Forbes March 28, 2024
Virtual substance misuse clinic Pelago today announced a $58 million Series C funding round–despite a decline in venture funding into the telehealth industry.
With investors including Atomico and Octopus Ventures, this brings Pelago’s total funding to $151 million and, according to analysts, makes it the highest-funded startup in the substance use disorder treatment space.
Cofounded by Forbes 2018 Under 30 Social Entrepreneur listers Yusuf Sherwani, Maroof Ahmed and Sarim Siddiqui, Pelago aims to reimagine the traditional rehab experience: Instead of traveling to a physical location, patients can access treatment for opioid, alcohol and tobacco use from their homes via a mobile app.
“People often feel a lot of fear around going to rehab,” says Sherwani, the startup’s CEO. “There’s a...
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