Telehealth Startup Quit Genius is looking to make addiction therapy more accessible around the world, raising more than $64 million to support its efforts in the process.
The total funding raised by the startup is now $78.6 million after the completion of the Series B funding round which was co-led by Atomico and Kinnevik AB.
Other participants included Octopus Ventures, Triple Point Ventures, and Startup Health, which had previously participated in the startup’s Series A.
The United Nations Office on Drugs and Crime estimates that more than 35 million people around the globe suffer from drug use disorders, with the entity expecting numbers to rise as a result of the covid19 pandemic.
UNODC Executive Director Ghada Waly referred to these concerns by commenting,
“We need all governments to show greater solidarity and provide support, to developing countries most of all, to tackle illicit drug trafficking and offer evidence-based services for drug use disorders and related diseases.”
By making use of telehealth technology, Quit Genius is providing an easy way for those suffering from addiction to connect with professionals with an evidence-based approach at a time when it has become incredibly difficult to tell such professionals apart from pseudoscience-based approaches.
Ben Blume, Partner at Atomico, referred to the firm’s interest in the startup by stating,
“You’d be hard-pressed to find someone whose life hasn’t been touched by substance abuse in some way. Quit Genius is bringing addiction treatment into the 21st century with digitally delivered care programs that, similar to what we have seen Hinge Health do for MSK, provide clear clinical impact, financial ROI, and meaningful patient outcomes.”
The telehealth startup was founded in 2017 by physicians Yusuf Sherwani, Maroof Ahmed, and Sarim Siddiqui after watching their patients struggle with addiction.
The trio found that while diagnosing addiction was pretty easy, those suffering from the condition couldn’t easily find treatment options with about 90% not receiving evidence-based treatment as a result.