The company will use the financing for its geographic expansion.
In conjunction with the transaction, David Fialkow, Brian Shortsleeve, Gabe Ling, and Charlie Baker, all of General Catalyst Partners, will join Oceans’ Board of Directors. In addition, Charlie Baker, former CEO of health benefits company Harvard Pilgrim Healthcare, will join Oceans as Chairman of the Board. Co-Founders Jason Reed and Nick Guillory, will remain as CEO and COO, respectively and will be responsible for running the day to day business.
Founded in 2004, Oceans focuses on providing gero-psychiatric treatment services to patients age 55 and older and on treating dementia-related or other progressive mental illness. The company currently owns and operates 10 inpatient behavioral health hospitals in Louisiana as well as 10 intensive outpatient programs.