Therapeutics company raises $11M for addiction programs

Therapeutics company raises $11M for addiction programs

Quit Genius, a personalized digital therapeutic company treating addiction, recently raised an additional $11 million in Series A funding.

Funds will be used to expand its therapeutic programs to include alcohol and substance abuse. Currently, the company offers only cigarette and vaping addiction programs.

Quit Genius’ programs work by replacing telephone cessation support with a personalized digital program that includes cognitive behavioral therapy, expert coaching, a connected breath sensor, and easy access to proven medication.

The company works mostly with health plans and self-insured employers to help lower healthcare costs. It operates using a “fees-at-risk” model with a performance guarantee. Clients typically are “paid back” in the first four months, according to Quit Genius.

“Since our last funding round 18 months ago, our customer base has increased ten-fold, we have demonstrated industry-leading quit rates and expanded our product offering to vaping cessation,” Yusuf Sherwani, Quit Genius CEO and co-founder, said.

The company has more than 700,000 people enrolled in its programs globally and works with enterprise clients in the United States, Canada, and the United Kingdom. Enrollees have a 53 percent quit rate, according to the company.

Octopus Ventures, one of Europe’s most active early-stage investors, made the largest investment.