In a major leap forward for the mental health and substance use treatment space, Marigold Health, a Boston-based startup, has successfully raised $11 million in Series A funding. This funding will allow the company to expand its innovative virtual peer-support platform, which is designed to assist individuals struggling with substance use disorder (SUD) or mental health issues. Marigold’s unique approach integrates peer specialists and recovery coaches directly with healthcare providers, offering a level of support that is both personalized and accessible.
What Is Marigold Health?
Marigold Health specializes in providing peer-based support for individuals dealing with substance use disorders and mental health challenges. The company partners with a variety of healthcare organizations, including outpatient medication-assisted treatment (MAT) programs, residential treatment centers, and primary care groups. By embedding certified peer specialists and recovery coaches within these partner organizations, Marigold enhances the support structure for patients, helping them through their recovery journey with empathy and expertise born from shared experience.
The core offering of Marigold Health includes anonymous chat support groups available 24/7, as well as one-on-one support from certified peer or recovery coaches. This makes it easier for individuals to access the help they need at any time, whether it’s in the form of group support or personalized coaching. The focus is not just on traditional therapy, but on creating a space where individuals can connect with others who have walked the same path, sharing experiences, strategies, and coping mechanisms in a safe, non-judgmental environment.
Why Peer Support?
Peer support is at the heart of Marigold Health’s approach, and its effectiveness is rooted in the lived experiences of those who have faced similar challenges. As Marigold’s founder and CEO, Shrenik Jain, explained during a recent talk at BHB’s VALUE conference, peer support offers a unique form of intervention that sets it apart from traditional therapy.
Jain said, “The way I think about peer support is as a distinct psychosocial intervention. A therapist is someone who’s been really well trained to provide a range of interventions, like CBT, DBT. The limitation of a therapist, as it relates to peers, is that a therapist can’t say, ‘when I was depressed, I did this, this and this.’ A peer is someone who has actually received specialized training, in addition to having their own recovery, to really use that recovery in a non-judgmental way to support others.”
This insight into peer support highlights the power of shared experience in the recovery process. Unlike therapists, peers can provide firsthand knowledge of what worked for them, what challenges they faced, and how they navigated their journey. This approach offers a level of relatability and emotional resonance that traditional therapy sometimes lacks.
The Impact of the Series A Funding
Marigold’s successful Series A funding round has raised $11 million, a significant step for the company in scaling its operations. This funding comes just two years after Marigold raised $6 million in seed funding. The latest round was led by Rock Health and Innospark Ventures, with additional participation from several other investors, including Commonwealth Care Alliance, Wavemaker360, Stand Together Venture Lab, Epsilon Health Investors, Koa Labs, VNS Health Plan, and KdT Ventures.
This round of funding will allow Marigold Health to expand its platform, reach more individuals in need, and integrate deeper into the healthcare system. As Marigold continues to grow, the funding will enable them to hire more peer specialists and recovery coaches, develop more advanced features within their platform, and increase the number of partner providers across the country.
A Growing Need for Peer Support in Healthcare
Marigold’s success and the demand for its services come at a time when the role of peer support is gaining recognition in the national healthcare conversation. In particular, Medicaid and Medicare populations—who often face unique barriers to accessing mental health and substance use care—are increasingly being served by peer-based models.
As Shrenik Jain noted at the VALUE conference, the U.S. healthcare system is facing a shortage of scalable care delivery models, which creates an opportunity for companies like Marigold Health. Jain highlighted the fact that Medicaid has recently increased funding for peer support services and introduced a new peer support code that helps define and reimburse for the role of peers in the Medicare system. Additionally, federal health agencies introduced national model standards for peer support certification in 2023, further solidifying the growing importance of this approach.
“In Medicaid, the money’s there, the rates have gone up, plans want to see the service delivered more,” Jain said. “And there’s a shortage of actually scalable care delivery models.”
These changes in policy are helping pave the way for wider adoption of peer support services, creating new opportunities for organizations like Marigold to expand their impact.
Competition and the Growing Peer-Support Market
Marigold Health is not the only company working in the peer-support space, though. Other startups are also recognizing the value of peer support in addressing behavioral health challenges. For example, Flourished Labs, a California-based company, provides peer behavioral health support through telehealth, raising $6 million in 2023 to grow its platform. Additionally, Firsthand, another peer-based mental health startup, raised $28 million in Series A funding in 2023.
While these companies are competitors in the space, the overall demand for peer-based mental health and substance use disorder treatment is growing rapidly. With more attention being placed on peer support as an effective treatment model, the market for these services is expected to continue expanding, benefiting both the providers and the individuals they serve.
The Future of Peer Support in Healthcare
The increasing recognition of the value of peer support and the growth of companies like Marigold Health reflect a larger trend toward more holistic, accessible, and person-centered approaches to mental health and substance use recovery. Peer support isn’t just an addition to traditional therapy—it’s a complementary and essential part of a comprehensive treatment plan. By combining professional clinical care with the lived experience of peers, Marigold Health is helping to foster more meaningful recovery journeys.
The $11 million in Series A funding will undoubtedly help Marigold continue to innovate and expand its offerings, allowing it to reach even more individuals in need. As the federal government and healthcare providers continue to embrace peer support models, the future of Marigold Health looks bright. This is just the beginning for the company, as it works toward making its vision of accessible, empathetic, and scalable mental health and substance use treatment a reality for all.
If you or someone you know is struggling with mental health or substance use challenges, Marigold Health offers an innovative solution that’s available 24/7. To learn more about Marigold Health’s services and how their platform is changing the way we think about recovery, visit their website today.
