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Ann Arbor-based telehealth addiction treatment company Workit Health raises $118 million financing roundUntitled post
Workit Health cofounders and co-CEOs Lisa McLaughlin (L) and Robin McIntosh (R)
- Workit was an NEF Showcase Presenter in 2015, winning best presentation award that year.
- In 2018 - Lisa McLaughlin won the NEF Rising Star of the Year award
- Earlier this year, Lisa McLaughlin won the NEF 2020 Award Entrepreneur of the Year Award
The approach and the opportunity to help treat the more than 20 million Americans with alcohol and opioid use disorders (not counting gambling, smoking and other addictions that Workit offers to help) has garnered investment from top tier firms. On Thursday Workit announced a $118 million Series C led by Insight Partners ($90 million in equity and the rest in debt). CVS Health Ventures, FirstMark Capital, BCBS Venture Fund and 3L Capital also participated in the round, which values Workit at around $500 million, according to a person familiar with the deal. The company has raised $140 million in equity to date.