Thriveworks, backed by Regal HCP, scores Wellington Management-led investment

Regal Healthcare Capital Partners invested in the Thriveworks MSO in November 2019 and will remain the company's largest equity owner.

Wellington Management has led an investment in the management services organization of Thriveworks, a mental health provider encompassing 310-plus centers and a virtual counseling business. Regal Healthcare Capital Partners will remain Thriveworks’ largest equity owner. Financial terms were not disclosed.

PRESS RELEASE

FREDERICKSBURG, Va.July 26, 2021 /PRNewswire/ — Thriveworks, a leading mental health provider, announced today its latest funding round led by Wellington Management in its management services organization (MSO), Thriveworks Administrative Services. Other new investors include Fidelity Management & Research Company LLC, RA Capital Management, Redmile Group, and Transformation Capital. Regal Healthcare Capital Partners will remain Thriveworks MSO’s largest equity holder.

Founded in 2008 as a single counseling office in Cambridge, MA, Thriveworks has grown to over 310 centers and a robust virtual counseling business, employing over 2,000 clinicians serving hundreds of thousands of clients. This new round of financing will accelerate its goal to make high quality, affordable mental health services available everywhere nationwide.

Thriveworks is focused on providing the best care and service for clients. This includes the ability to book and attend appointments online, phone and email access to one’s provider, 24/7 text support, extended hour scheduling assistance 365 days of the year, modern offices, and top-tier in-network clinicians.

“I knew there was a problem when one day I called 41 therapists—who were advertising online—and I reached 41 voicemails. We started Thriveworks to fix that and many other issues,” said AJ Centore PhD, Founder and CEO. “Our mission is to help people live happy, successful lives. This applies to the clients we serve, and to our team members. While some mental health companies treat clinicians like gig workers, we’ve always believed a better way is to recruit the best clinicians, help them build successful careers at Thriveworks, and empower them to do their best work with clients.”

Regal Healthcare Capital Partners invested in the Thriveworks MSO in November 2019. Co-founder Dr. David Kim commented, “We have been fortunate to work with AJ and his team as they have rapidly grown Thriveworks into an industry leader.” Co-founder Jon Santemma said, “We are pleased that such high-quality investors are joining us on this exciting journey. This dynamic company is at the forefront of providing Americans access to quality mental healthcare, a need that too often goes unmet.”

About Thriveworks:
Thriveworks, founded in 2008 by AJ Centore PhD, is a leading mental health provider. On a mission to help people live happy and successful lives, Thriveworks makes high-quality counseling and psychiatry services accessible and affordable. Thriveworks’ licensed clinicians are in-network with major insurance plans and provide in-person and online care for depression, anxiety, trauma, stress, relationship issues, and more. Learn more at Thriveworks.com.

About Wellington Management:
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,200 clients in more than 60 countries and managing over USD 1 trillion of assets. For more information visit www.wellington.com.

About Regal Healthcare Capital Partners:
Regal Healthcare Capital Partners is a growth equity and buyout firm focused exclusively on healthcare services. Regal partners with leading-edge healthcare entrepreneurs seeking financial investment and strategic or operational expertise. For more information visit: www.regalhcp.com.