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Parallel Learning rakes in $20m Series A

Parallel Learning, a digital health platform, has raised $20 million in Series A funding.

Parallel Learning, a digital health platform, has raised $20 million in Series A funding. Tiger Global led the round.

PRESS RELEASE

NEW YORK, NY (MAY 24, 2022 AT 10AM ET / 7AM PT) – Parallel Learning (Parallel)—the digital health platform that provides a new way to test, diagnose, and empower students with learning and thinking differences—today announced $20M in Series A funding and an expansion to its suite of teletherapy services. This round was led by Tiger Global with additional participation from Obvious Ventures, Barry Sternlich’s JAWS and existing investor, Vine Ventures. This news comes only five months after Parallel’s official launch alongside $2.8M in previous financing, bringing the company’s total capital raised to $22.8M. The new funds will be used to accelerate Parallel’s national expansion to deliver an end-to-end suite of psychoeducational services for students. Parallel’s services go beyond initial psychological evaluations to offer ongoing support to students including skill-based tutoring, executive function coaching, and as of today, behavioral therapy as well as speech and language therapy. Services are available directly to families as well as to school districts as part of the company’s enterprise offering.

With Parallel, services begin within days, instead of the typical wait of months, and cost a fraction of the price of traditional services. Parallel offers specialized care at a quicker, more convenient and affordable rate compared to traditional care options. The company employs licensed psychologists, learning specialists, behavioral health therapists and speech therapists in each state and matches students with providers based on their referral concern and desired services. Following the initial consultation, a student will be matched with a care team specifically assigned to ensure the student receives all recommended services.

“Our mission is to work hand-in-hand with school districts and families to deliver the highest quality developmental services to students across the nation,” said Diana Heldfond, Founder and CEO of Parallel Learning. “With 20 percent of children challenged by learning and thinking differences, we’re committed to offering lasting, effective and affordable solutions to help those students succeed in and out of the classroom.”

Parallel has grown its revenue 50 percent every month on average since its launch. The company has experienced 150 percent growth in its provider network since January with over 90 percent provider retention. The company also recently hired Susan Liu, former VP of Clinical Operations at online mental health platform Cerebral Inc., to serve as Chief Operating Officer, as well as Robert Stager, previously from Presence Learning and N2Y, to serve as Director of Partnerships.