Boulder Care, a Portland, Oregon–based virtual provider specializing in virtual substance use disorder treatments, has announced a significant funding milestone, raising more than $50 million in its latest financing round. According to Securities and Exchange Commission (SEC) documents, the company secured $35.7 million of a $41.7 million equity round. This capital infusion comes at a pivotal time for Boulder Care as it plans to triple its clinician workforce, enter new markets, and deepen its value-based care partnerships—especially with Medicaid managed care organizations (MCOs).
Accelerating Growth to Meet the Demand for Accessible Addiction Care
The new funding round represents a major step forward in Boulder Care’s mission to expand affordable, high-quality virtual substance use disorder treatments for people battling opioid use disorder (OUD) and alcohol use disorder (AUD). The company’s CEO and founder, Stephanie Strong, highlighted the critical importance of partnerships with insurers in extending care access to underserved populations. “Linking arms with insurers has helped Boulder make care affordable for low-income Americans who are fighting hard to recover,” Strong said in a company news release. She emphasized that Boulder Care is pushing the industry toward greater transparency and value by moving away from cash-pay models, which often exclude those most in need.
Boulder Care’s revenue model heavily relies on partnerships with Medicaid managed care organizations. In fact, half of the company’s revenue over the trailing twelve months was generated through alternative payment arrangements tied to comprehensive services delivered by a multidisciplinary care team. This value-based approach aligns financial incentives with patient outcomes, allowing Boulder Care to operate primarily in-network and keep patient out-of-pocket costs minimal or non-existent.
Strategic Investors Join New and Returning Backers
The Series B funding round saw participation from both new and existing investors, signaling strong confidence in Boulder Care’s innovative model and growth trajectory. New investors include the U.S. affiliate of Shanghai-based Qiming Venture Partners, Burlingame, California’s Goodwater Capital, and San Francisco’s Laerdal Million Lives Fund. Returning investors such as Tusk Ventures, Greycroft Partners—who led the company’s $10.5 million Series A round—First Round Capital, and Gaingels also reinforced their support.
This blend of investors brings diverse experience across healthcare, technology, and venture capital, positioning Boulder Care well to navigate the rapidly evolving telehealth and behavioral health landscape.
Comprehensive Virtual Treatment for Opioid and Alcohol Use Disorders
Boulder Care offers a holistic, virtual substance use disorder treatment platform aimed at supporting patients with opioid and alcohol use disorders. Using a mobile app, patients connect with a caregiving team that includes medical providers, peer recovery coaches, and care coordinators. Beyond clinical care, Boulder Care’s case managers assist patients with complex social determinants of health such as legal issues, financial instability, and housing insecurity.
A core component of Boulder Care’s clinical approach is medication-assisted treatment (MAT). The company prescribes buprenorphine-naloxone (Suboxone) to treat opioid use disorder, as well as naltrexone (ReVia or Vivitrol), acamprosate (Campral), and other medications for alcohol use disorder. This comprehensive approach integrates evidence-based medication with psychosocial support, a gold standard for treating SUD.
Since disclosing its Series A funding at the end of 2021, Boulder Care has experienced remarkable growth. Revenue has increased more than tenfold, the company has expanded its roster of enterprise clients, and patient retention remains outstanding with a 100% annual renewal rate. These metrics reflect both strong demand for virtual substance use disorder treatments and the effectiveness of Boulder Care’s patient-centered care model.
Commitment to Equity and Serving Vulnerable Populations
Boulder Care’s mission is rooted in equity and access, with a particular focus on populations that historically face barriers to care. The company’s latest release reveals that over 80% of its patients live below the federal poverty line. To put this in context, households of one person are considered impoverished if annual income is less than $13,590, and a four-person household is considered impoverished below $27,750.
Beyond income-based equity, Boulder Care operates specialized programs tailored for seniors, pregnant individuals, incarcerated people, and those experiencing homelessness. These groups often have unique challenges and are underserved by traditional addiction treatment systems.
Patient retention data further underscores the program’s success: approximately 90% of patients remain engaged after one month, and about 70% stay enrolled over the course of a year. Such retention rates are a strong indicator of the platform’s ability to deliver meaningful, sustained recovery support.
Industry Recognition and Key Partnerships
Boulder Care’s clinical excellence and innovative care model have earned notable recognition and partnerships. In November, Seattle’s public health system EvergreenHealth launched a collaborative partnership with Boulder Care to expand access to virtual substance use disorder treatments. Just a month later, Boulder Care received the prestigious Gold Seal of Approval for Behavioral Health Care and Human Services Accreditation from the Joint Commission—one of the highest marks of quality and safety in healthcare.
These milestones position Boulder Care as a leader in the growing virtual SUD treatment space, a sector that has attracted increased attention and investment in recent years.
Growing Momentum in the Digital Addiction Treatment Space
Boulder Care’s recent funding and expansion come amid a broader surge of investment in telehealth and digital addiction treatment companies. Behavioral Health Business has tracked multiple large funding rounds aimed at scaling virtual substance use disorder treatments that address the urgent need for SUD care access.
For example, Boston-based Bicycle Health raised $50 million in a Series B round earlier this week, bringing its total funding to $83 million. Monument, a digital alcohol recovery provider, acquired competitor Tempest in May, further consolidating the market. In 2021, Ophelia Health and Quit Genius each completed sizable Series B rounds of $50 million and $64 million, respectively, signaling strong investor confidence in virtual behavioral health models.
This growing ecosystem of digital addiction treatment providers reflects a healthcare landscape rapidly adapting to meet the challenges of the opioid crisis and rising rates of alcohol misuse, all while addressing the barriers posed by traditional in-person care.
Looking Ahead: What Boulder Care’s Growth Means for Patients
Boulder Care’s latest funding round sets the stage for significant expansion in the reach and impact of virtual substance use disorder treatments. By tripling its clinician workforce and adding new markets, the company aims to bring comprehensive, evidence-based care to more individuals who face barriers to traditional treatment. Its focus on value-based partnerships with Medicaid MCOs means that vulnerable populations—often excluded from cash-pay models—can receive care with little or no out-of-pocket cost.
The company’s emphasis on equity, multidisciplinary support, and proven medication-assisted treatments will likely help close critical gaps in addiction care, especially for low-income Americans disproportionately affected by the opioid epidemic and alcohol use disorders.
As the virtual behavioral health sector continues to grow and evolve, Boulder Care is well-positioned to be a national leader in delivering accessible, affordable, and effective virtual substance use disorder treatments.
If you or a loved one is struggling with opioid or alcohol use disorder, Boulder Care’s telehealth model offers a convenient, supportive option to begin the recovery journey with a team dedicated to your success—no matter your background or financial situation. The future of virtual substance use disorder treatments is here, and Boulder Care is leading the way.
