We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: Meet The Entrepreneur Whose Startup Offering Medication For Quitting Opioids Just Raised $50 Million
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
Meet The Entrepreneur Whose Startup Offering Medication For Quitting Opioids Just Raised  Million
The Tycoon Herald > Innovation > Meet The Entrepreneur Whose Startup Offering Medication For Quitting Opioids Just Raised $50 Million
InnovationLeadership

Meet The Entrepreneur Whose Startup Offering Medication For Quitting Opioids Just Raised $50 Million

Tycoon Herald
By Tycoon Herald 6 Min Read
Share
SHARE

Ophelia cofounder and CEO Zack Grey

Ophelia

In early 2019 Zack Gray was getting ready to graduate business school from Wharton when his girlfriend died of an opioid overdose.

“This is somebody who had every reason to get access to quality insurance, had a good job, was a highly motivated, had the financial resources to afford treatment and she was a very private person, she didn’t want anyone knowing about her problem, but she knew that in order to stop using she would need the help of medications to at least get through withdrawal period,” Gray says. “She found it easier to get it easier this medication through a drug dealer than a doctor, became dependent upon the black market for chronic medication, eventually started using again and overdosed.”

Gray decided he wanted to do something to solve problem though he was skeptical that he’d be able to because he had previously majored in philosophy and astrophysics at Columbia, and didn’t have background in healthcare. However, he started talking to medical professionals and learned that the gold standard treatment is called medication assisted treatment (MAT), and it looked like the treatment one might get for depression or anxiety.

So, just after graduating from Wharton Gray started Ophelia, a digital provider of medication-assisted treatment which helps patients through telemedicine and often treats them in the privacy of their homes. Earlier this month, Ophelia raised a $50 Million Series B Led by Tiger Global.

“A lot of treatment centers do not prescribe any medication and without that 90% of people will relapse within the first 3 months and which point they have destroyed their tolerance and are now at a higher risk of overdose and death compared to before entering treatment,” Grey says. “There’s huge demand for treatments that work, that are already covered by insurance, but there are tons of barriers that get in the way of people accessing treatment and the entire mission of Ophelia is to make that treatment more accessible by bringing down barriers for patients and clinicians.”

According to Grey, a very small number of clinicians in America have the license to prescribe medicine for quitting opioids and there’s a huge lack of eligible prescribers for what the CDC considers a chronic disease.

MORE FOR YOU

“Many counties in America do not have a single prescriber, so if you want to go you would be driving maybe an hour in each way, and if you are concerned about privacy you’re going to have a hard time staying private if you have to attend group therapy,” Grey says. “The other options is to call up someone on the black market and often people prefer to buy this illegally and spend cash rather than use their insurance.”

The way Ophelia decided to tackle this problem was by allowing anyone with a license to practice from home for 8 hours a week from home evenings and weekends, and has created a team-based clinical model so that prescribers are paired with nurse and care coordinator responsible for managing their patients.

Once a potential patient decides to join Ophelia they go through a screening questionnaire to determine their eligibility, what insurance they have (or whether they want to pay in cash), answer some questions in regard to medical severity (as some people are too sever to be treated just through telemedicine) and then they would have a phone call with one of the care coordinators who educate them about the program. After that the patients fill out a medical form, and eventually meet over video chat with a licensed prescribing clinician. 

As far as revenue model, Ophelia operates like a doctors office, where they provide medical services to patients and bill the insurance companies.

Just after starting Ophelia, Grey was accepted into Y Combinator and he decided to bring on Mattan Griffel, an old friend who serves as a faculty member at Columbia’s Business School, as a cofounder.

The company they have cofounded treated its first patient in April of 2020. Since then, it has grown 6-7x YoY and doubled its revenue in the last few months. It has insurance contracts covering ¼ of US population, and is licensed to operate in 27 states. 

Ophelia, which is headquartered in Brooklyn, and employs nearly 100 people, had previously raised a combined $3 million pre-seed and seed round in April of last year, and a $15 million Series A in April of this year. With the $50 million Series B, the total amount of equity funding in the company has grown to $68 million.

You Might Also Like

Leadership Coaching for the Actual World

AI for Local weather: Merging Innovation with Environmental Accountability

Leadership Coaching for the Actual World

The High Workflow Automation Software program & Instruments in 2025

Co-Creating the Future: How AI Is Redefining Work, Abilities, and Goal – AI Time Journal – Synthetic Intelligence, Automation, Work and Business

TAGGED:LeadershipThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
South Africa’s novel ways in opposition to Italy provoke debate – head coaches react to the improvements
Sports

South Africa’s novel ways in opposition to Italy provoke debate – head coaches react to the improvements

South Africa handed Italy a heavy 45-0 defeat in Gqeberha, however the novel ways employed by the Springboks have divided opinion.The Springboks intentionally conceded a scrum from the match kick…

By Tycoon Herald 3 Min Read
59 Palestinians in Gaza are killed by Israeli airstrikes or shot useless whereas looking for support
July 13, 2025
Brody Jenner Marries Longtime Fiancée Tia Blanco, Caitlyn Jenner Attends
July 13, 2025
Hamzah Sheeraz hammers Edgar Berlanga to advance his case for a shot at Canelo Alvarez
July 13, 2025
Kelly Clarkson Returns to The Stage After Las Vegas Residency Cancellations
July 13, 2025

You Might Also Like

Sai Saripalli, Engineering Supervisor — Non-Negotiables in Scalable AI/ML, Connecting Tech Groups to Customers, Automation in Engineering, Constructing Revolutionary and Resilient Groups – AI Time Journal – Synthetic Intelligence, Automation, Work and Business
Innovation

Sai Saripalli, Engineering Supervisor — Non-Negotiables in Scalable AI/ML, Connecting Tech Groups to Customers, Automation in Engineering, Constructing Revolutionary and Resilient Groups – AI Time Journal – Synthetic Intelligence, Automation, Work and Business

By Tycoon Herald 11 Min Read
Leadership Coaching for the Actual World
Leadership

Leadership Coaching for the Actual World

By Tycoon Herald 8 Min Read
8 Advantages of Information Switch Specs in Medical Information Administration – AI Time Journal – Synthetic Intelligence, Automation, Work and Business
Innovation

8 Advantages of Information Switch Specs in Medical Information Administration – AI Time Journal – Synthetic Intelligence, Automation, Work and Business

By Tycoon Herald 7 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Sports

Trent Alexander-Arnold switch information: Arne Slot says proper again ‘totally dedicated’ to Liverpool regardless of Actual Madrid hyperlinks

Arne Slot insists Trent Alexander-Arnold is targeted on Liverpool within the wake of Actual Madrid's strategy…

By Tycoon Herald
Economy

Trump’s commerce insurance policies would damage the world

Unlock the US Election Countdown e-newsletter totally freeThe tales that matter on cash and politics within…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?