Lionrock Recovery, a Redwood City, Calif.-based provider of telehealth services for substance use disorders (SUDs), raised $7m in funding.
Backers included Wasserstein Family Trust and Big Spruce Holdings.
The company intends to use the funds to build its staff, expand its marketing efforts and enhance its proprietary practice management systems.
Founded in 2010 by CEO Peter Loeb, Lionrock is a national telehealth provider for SUD treatment, operating with counselors licensed in 47 states. The company provides evidence-based treatment for substance use disorders, at the Intensive Outpatient (IOP) and Outpatient levels of care, including medication-assisted treatment, and continuing care. Lionrock is accredited by the Joint Commission, employs master-level licensed counselors in most states, and accepts most private health insurance.