Monument raises $10.3 million
New York-based Monument , an online treatment platform for those looking to change their relationship with alcohol, announced that it closed a $10.3 million Series A funding round led by San Francisco-based VMG Catalyst. This latest round of investment brings its total capital raised to $17.8 million.
Established in 2019 and led by co-founder and CEO Michael Russel, Monument is a team of ~31 that 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 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 US 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.
“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. 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.” – Mike Russell, CEO and Co-Founder of Monument.
“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.” – Ally Tam, Partner at VMG Catalyst.
