Motivo Health, an Atlanta-based online marketplace that connects psychotherapists with clinical executives, has raised $14 million in Series A funding led by Cox Enterprises with participation from SteelSky Ventures and Great Oaks Venture Capital.
How will the funding be used?
The latest round of funding added $16.3 million to Motivo’s overall account.
The company plans to provide continuing education for therapist re-certification and provide a product offering for clinical staff augmentation and direct service delivery.
In addition to the $16.3 million from the first round, Motivo’s new funding round brings their total funding to $16.3 million.
Long and difficult licensing requirements for mental health professionals are one key reason why there aren’t enough providers.
Psychologists and other mental health professionals must consult with a client face to face for approximately 2 years after completing graduate school.
It can take two to four years of clinical supervision and a substantial amount of money to become licensed after completing a master’s degree in counseling. Currently, 64% of people with a master’s degree in counseling don’t become licensed.
Motivo Health’s solution
Motivo Health is a marketplace founded by Rachel McCrickard in 2018. Its purpose is to reduce the cost and time it takes to obtain licensure at a state level. This is because Motivo Health helps to facilitate the coordination of licensure requirements at a state level.
Mental health professionals need quality providers at a time when our society needs them. By removing unnecessary barriers when applying for a license, the author aims to foster quality mental health care by using technology. They are thrilled to partner with Cox Enterprises, SteelSky Ventures and others, which align with the author’s mission. These investors keep a watchful eye on the quality of care while also supporting the author’s growth.
The goal of the company is to provide affordable clinical supervision to aspiring therapists. By supporting aspiring therapists through the process of acquiring licensure, Motivo Health helps solve the behavioral health crisis in the nation.
Before getting funding from investors, the company intended to hire 23 new employees to work on a full-time basis. These hires included software engineers and sales leaders. Additionally, Motivo has assisted over 2,500 therapists in obtaining their license to practice.
Cox Enterprises associate vice president of healthcare strategies and investments Tim Howe said there is much room to impact the mental health industry. He believes that Behavioral Health is an important component of Cox Enterprises’ health care strategy. Motivo is a solution for helping social workers, psychologists, behavior analysts and therapists better serve their needs. Because the creator of Motivo is a licensed therapist, she believes in addressing the pain points of other therapists. Her intention with the solution is to improve accessibility and affordability.
In 2022, therapists were in high demand due to the mental health crisis. However, labor was short because of the same reason. Because of this, Motivo was encouraged to provide a strong and capable pipeline of therapists through helping with licensing, upskilling and staffing. This was critical to the success of the company because it helped them hire more therapists and provide them with adequate staffing. The Series A round of funding was motivated by Rachel McCrickard’s confidence in the company’s future and past success. Maria Toler Velissaris, founding partner of SteelSky Ventures, stated that this funding significantly improves care for those who need it most.