A two-year-old Nashville company that works with pregnant mothers battling opioid addiction has closed on an $8 million funding round to take its services beyond the Volunteer State.
Spring Mountain Capital is now the largest shareholder of 180 Health Partners, which is led by former Healthways and CredenceHealth co-founder Justin Lanning. Previous investors Frist Cressey Ventures, Resolute Venture Partners and Altitude Ventures — all locally based — also have took part in the $8 million Series B round.
“180 Health Partners is providing an essential solution to this difficult-to-serve population,” said Jamie Weston, a managing director at Spring Mountain who has joined 180’s board. “They have developed a care model addressing an unmet need that is enthusiastically embraced by patients, providers and insurance plans. We are excited to partner with 180 Health Partners to accelerate its path to market and help fulfill its mission.”
As of late last year, the company had served nearly 100 mothers, shortening hospital stays and lowering hospital costs to treat neonatal abstinence syndrome by about 85 percent. The company also provides behavioral health services and postpartum long-acting removable contraceptives to the women they work with.
The funding from Spring Mountain and existing investors — who pumped $3 million into the company in the fall of 2016 — will primarily go toward the launch of its programs in other states.
“We chose to partner with Spring Mountain Capital after a competitive fundraising process because they are a proven value-add investor,” Lanning said. “This new capital will accelerate the launch of our care model nationwide, and the addition of Jamie Weston to our board of directors will further strengthen our leadership team.”
Spring Mountain was launched in 2001 and is based in New York. The firm’s two groups focus on expansion-stage capital investments and technology-enabled and health care businesses.