Choose Ketamine is advancing the use of psychedelic drugs in therapy settings and is doing so in an affordable and accessible manner through its digital platform. The Austin-based company secured new funding on Monday as it looks to expand nationally.
The seed round was led by Manifestations Capital, a VC firm that invests in integrative medicine and healing companies. Choose Ketamine did not disclose the amount of the raise.
Founded in 2021, Choose Ketamine is a telehealth company for people with anxiety and depression. Through the platform, patients can consult with a psychiatrist who will determine if the patient is a good candidate for therapy with ketamine, a psychedelic drug.
According to Harvard Medical School, the therapy involves prescribing patients ketamine, which can treat severe depression, post-traumatic stress disorder, substance abuse and other psychological conditions.
Variations of ketamine have been approved by the FDA since the 1970s and again in 2019. It is legal as an injectable or nasal spray in all 50 states with a prescription from a doctor, according to the Drug Enforcement Administration. The treatment is typically reserved for patients who have not had success with other medications and is only meant to be used under the supervision of a medical provider, according to Harvard Medical School.
“This work has been very personally rewarding for our entire team due to the positive outcomes we are seeing in patients and the profound relief that patients are self-reporting, which is what we are continuing to build our mission around,” Mark Holland, Choose Ketamine co-founder and CEO, said in a statement. “We’re grateful for the support of Manifestations Capital, Notley Ventures and all of our investors that have supported us to provide personalized treatment plans that drive profound change.”
Over the last year, Choose Ketamine successfully expanded into 12 states, but with the new funding, the company looks to continue expanding nationally. The healthtech company will also grow its clinical provider and trained psychedelic team.
