Greenspace Mental Health has raised $1.4 million in seed round funding.
The Toronto-based startup is a digital health company that focuses on improving the outcomes for mental health treatment. The seed round was led by Prime Quadrant and will help the company grow across Ontario and spread into the US later this year.
The funding will also allow Greenspace to bolster its primary care program, a system designed to help family doctors match patients with the best-suited mental health therapist. The startup tracks patient progress throughout treatment which helps add transparency for all parties involved.
Greenspace was developed based on research that shows patient-therapist fit and tangible measurement of progress are the two most important factors that determine successful outcomes.
“While the stigma surrounding mental health continues to decrease and organizations are more aware than ever, the mental health system is disjointed and lags far behind the system for physical health,” says Ian Rosmarin, Managing Director at Prime Quadrant. “Greenspace is executing on their plan to build a better functioning mental health system for patients that centres around improving patient outcomes with the assistance of technology.”
Greenspace is led by Jeremy Weisz, Simon Weisz and Mike Lerner. It has shown significant growth, with over 750 therapists now using the service.
“The most rewarding result so far has been the stories we hear from our therapists on how measuring progress has dramatically increased the level of engagement and changed the course of treatment for many of their patients,” says co-founder Jeremy Weisz.
It is estimated that one in five Canadians will struggle with mental health issues in their lifetime. Some of the most common illnesses include anxiety, depression and mood disorders.
Greenspace is part of The Biomedical Zone, the only physician-led, hospital-based health technology incubator in Canada. The Biomedical Zone is a partnership between Ryerson University and St. Michael’s Hospital.