Biotech & Health

Silver Spring-based Mindoula Secures Millions More In Funding Towards Growth and Hiring

MBS Staff

It’s the second year in a row where fast-growing Mindoula has received millions of dollars in funding with this recent invest being more than six times the previous dollar amount.

Back in 2019 the Silver Spring-based company raised millions from a $4.25 million round of venture capital investment and that was after ranking as #36 on the 2018 lnc. 5000 list. Mindoula brought in $8 million in revenue for 2017, the review year for the ranking, a whopping 7,310% revenue increase in approximately three years.

What does Mindoula do? It’s addressing the mental health crisis using its proprietary software applications technology. The company has case managers, care managers, community health workers, psychiatrists, and peer support specialists for those facing mental health challenges. The tech they’ve developed includes propriety psychometrics, predictive analytics, a software registry used by employees (Mindoula Care Extenders) for helping members, and the Mindoula Messenger secure mobile texting and check-in app.

When a member in Mindoula’s Population Health Management Program with bipolar disorder and hypertension gave birth in late March, the next day she started having COVID-19 symptoms. This required quarantine away from her newborn and raised additional concerns about the member’s mental health. The company said the member made heavy use of the Mindoula Messenger, communicating with Care Extenders 24 hours a day who were able to monitor her virtually.

Boston-based growth equity firm, Equality Asset Management recently announced it’s invested a large sum into Mindoula, while the actual amount was not disclosed, Equality Asset Management provides funding of at least $25 million and up to $150 million into a company.

Mindoula will use to the invest to continue its national expansion and increase its employee count to 300, including at its downtown Silver Spring headquarters.