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Pelago: This Virtual Clinic Provides Cost-effective Addiction Treatment Services

Image Credits: Pelago
By: Headliners News / April 3, 2024

Meet Pelago, a virtual clinic specializing in addiction treatment, leverages cognitive behavioral therapy (CBT) to address tobacco, alcohol, and opioid addictions. This innovative startup has recently secured a significant milestone with a $58 million Series C funding round, marking a pivotal moment in its mission to revolutionize substance abuse management. Founded back in 2017 and backed by Y Combinator, Pelago has emerged as a trailblazer in the telehealth industry, leveraging cognitive behavioral therapy (CBT) to address tobacco, alcohol, and opioid addictions effectively.

With this latest infusion of capital, totaling $151 million since its inception, Pelago aims to accelerate its growth trajectory by expanding its user base, enhancing clinical research initiatives, and diversifying its product offerings. The company’s commitment to innovation is underscored by its recent foray into virtual therapy sessions and services for adolescents, signaling its dedication to catering to diverse patient needs.

Pelago’s success is attributed to its robust revenue surge, boasting an impressive 11x increase since its last funding round, and achieving a remarkable 100% client retention rate. Bolstered by a threefold expansion in its workforce, Pelago has solidified its position as a leader in addiction treatment, driven by its visionary leadership team comprising Yusuf Sherwani, Maroof Ahmed, and Sarim Siddiqui, who share a common goal rooted in their medical backgrounds.

The genesis of Pelago stemmed from a shared vision to address the multifaceted challenges of substance addiction through a holistic approach combining medical expertise with cutting-edge technology. By harnessing the power of CBT and telehealth solutions, Pelago offers a comprehensive platform that empowers individuals to overcome addiction and reclaim their lives.

Pelago’s business model revolves around strategic partnerships with employers and healthcare benefit providers, enabling seamless access to its services for employees and health plan members. Through its physician-led care teams and personalized care plans, Pelago delivers tailored treatment programs that prioritize individual needs and promote long-term recovery.

The company’s commitment to affordability and accessibility is evident in its cost-effective solutions, which leverage recycled silicon to optimize battery capacity and reduce manufacturing costs. Pelago’s innovative approach has garnered widespread acclaim, attracting notable investors such as Atomico, Kinnevik AB, Octopus Ventures, and Y Combinator, among others.

Pelago’s impact extends beyond financial metrics, with internal studies demonstrating significant cost savings and improved health outcomes for participants. By leveraging AI-powered tools like Pelago Chart, the company continues to drive innovation in addiction treatment, fostering a culture of continuous improvement and excellence.

As Pelago embarks on its next phase of growth and expansion, fueled by its latest funding round, the company remains committed to its mission of transforming addiction treatment and empowering individuals to lead healthier, more fulfilling lives. With a strong foundation built on medical expertise, technological innovation, and unwavering dedication, Pelago is poised to redefine the future of addiction care and make a lasting impact on global health.

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