Funding profile · Opioid use disorder treatment

Ophelia

Three Form D filings between 2020 and 2021 account for $68.36 million of equity, matching the total the company announced. Nothing has been filed under its own CIK since. Two single name vehicles show up afterwards.

$68.4MEquity sold across three Form D filings, 2020 to 2021
$50.0MSeries B sold, 21 investors, first sale Dec 9, 2021
$1.41MRaised by two single name vehicles, 2022 and 2023
0Company Form D filings since Dec 27, 2021

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2019 to 2020 Y Combinator Not disclosed Y Combinator YC profile
Apr 2020 Pre-seed and seed $3.36M of $3.40M 27 investors; General Catalyst, Refactor Capital, Y Combinator named in reporting Form D
Apr 2021 Series A $15.0M 19 investors; led by Menlo Ventures per reporting Form D
Dec 2021 Series B $50.0M 21 investors; led by Tiger Global with Menlo Ventures, General Catalyst, Refactor Capital, 640 Oxford Ventures, Interplay Ventures, Elliot Cohen, Good Friends Form D and release
Mar 2022 Interplay Ophelia LLC $1,100,000 17 investors; Interplay Venture Fund GP II Form D
Aug 2023 Ophelia Labs Angels, a Series of Vauban Platform LP $309,900 16 investors; Vauban general partner and adviser Form D, name match
Since Dec 2021 No further company filing None on record None disclosed Nothing filed

What the filings show

Ophelia Health, Inc. · Form D · filed Dec 27, 2021

First sale
Dec 9, 2021
Offered
$49,999,930 equity
Sold
$49,999,930 · nothing remaining
Investors
21 · average about $2,380,949
Exemption
Rule 506(b)
Related persons
Zack Gray, Mattan Griffel (officer, director, promoter); Greg Yap (director)
Filing
SEC EDGAR, CIK 0001811186

Ophelia Health, Inc. · Form D · filed Apr 20, 2021

First sale
Apr 5, 2021
Offered
$14,999,974 equity
Sold
$14,999,974 · nothing remaining
Investors
19 · average about $789,472
Exemption
Rule 506(b)
Related persons
Zack Gray, Mattan Griffel (officer, director, promoter); Greg Yap (director)
Filing
SEC EDGAR, CIK 0001811186

Ophelia Health, Inc. · Form D · filed May 11, 2020

First sale
Apr 23, 2020
Offered
$3,400,830 equity
Sold
$3,360,831 · $39,999 remaining
Investors
27 · average about $124,475
Issuer
Delaware corporation, year of incorporation 2018, New York, NY
Related persons
Zack Gray (officer, director, promoter); Mattan Griffel (officer, director)
Filing
SEC EDGAR, CIK 0001811186

Interplay Ophelia LLC · Form D · filed Mar 30, 2022

First sale
Mar 21, 2022
Type
Pooled investment fund, Delaware LLC formed 2022
Sold
$1,100,000 of $1,100,000 · minimum $5,000
Investors
17 · average about $64,706
Exemptions
Rule 506(b); Investment Company Act 3(c)(1)
Related persons
Interplay Venture Fund GP II LLC, manager
Filing
SEC EDGAR, CIK 0001919695

