychedelic health insurance administrator Enthea has raised a $2 million seed round led by Tabula Rasa Ventures.
The funding will enable Enthea, the first provider of psychedelic healthcare insurance plans, to enter 40 markets with at least two providers each across the United States over the next year. The company, which is expected to generate $37.5 million in revenue by 2026, also plans to expand its consumer base and supplier network, further educate the medical benefits of psychedelics on mental health diagnoses, such as depression and post-traumatic stress disorder, and to make treatment more accessible.
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This year, Enthea partnered with Dr. Bronner’s to offer ketamine-assisted psychotherapy as part of the company’s health insurance plan, making it the first employer to do so.
“These therapies, while extremely beneficial, cost thousands of dollars, so most Americans will not have access to what could be potentially life-saving treatments. There is a real stock crisis. We found this medicine to be amazing, and the studies show it to be more effective than anything else we’ve seen, but people won’t be able to afford it. This is why Enthea needs to exist,” said Sherry Rais, co-founder and CEO of Enthea. Furthermore, with its medical policy and belief processes, the company ensures safe and accessible psychedelic therapies.
The increase will see Enthea partner with up to 100 clients in 2023, including Tushy, Daybreaker and Guinn Partners.
Tabula Rasa Ventures was an ideal partner as they are the first psychedelic startup accelerator, the company said.
“There are only a few dimensions through which you can really increase patient access to psychedelic therapies and probably one of the core ones is insurance and insurance reimbursement. I think Enthea is by far the furthest to do it at the highest quality possible with a superstar team,” said Marik Hazan, Tabula Rasa Ventures Founder and Managing Partner.
This funding follows the debut of several other brands in the psychedelic space, such as Field Trip, which offers in-facility and at-home ketamine therapies as the overall category continues to grow. Enthea is expected to channel $600 million of employer funding into psychedelic-assisted therapy by 2026.
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