Psychedelic health insurance administrator Enthea has secured a $2 million seed round led by Tabula Rasa Ventures.
The funding will allow Enthea, the first provider of insurance plans for psychedelic health care, to enter into 40 markets with at least two providers each throughout the United States over the next year. The company, expected to amass $37.5 million in earnings by 2026, also plans to expand its consumer base and provider network, further educating on the medical benefits of psychedelics on mental health diagnoses, like depression and post-traumatic stress disorder, and making treatment more accessible.
This year, Enthea partnered with Dr. Bronner’s to offer ketamine-assisted psychotherapy as part of the company’s health insurance plan, making it the first employer to do so.
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“These therapies, while hugely beneficial, cost thousands of dollars, so most Americans won’t have access to what could be potentially lifesaving treatments. There’s a real equity crisis. We found this medicine that’s incredible, and the studies are showing that it’s more effective than anything else we’ve seen, but people won’t be able to afford them. That’s why Enthea needs to exist,” said Enthea cofounder and chief executive officer Sherry Rais. Furthermore, with its medical policy and credential processes, the company is ensuring safe and accessible psychedelic therapies.
With the raise, Enthea will partner with up to 100 customers in 2023, including Tushy, Daybreaker and Guinn Partners.
Tabula Rasa Ventures was an ideal partner, as they are the first psychedelic accelerator for new start-ups, the company said.
“There’s only a few dimensions through which you can actually truly increase patient access to psychedelic therapies and probably one of the core ones is insurance and insurance reimbursement. I think that Enthea is by far the furthest along to being able to do just that at the highest quality possible with a super stellar team,” said Marik Hazan, Tabula Rasa Ventures founder and managing partner.
This funding follows the debut of several other brands in the psychedelic space such as Field Trip, which provides in-facility and at-home ketamine therapies, as the overall category continues to grow. Enthea is expected to channel $600 million of employer funding to psychedelic assisted therapy by 2026.