Reading the filings

  1. The filings and the announcements agree.$3,360,831 plus $14,999,974 plus $49,999,930 is $68,360,735. Both the company and Forbes put total equity funding at $68 million in December 2021. That reconciliation is not always available, and here it is exact.
  2. Average check size rose about nineteenfold in twenty months.The 2020 offering drew 27 investors averaging about $124,475. The Series A drew 19 at about $789,472. The Series B drew 21 at about $2,380,949. Investor counts stayed flat while money per name climbed, the signature of an angel list giving way to institutional leads.
  3. Each offering closed out, and the Series B was announced before it was filed.All three report the full offered amount sold but for $39,999 left on the 2020 offering, and none was amended. The Series B first sale was December 9, 2021, the release December 14, the Form D December 27, inside the fifteen day window.
  4. Nothing has been filed for almost five years.A company can raise under Section 4(a)(2) and file no Form D at all, so silence is not proof that no money moved, but there is no Regulation D record of a Series C. In October 2024 the chief executive said the company was on its way to profitable growth without reliance on outside investors, which is consistent with the absence.
  5. Two single name vehicles follow the Series B.Interplay Ophelia LLC raised $1,100,000 from 17 investors in March 2022, about $64,706 each. Interplay Ventures was named in the Series B release, so this reads as a syndicate around or just after that round. A vehicle named Ophelia Labs Angels raised $309,900 from 16 investors in August 2023, about $19,369 each. A pooled fund does not name its portfolio company on Form D, so that second link rests on the name.
  6. The board on file is three people.Gray and Griffel appear on all three filings. Greg Yap is a director on both 2021 filings and not on the 2020 one, which lines up with the Series A that reporting attributes to Menlo Ventures.

Commercial signals

Signal Detail Source type
Payer footprint Licensed in 49 states and D.C., contracted with Medicaid, Medicare and commercial insurers covering 85 million lives. An April 2024 release said 30 or more states; 2023 releases said 36. Company-stated
State designation Pennsylvania named Ophelia an Opioid Use Disorder Center of Excellence on Apr 16, 2024, the first virtual first statewide designation. Public record
Medicaid contracting Statewide in New Jersey Medicaid from Oct 2024. MVP Healthcare in New York from May 2023. MetroPlusHealth telehealth network, Jul 2026. About 70 percent of patients use Medicaid. Payer and company
Independent assessment Peterson Health Technology Institute, Sep 2025, recommends broader adoption of medication focused virtual solutions: about 13 more days in treatment over six months and roughly $400 saved per patient, with no evidence of expanded access. Independent
Federal records No FDA clearance, registered trial, NIH or NSF award, or enforcement matter found. Not found

What to watch

  • A new Form D. One is due within 15 days of a first sale in any Regulation D offering.
  • What replaces the DEA telemedicine flexibilities, which a fourth temporary extension runs through December 31, 2026.
  • Any later filing showing the two pooled vehicles rolling into a priced round.

The Ophelia story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Able Health: Shared investor: Refactor. A Y Combinator company that turned Medicare’s quality reporting rules into software for medical groups
  • Call9: Shared investor: Refactor. A company that put emergency medicine inside nursing homes, with first responders at the bedside and emergency physicians on a screen
  • Enzyme: Shared investor: Refactor. Cloud quality management software built so small life science companies could survive an FDA inspection without hiring a consulting firm
  • Kip Health: Shared investor: Refactor. A San Francisco startup that paired in person therapy with a data tracking app, built by two women who met climbing a telescope in Puerto Rico

Sources

  1. Public recordForm D, Ophelia Health, Inc., 0001811186-21-000002SEC · Dec 27, 2021
  2. Public recordForm D, Ophelia Health, Inc., 0001811186-21-000001SEC · Apr 20, 2021
  3. Public recordForm D, Ophelia Health, Inc., 0001811186-20-000001SEC · May 11, 2020
  4. Public recordForm D, Interplay Ophelia LLC, CIK 0001919695SEC · Mar 30, 2022
  5. Public recordForm D, Ophelia Labs Angels, CIK 0001979300SEC · Aug 8, 2023
  6. Public recordDEA Extends Telemedicine FlexibilitiesDEA · Dec 31, 2025
  7. IndependentEntrepreneur whose startup raised $50 millionForbes · Dec 2021
  8. IndependentOphelia Health Raises $50M in FundingBehavioral Health Business · Dec 2021
  9. IndependentHow to Scale Medicaid OUD TreatmentBehavioral Health Business · Oct 2024
  10. IndependentVirtual OUD Solutions Are as Effective as Usual CarePeterson Health Technology Institute · Sep 2025
  11. CompanyOphelia Raises $50 Million Series BGlobeNewswire · Dec 2021
  12. CompanyNew Jersey Medicaid expansionPR Newswire · Oct 2024

Compiled from SEC and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Ophelia. This page is not an offer to sell or a recommendation to buy any security.