Swell Health

Swell Health

Teletherapy platform for the military community with sign-up growth of 60%+ MoM since launching in January 2023

Security Type
Convertible Note
Min Investment
No. Investors

Company Description

The military community, consisting of active members, retired members, and their families, are at a crossroads today when managing their mental health. Compared to U.S. civilians, U.S. soldiers are five times more likely to develop major depressive disorder.iii As for veterans, depression and other mental health disorders are a foundational issue contributing to suicide,iv as approximately 17 U.S. veterans commit suicide every single day.v Soldiers’ immediate families are also at greater risk of developing mental health disorders compared to civilian families.vi vii According to a 2015 study, military women that have been diagnosed with postpartum depression are 42 times more likely to develop suicidality compared to their civilian counterparts.viii However, mental health treatment for the military community can be inaccessible and ineffective despite having government insurance (TRICARE) to cover such care.ix x xi Swell Health is aiming to tackle this issue within the $30 billion U.S. teletherapy market, which is expected to grow by 22.9% over the upcoming years.xiiSage Health Labs (Swell Health or Swell) was founded in 2022 to change the way mental healthcare is delivered to service members and their families. Swell is a marketplace that connects the military community with licensed therapists through its teletherapy product Therapy+. Specifically educated to treat the military community, Swell’s therapists have conducted over 750 sessions with military community members since the launch of its mobile-based Therapy+ product in January 2023 (through October 23, 2023). The company attributes this growth to its contracts with military insurance provider TRICARE, which enables military members and their families to seek mental health help at little to no cost to them. The company believes its traction in only eight months since its beta release is a testament to the product itself, which is why it is raising additional capital to expand its product line and state footprint beyond Tennessee and Kentucky. Swell is raising up to $1 million in its Regulation Crowdfunding campaign to grow its current platform in order to service any military community member throughout the U.S.

Key Deal Facts

Teletherapy platform for the military community that has grown its active user base by more than 30% each month since launch in January 2023 (through September 2023), Conducted over 750 therapy sessions since the launch of its mobile-based teletherapy product Therapy+ in January 2023 (through October 23, 2023), Established insurance contracts with military community insurance provider TRICARE that serves ~9.5 million beneficiariesi ii and health benefits administrator Humana Military, Raised $400,000 from early-stage venture firms Defy.VC and Fairwater Labs since inception
Amount Raised : $15,358
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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