Tara Mind attracts $8M to bring ketamine therapy to workplace benefits

The founder of TOMS has taken interest, too.

Tara Mind secured $8 million in funding to expand access to ketamine-assisted therapy for employees, as part of their health benefits.

The funding round was led by private equity firm Satori Neuro, with notable contributions from Echo Investment Capital, Crumpton Ventures, Empath Ventures, and entrepreneur Blake Mykoskie, founder of TOMS.

Marcus Capone, founder and CEO of Tara Mind, said the mental health-focused public benefit corporation says its approach is to offer access to ketamine-assisted therapies, particularly for individuals who have not responded to traditional mental health treatments.

The company claims that its clinician-guided, data-driven collaborative care platform can be included in employer-funded benefit plans, which could reduce medical costs and improved employee productivity and attendance.

Capone has a personal history with mental health challenges and alternative treatments.

“As a Navy SEAL, I was fortunate to not face affordability or access challenges to available treatments for my deteriorating mental health,” he said in a statement. “My personal challenge was that the current traditional treatment protocols were simply not helping. I had to independently seek alternative treatments, which ultimately saved my life and family.”

He added, “Our first mover advantage in the employer benefit space, coupled with our collaborative care platform and structured dataset, provides us with a unique opportunity to play a key role in advancing affordable access to life-changing therapies for millions of individuals struggling with treatment resistant depression.”

Dr. Amy Kruse, who is set to join the Tara Mind board of directors, echoed the sentiment of supporting mental health advancements.

“We are proud to partner with Tara Mind, not only through our strategic investment, but also through our shared dedication to creating a meaningful impact in the area of mental health,” Kruse, who is chief investment officer at Satori Neuro, said in a statement.

The company was initially founded by Red Cell Partners, an investment and incubation firm. Tara Mind operates as a public benefit corporation, which typically focus on making emerging mental health therapies accessible and affordable.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.

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