The company has closed $6.6M to date, with backing from a consortium of investors
ST. PETERSBURG, Fla., April 16, 2024 /PRNewswire-PRWeb/ -- In order to expand the company's capabilities and close disparities in maternal health care, LunaJoy Health has announced the launch of its novel integrated care program – LunaCare – to improve outcomes in maternal mental health. Bolstered by $4.2 million in new funding, the company draws support from a distinguished group of investors, including Y Combinator, FoundersX Fund, Goodwater Capital, Magic Fund, VentureSouq, Nurture Ventures, NorthSouth Ventures, and seasoned healthcare angels among others.
This diverse backing underscores a strong commitment from the investment community to transform maternal and infant health care for underserved populations across the country.
"LunaJoy Health's mission to bring a new standard to maternal health care for Medicaid mothers aligns perfectly with our goal of supporting scalable solutions to the world's most pressing challenges. We're proud to back such a vital initiative that promises significant impact," said Surbhi Sarna, Partner at Y Combinator.
This spring, the Centers for Medicare and Medicaid Services will release a Notice of Funding Opportunity for state Medicaid programs, and Children's Health Insurance Program (CHIP), as part of a 10-year Transforming Maternal Health Model (TMaH). The program is designed to help institutions expand infrastructure and improve the quality and safety of mental health care for vulnerable populations. LunaCare is a natural extension to this government directive, and a conduit to reach more communities of color, in a way that helps move the industry beyond traditional brick and mortar care facilities.
"The support from our investors, coupled with the current focus on maternal health improvements through TMaH funding, sets the stage for the change we need to see so badly across the industry," said Sipra Laddha, CEO of LunaJoy Health. "Mental health is a lifetime pursuit, and we want to design a way to engage and support women with a variety of needs and varying degrees of risk. By using technology, we can measure and treat symptoms more effectively, delivering a better service model to meet rising demand and a shortage of therapists in the U.S."
This financial and strategic support will be instrumental in rolling out the program across select communities, with plans for new market expansion. The investment will also facilitate the integration of advanced technology solutions to enhance care coordination and patient monitoring, ensuring that mothers receive timely and effective care tailored to their unique needs. Lunajoy currently works with over 15 payers and is available in more than a dozen states.
About LunaJoy Health
Founded with a mission to eliminate disparities in women's mental health, LunaJoy Health is at the forefront of developing innovative care models that cater to underserved populations. The organization's integrated care model is a testament to its commitment to providing patient-centered care that addresses the complex needs of high-risk women. Through its programs, LunaJoy Health aims to improve health outcomes, ensuring a healthier future for all families.
Media Contact
Shama Rathi, LunaJoy, 1 610-420-1724, [email protected], hellolunajoy.com
SOURCE LunaJoy
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