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Austin's MAP Health Management, an addiction treatment company, raises $25 million

Austin American-Statesman - 3/7/2019

March 07-- Mar. 7--Austin-based MAP Health Management, an addiction treatment company, said Thursday that it has raised $25 million in a funding round led by CVS Health business Aetna.

Founded in 2011, MAP Health Management provides peer recovery support services and data insights for people with substance use disorders. The company is a telehealth service that aims to help patients and their families identify relapse behaviors and provide communication primarily through phone and video sessions.

The family of MAP founder and CEO Jacob Levenson and several other private investors also participated in the Series A funding round, according to a news release.

"After eight years of successful operations, MAP is very excited to welcome Aetna as an investor to enhance the company's capacity to accomplish its critical mission," Levenson said in a written statement. "The human toll of the opioid and addiction epidemics is totally unacceptable. MAP is in an excellent position to have considerable impact on this chronic disease from which over 23 million Americans suffer."

Aetna Inc. is a health care company that sells health insurance plans and services. It was acquired by CVS Health in November.

Antonio Rocchino, Aetna's senior director of network management, said Aetna and MAP have collaborated for the past four years.

"In providing peer support to our members and their families in their behavioral health recovery journey, MAP's services support one of the core components in our work to transform behavioral health service delivery," Rocchino said in a written statement. "We look forward to a continued and expanded relationship with MAP as a valued partner."

In October, MAP announced a partnership with New Jersey-based Horizon Healthcare Services Inc., which said it would deploy MAP's telehealth service.

Following the announcement, Levenson said the company would add roughly 25 employees. MAP currently has 125 employees total, with roughly 40 based in Austin.

Austin companies have seen a boom in venture capital funding in the first quarter of 2019. After experiencing one of its strongest fundraising years in 2018, the metro area's investment has already totaled about $600 million to date this year.

Among the biggest local funding deals this year have been Siete Family Foods ($90 million); legal tech firm Disco ($83 million); financial tech company Billd ($60 million); job marketplace RigUp ($60 million) online RV rental site Outdoorsy ($50 million) and financial tech firm Dosh ($40 million).

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