Virtual Clinic Pelago Is Reimagining Rehab With $58 Million In New Funding

Pelago started off as a research project when Maroof Ahmed, Sarim Siddiqui and Yusuf Sherwani were students at Imperial College London.Virtual substance misuse clinic Pelago today announced a $58 million Series C funding round–despite a decline in venture funding into the telehealth industry.

He says the virtual clinic provides the same level of care as a traditional rehab center through facilitating at-home testing, prescribing medication, offering one-on-one therapy and in-app goal setting tools that help patients track their progress. But Sherwani admits that in severe cases, patients have to be redirected to in-person care.

Sherwani also declined to share the startup’s revenue or valuation, but says they are working with over 100 employers, up from 55 in 2022, and have seen some 750,000 patients. He says the company is not yet profitable, but is"pretty close." “It remains unclear to me how these businesses will build sustainable profits,” DeGagne says. “There needs to be one platform, whether it's Pelago or another, that could pave the way for others.”

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