NEW YORK — Quit Genius, the world’s first digital clinic for treating multiple addictions, has raised an oversubscribed $64 million Series B funding round co-led by Kinnevik and Atomico, with participation from Series A investors Octopus Ventures, Triple Point Ventures and Startup Health. The company will use the funds to fuel expansion of its platform in the U.S.
Quit Genius says it grew revenue by tenfold in the past 12 months, and now partners with 55 employer and health plan clients, covering 2.1 million people. Its headcount grew by 4 times in the past year.
“Substance abuse is an absolute crisis right now, and Quit Genius is taking a unique approach that’s been scientifically proven to work,” said Georgi Ganev, CEO of Kinnevik. “This is a company with strong fundamentals that’s also making a big difference in people’s lives. We’re proud to be working with Yusuf and team to help accelerate the growth of Quit Genius.”
“You’d be hard pressed to find someone whose life hasn’t been touched by substance abuse in some way,” said Ben Blume, Partner at Atomico. “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.”
A survey conducted in March 2021 by Quit Genius of 1,075 full- and part-time workers found increased use of alcohol and drugs during the pandemic: 38 percent of workers reported increasing their alcohol intake, and 18 percent reported increasing their drug intake. Those working remotely had higher rates (51 and 37 percent respectively), and more than 1 in 4 remote workers reported going to work impaired by alcohol, drugs or both.
Quit Genius delivers the industry’s most complete virtual clinical care model for addiction. The program combines virtual behavioral therapy with approved medication and connected devices to help people overcome addiction from the comfort and privacy of their own home. To date, Quit Genius has helped more than 750,000 people improve their lives and conquer their addictions. The average success rate for people in the Quit Genius tobacco program is 52 percent, far higher than traditional methods.
Quit Genius program pricing is based on quit rates among an employer’s or health plan’s participants, and the company’s client retention rate is 100 percent.
“As physicians, my co-founders and I saw firsthand the devastating effects of substance abuse,” said Yusuf Sherwani, M.D., Co-founder and CEO of Quit Genius. “We designed Quit Genius to be the program we wish we had as physicians, that’s dedicated to helping individuals conquer their addictions and payers bend the cost curve. We’re excited that our solution has been so well received by the market and, more importantly, that 8 peer-reviewed studies have clinically validated Quit Genius as being best-in-class.”