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PRESS RELEASE: Rethink raises $10 million Series C round to grow platform, expand team
August 18, 2014
NEW YORK, August 18, 2014 — Rethink (“Rethink”), a provider of integrated, web-based learning and care management tools for children with autism and other behavioral health disorders, has completed a $10 million Series C financing round. Co-led by Beringea and Arboretum Ventures and joined by existing investors, the round will support sales and operational hiring plans and fund further development and functionality of Rethink’s existing platforms. Michael Gross, managing director at Beringea, and Paul McCreadie, managing director at Arboretum Ventures, will join the Rethink board of directors.
“We are thrilled to have Paul and Michael join our team,” said Daniel Etra, CEO of Rethink. “The capital and deep knowledge provided by Arboretum and Beringea will allow our Company to dramatically expand its service offering and aggressively penetrate new markets.”
Rethink is a software-as-a-service (“SaaS”) technology company seeking to ensure that children on the autism spectrum, as well as those with other cognitive impairments, have access to effective and affordable evidence-based treatment options. Rethink provides professionals, parents, and family members with the tools, technology and information necessary to teach children with autism, as well as other developmental disabilities, in a manner easily understood and applied.
“Rethink has developed a best-in-class SaaS platform to streamline the provision of ABA based interventions to children with behavioral health disorders and developmental disabilities. We are excited to partner with the exceptional management team, as well as Arboretum Ventures, to help Rethink leverage its leadership position in the education market and to capitalize on the significant opportunity in the behavior health therapy and managed care markets,” said Michael Gross, managing director of Beringea.
Rethink’s curriculum is based on the educational intervention proven most effective in the treatment of autism – Applied Behavior Analysis (“ABA”). ABA-based interventions are endorsed as the most effective treatment programs by leading federal and state agencies, including the American Academy of Pediatrics and the United States Surgeon General. ABA therapy is costly, however, and finding qualified therapists can be difficult. Rethink leverages technology to allow for the availability of ABA-based interventions by providing a comprehensive video-based curriculum easily accessed and implemented by parents, teachers, and healthcare providers. Rethink’s platform has been extended beyond its introduction as a tool for autism to include learning disabilities, speech and language impairments, intellectual disabilities, emotional disturbances, and developmental delays.
Founded in 2007 and headquartered in NYC, Rethink is an industry SaaS company focusing on the education and healthcare markets. Rethink’s award-winning research-based online program model for supporting children with autism and other developmental disabilities is used by school districts, federal, state and social service agencies, employers and families worldwide.
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.