CAMBRIDGE, Mass. – Cartwheel, a platform helping schools tackle the student mental health crisis by delivering affordable, evidence-based telehealth services with no waitlist, today announced that it has raised $20 million in Series A funding led by Menlo Ventures. Reach Capital joined the round, as did earlier investors General Catalyst, BoxGroup and Able Partners. The funding will allow Cartwheel to expand mental health services to hundreds of thousands of new students in current service areas, as well as school districts in new states.
There is an unprecedented mental health crisis among kids and teens. Depression in teens has more than doubled in the past 10 years, and a third of high school girls have seriously considered suicide. Youth today lack access to high-quality care, with symptoms often left untreated for years. As a result of the shortage of mental health providers, limited insurance coverage, and long waits, schools are increasingly expected to take the lead in supporting student mental health.
Founded in 2022, Cartwheel has quickly become a trusted mental health partner to schools. The founding team, which includes Chief Medical Officer, Juliana Chen, MD, a board-certified child, adolescent, and adult psychiatrist, had collectively spent decades working in schools and community mental health clinics and felt the need for stronger school-community partnership to improve accessibility, quality, and financial sustainability of mental health care.…Read More