After announcing an additional $10 million raise in July, bringing its total Series C funding to $115 million, pediatric virtual behavioral health company Brightline is laying off 20% of its workforce.
The layoffs at Brightline were first reported by Behavioral Health Business. Cuts were made across all areas of the company.
“We identified several areas to realign our strategic priorities and have made the difficult decision to let go of talented team members across 20% of our workforce. We approached these decisions focused on the capabilities we need to best serve our members today and our goals of serving even more families in the future,” Brightline told MobiHealthNews in an email.
THE LARGER TREND
Brightline’s Series C extension announcement in July was led by New York-based health system Northwell Health. The strategic investment and partnership was to allow the startup to coordinate partners for specialty care, expand services for teengers, add interactive content and add benefits for the company’s employees.
In March, the company Brightline announced it had received a whopping $105 million in funding, pushing its valuation to $705 million. It also recently launched a virtual coaching program aimed at parents and caregivers with children at risk for or diagnosed with autism spectrum disorder (ASD).
That raise came less than a year after Brightline announced it brought in $72 million in Series B funding.