Goldman Sachs Alternatives Leads evolvedMD’s $34M Series B Investment

Scottsdale, AZ (July 14, 2025) – evolvedMD, a Collaborative Care Management (CoCM) provider, today announced the close of its $34M Series B investment led by Sustainable Investing at Goldman Sachs Alternatives. Existing investors Conductive Ventures, FCA Venture Partners, Healthworx Ventures, Tectonic Ventures, and Waterline Ventures also participated in the round.

Started in 2017, evolvedMD delivers care using the Collaborative Care Management (“CoCM”) model, an evidence-based approach that integrates mental health into primary care and other specialties. Enhancing the model, evolvedMD trains, employs, and manages behavioral health providers that are embedded on-site at more than 200 locations across Arizona, Utah, Florida, New Mexico, and Colorado. These providers are supported by a broader team that includes clinical managers, care coordinators and psychiatric nurse practitioners to deliver high-quality mental health services and provide patients a convenient, trusted, and accessible setting for care. A market leader in the CoCM space, evolvedMD has driven significant awareness and adoption of the CoCM model; a recent Milliman/Meadows Mental Health Policy Institute study on the adoption of the Collaborative Care model shows some of the highest rates of adoption nationally in evolvedMD’s home market of Arizona.

The company is the trusted partner of leading primary care groups and renowned health systems including Banner Health, HonorHealth, VillageMD, Evernorth, Ogden Clinic, Tampa General Hospital, and others. Through its partner practices, evolvedMD addresses patients with Medicaid, Medicare, and commercial insurance coverage, and served over 36,000 patients in 2024.

“evolvedMD was created to address the significant behavioral health needs in the United States, with a unique model designed to provide integrated, high-quality care to patients. We are excited to further our mission of increasing behavioral health care availability and expanding our reach, while maintaining our core company focus of improving accessibility of care,” said Erik Osland, Co-Founder and CEO of evolvedMD. “We look forward to partnering with the Goldman Sachs Alternatives team on this next phase of our growth journey and leveraging the resources and expertise that the Goldman Sachs team can bring to bear.”

“We are thrilled to be partnering with Erik, Steve, the existing investor group, and the rest of the evolvedMD team to bring high-quality behavioral health to patients in an accessible and integrated setting,” said Jason Slocum, Managing Director, Sustainable Investing at Goldman Sachs Alternatives. “Millions of patients have unmet mental health needs, and affordable, convenient access to care is a significant barrier to seeking treatment. evolvedMD’s commitment to providing high-quality care and its close partnership with practice physicians has resulted in significant improvements in mental health outcomes and reductions in total cost of care. We have been impressed by the company’s ability to contract with and scale enterprise relationships with sophisticated practice groups and health systems, and we look forward to continuing to build on the company’s great work to date to help them expand their services nationwide.”

“We are motivated to deploy capital towards unique opportunities where we see structural societal challenges driving a need for innovative solutions. We are looking forward to working with Erik and his team to expand the company’s footprint and ability to serve patients in need of high-quality behavioral health care,” said Greg Shell, Head of Inclusive Growth at Goldman Sachs Alternatives.

evolvedMD has also recently announced the results of a study conducted in partnership with a leading third-party healthcare consulting firm, examining the impact of the Collaborative Care Model on cost of care and select patient outcomes. This study demonstrated an overall 3-7% reduction in the risk-adjusted cost of care for commercially insured patients utilizing any Collaborative Care Model, and a higher, 15% reduction in the risk-adjusted cost of care for commercially insured patients specifically utilizing evolvedMD. “These results demonstrate the effectiveness and unique value proposition of evolvedMD’s implementation of the Collaborative Care Model, which prioritizes in-person practice integration and accessibility to create a higher-quality patient care experience,” said Steve Biljan, Co-Founder and Chief Commercial Officer of evolvedMD.

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel for evolvedMD, and Latham & Watkins served as legal counsel for Goldman Sachs.

About Sustainable Investing at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.2 trillion in assets under supervision globally as of March 31, 2025.

About evolvedMD

Launched in 2017, evolvedMD is a leading provider of integrated behavioral health services in primary care. evolvedMD’s unique model places behavioral health specialists onsite within a primary care practice, offering an economically viable and better way to integrate behavioral health that drives improved patient outcomes.

evolvedMD is a four-time Inc. 5000 fastest-growing company in America.

About FCA Venture Partners:

FCA Venture Partners is a venture capital firm investing in companies transforming healthcare through innovative technology and services that improve patient outcomes, empower providers, lower costs, and redefine how care is delivered. FCA manages over $285 million and invests across the Series Seed to Series B stages. FCA brings portfolio companies valuable healthcare insights, connections, and board-level experience to accelerate growth and build disruptive and sustainable businesses. Based in Nashville and Charlotte, the FCA team has a decades-long track record including more than 60 investments in the rapidly changing healthcare industry.