New York: Monument Inc. announced today that it closed a $10.3 million (USD) Series A funding round led by San Francisco-based VMG Catalyst, to expand product initiatives and establish itself as the leading trusted brand in consumerized healthcare for alcohol use disorder. This latest round of investment brings its total capital raised to $17.8 million and underscores Monument’s expansion and reach within the healthcare industry.
In addition to brand-building and growth, the funding will be put towards product initiatives that harness the power of community and personalized treatment tools. Monument will partner with insurance companies to expand coverage for plan members, and offer treatment plans across all U.S. states to eliminate barriers to affordable evidence-based care. As the Series A lead investor, VMG Catalyst brings a consumer and brand-first mentality to a new generation of tech-enabled companies, including healthcare services like Monument.
A first-of-its-kind consumer service, Monument connects members to holistic, evidence-based treatment to change their relationship with alcohol. The community includes access to expert resources, therapist-moderated support groups, and an anonymous forum to give and get peer motivation. Members seeking one-on-one treatment are connected to physicians and therapists specialized in empowering people to change their drinking habits through personalized therapy and medication options. Since launching in May, Monument has already connected 12,000+ members in a powerful digital community.
“We’re thrilled to partner with VMG to enter this next chapter of growth for Monument, and get closer to achieving our vision of a world where a healthy relationship with alcohol is attainable and celebrated by everyone,” said Mike Russell, CEO and Co-Founder of Monument. “Our treatment approach is already proving to be a success, with thousands of members trusting us with their care, and getting real results. We are eager to expand our treatment plans nationally, and make Monument affordable and accessible for all, while providing even more tools for anyone looking to get more out of life by drinking less. It’s a choice that has given me so much more out of my own life. I’m excited to make Monument a household name, and invite everyone to take a closer look at their relationship with alcohol.”
“We at VMG believe now is the moment to build the leading platform for alcohol moderation and sobriety. We were drawn to Monument because the platform isn’t designed just for medication management, or just behavioral therapy. Treating alcohol use disorder requires a coordination of all these clinical components, as well as individual accountability and communal support. Treatment must also be personalized to be effective. We are confident in our partnership with Monument to help establish them as an iconic brand in consumer digital health,” said Ally Tam, Partner at VMG Catalyst.