Cartwheel Raises $20M to Address Student Mental Health Crisis
Mental Health Startup Cartwheel Care has raised $20 million in a Series A funding round led by Menlo Ventures. The investment firms Reach Capital, General Catalyst, BoxGroup, and Able Partners also participated. Cartwheel Care is partnering with over 50 school systems across multiple states, including Massachusetts, New York, Connecticut, Illinois, and Rhode Island.
The funding will enable Cartwheel to expand its mental health services to additional students in its existing service regions. It will also allow Cartwheel to reach school districts in new states.
The company’s approach is unique. Each partnered school receives a licensed program manager providing crucial support in case management, parent engagement, staff training, and daily inquiries. Furthermore, care coordinators manage scheduling, insurance, and referrals for various services, enhancing overall school support. School counselors can make referrals for clinical mental health services without any waitlists. In addition, these services operate throughout the entire year.
Greg Yap, a partner at Menlo Ventures, shared,
“We led this investment in Cartwheel because, by working directly with schools, Cartwheel enables earlier intervention, improves student and family engagement throughout care, and supports better coordination among the trusted adults in a student’s life,” Greg Yap, a partner at Menlo Ventures, said in the release.”
Highlighting the urgency, CDC data indicates that 40% of high school students face persistent sadness or hopelessness, with a third reporting poor mental health. Furthermore, Cartwheel Care’s innovation is more essential than ever with up to 165 million Americans in designated mental health provider shortage areas.
