Non-Traditional Investors, Serial Entrepreneurs Reshape Behavioral Health Investment Landscape

Behavioral Health Business December 3, 2024
Laura Lovett

As the behavioral health industry matures, a few trends have emerged: more serial entrepreneurs, an uptick in non-traditional investors, and valuations finally settling in.

Investors have poured $10.6 billion into expansion-stage mental health and wellness (MHW) companies since 2020, according to a new report from Deloitte. While deal sizes and volumes have declined since their peak in 2021 and 2022, there is still a significant demand for services and opportunities for expansion. And 2024 is already outpacing 2023 in terms of deal value, with a total deal value of $1.3 billion.

Non-traditional investors, including venture arms of health care companies, have taken note. Non-traditional investors have participated in more than 30 deals in the first three quarters of 2024, according...

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