Boulder Care, a Portland-based digital health startup focused on providing treatment for individuals with opioid use disorder (OUD), has announced the close of its $10.5 million Series A funding round. The company shared the news in a blog post from CEO and co-founder Stephanie Papes, who highlighted how the funding will accelerate expansion efforts, particularly across the Pacific Northwest.
The round was led by Greycroft Partners and Tusk Ventures, with additional participation from several early-stage investment firms. Since its founding in 2017, Boulder Care has positioned itself as a pioneer in virtual addiction treatment, offering patients access to evidence-based services through a streamlined digital platform.
With the new funding, the company plans to increase its reach, strengthen partnerships with insurers like Premera Blue Cross, and expand services to better meet the growing need for accessible addiction treatment across the U.S.
Digital-First Treatment for OUD
Boulder Care’s model combines medical treatment, counseling, and peer support with the convenience of telehealth. Through its app, patients can connect with licensed providers via video conferencing 24/7, removing many of the barriers that traditionally prevent individuals from accessing care.
Central to Boulder Care’s approach is the use of buprenorphine, a proven medication for opioid use disorder. Patients prescribed buprenorphine receive medical oversight from clinicians through regular virtual appointments, ensuring safe and effective treatment.
In addition to medical services, patients are also provided with:
- Lab testing kits for DNA collection, which are used during video sessions to monitor progress.
- Narcan kits (naloxone nasal spray), an emergency medication to reverse overdoses if relapse occurs.
- Ongoing counseling sessions, pairing patients with trained recovery coaches and behavioral health specialists.
By combining medication-assisted treatment (MAT) with digital counseling and harm reduction tools, Boulder Care delivers a comprehensive, patient-centered model that addresses both the physical and emotional aspects of recovery.
Series A Funding: Why It Matters
For startups like Boulder Care, Series A represents a critical growth stage. According to Investopedia, Series A funding rounds typically raise between $2 million and $15 million, providing capital to support daily operations, hire staff, and scale services before pursuing later-stage investments.
Boulder Care’s $10.5 million round falls squarely in this range, signaling strong investor confidence in its business model and long-term viability. Participation from major firms like Greycroft and Tusk Ventures also underscores the growing interest in digital health startups, particularly those addressing urgent public health crises like opioid addiction.
“As we expand deeper in the Pacific Northwest through a value-based contract with Premera Blue Cross, Boulder aims to soon reach 2 million more people,” CEO Stephanie Papes wrote. “We strive to cut costs while dramatically improving patient outcomes in Oregon, Alaska, Washington state and beyond.”
This kind of financial backing provides Boulder Care with the resources needed to continue developing its technology, expanding its workforce, and strengthening its partnerships with health insurers and healthcare providers.
Partnering with Premera Blue Cross
One of Boulder Care’s most significant recent developments is its partnership with Premera Blue Cross, a major health insurer based in Mountlake Terrace, Washington.
Under the agreement, Premera will initially cover Boulder Care’s services for members in Alaska, with plans to expand availability throughout the Pacific Northwest. The partnership opens the door for Boulder Care to serve millions of additional patients who may otherwise lack access to affordable and convenient treatment options.
This collaboration also reflects a broader trend in healthcare: insurers are increasingly embracing value-based care models that prioritize outcomes and cost-effectiveness over volume. By focusing on evidence-based treatment and patient engagement, Boulder Care is well-positioned to meet these evolving expectations.
The Growing Need for Accessible OUD Treatment
The opioid crisis remains one of the most pressing public health challenges in the U.S. According to the CDC, more than 80,000 opioid-involved overdose deaths occurred in 2021 alone, a number that continues to rise amid the ongoing fentanyl epidemic.
Unfortunately, access to treatment remains limited, particularly in rural and underserved areas. Many patients face long waitlists, transportation barriers, or stigma that prevents them from seeking help.
Digital-first platforms like Boulder Care provide a much-needed solution by:
- Eliminating travel requirements, allowing patients to connect with providers from their own homes.
- Offering flexible scheduling, including 24/7 access to care.
- Providing privacy and discretion, which may encourage more individuals to seek treatment.
By reducing these barriers, Boulder Care increases the likelihood that patients will not only begin treatment but also remain engaged over the long term.
Investors Backing the Mission
In addition to Greycroft and Tusk Ventures, Boulder Care’s Series A round drew support from early-stage investors such as Acumen, BoxGroup, First Round, and SV Angel.
These firms are known for backing innovative startups that address real-world problems with scalable solutions. Their investment signals confidence in Boulder Care’s model and its ability to make a measurable impact on both patient outcomes and healthcare systems at large.
Greycroft, for example, has invested in numerous digital health companies and has a track record of supporting technology-driven startups through periods of rapid growth. Tusk Ventures, on the other hand, brings experience in navigating regulatory landscapes, which could prove invaluable as Boulder Care continues to expand.
Looking Ahead: Expansion and Innovation
With fresh capital in hand, Boulder Care is setting its sights on broader expansion. Its immediate goals include:
- Scaling across the Pacific Northwest through its partnership with Premera Blue Cross.
- Expanding coverage into additional U.S. states, with a focus on regions where OUD rates are high and treatment resources are scarce.
- Enhancing digital services, ensuring the app remains user-friendly, secure, and capable of delivering personalized care.
- Developing value-based contracts with more insurers, aligning incentives around patient success and cost savings.
Boulder Care’s ultimate mission is to make high-quality addiction treatment accessible to anyone who needs it, regardless of geography or background.
Conclusion
Boulder Care’s $10.5 million Series A funding marks a significant milestone in the company’s journey to transform addiction treatment. By combining digital convenience with evidence-based care, the Portland-based startup is breaking down barriers to treatment and offering new hope to individuals struggling with opioid use disorder.
Backed by leading investors and strategic partners like Premera Blue Cross, Boulder Care is poised to expand its reach to millions more patients across the Pacific Northwest and beyond.
As the opioid crisis continues to challenge communities nationwide, innovative solutions like Boulder Care’s digital-first model represent a vital step forward. By leveraging technology, compassionate care, and strong partnerships, Boulder Care is redefining what effective, accessible addiction treatment can look like in the 21st century.
