Positive Development Secures $45 Million Growth Facility to Expand Access to Developmental Therapy and Autism Diagnostics Nationwide
- New non-dilutive financing will support geographic expansion, acquisitions and increased access to developmental therapy for autistic children.
- Facility provided by Silicon Valley Bank and Pinegrove Venture Partners refinances existing credit facility and strengthens the company's balance sheet.
Positive Development, the nation's leading provider of developmental therapy for autistic children and their families, today announced the closing of a debt financing facility for up to $45 million provided by Silicon Valley Bank (SVB), a division of First Citizens Bank, and Pinegrove Venture Partners (Pinegrove).
The new facility refinances Positive Development's existing credit facility, and provides flexible, non-dilutive capital to support its next phase of growth. The financing will be used expand and strengthen the company's developmental therapy and autism diagnostics services into new and existing geographies across the United States, pursue strategic acquisitions and increase access to care for families through both commercial and Medicaid health plans.
The financing builds on strong momentum, including Positive Development's recent $51.5 million Series C financing and the expansion of health plan partnerships with Anthem Blue Cross and Blue Shield and Oklahoma Complete Health. Together, these milestones reflect growing payer and family demand for Positive Development's developmental relationship-based therapy model and its lower intensity, lower cost approach to autism care.
"With this new facility, we are strengthening our balance sheet and giving ourselves the flexibility to scale our model in a thoughtful, sustainable way," said Mike Suiters, Co-founder and CEO of Positive Development. "Our goal is to make high-quality developmental therapy accessible to families in every state, regardless of payer. SVB has been a long-standing partner of ours, and we're excited to deepen that relationship alongside Pinegrove as we enter our next phase of growth."
The lenders emphasized their confidence in Positive Development's leadership team, clinical model and long-term opportunity to improve access to care.
"Positive Development is expanding access to high-quality autism therapy and diagnostics that is delivering meaningful outcomes for children and families," said Megan Scheffel, Head of Life Science and Healthcare of SVB. "SVB is excited to continue our relationship with Positive Development by providing this facility to help them grow and scale their business."
Positive Development is committed to maintaining its high-quality care delivery as it scales operations, with a long-term vision of ensuring that developmental therapy is accessible to all families nationwide through both commercial insurance and Medicaid.
To learn more about Positive Development's developmental therapy model and nationwide expansion, please visit www.positivedevelopment.com or follow company updates on:
About Positive Development
Since 2020, Positive Development has been on a mission to deliver developmental therapy to as many autistic children and families as possible. Positive Development's team represents dedicated parents, devoted family members, impassioned self-advocates and pioneering clinicians. Together, they have observed the transformative power of high-quality Developmental Relationship-Based Interventions (DRBI) therapy firsthand – personally, professionally and scientifically. As the largest provider of developmental therapy in the country, Positive Development is committed to broadening access to this life-changing approach while establishing best practices in clinical support. The company's dedication to outcomes measurement and evaluation benefits all families served.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ:FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
About Pinegrove Venture Partners
Pinegrove Venture Partners operates as a powerful venture investment platform that provides solutions to meet the unique needs of fund managers, founders, and limited partners in the innovation economy.
For 25 years, Pinegrove has been a premier investment and strategic partner for institutional investors seeking access to leading opportunities in the venture ecosystem. With the support and sponsorship of Brookfield and HRTG Partners and combined assets under management of greater than $10 billion, Pinegrove deploys capital across a complementary suite of offerings spanning venture capital fund of funds, venture debt, secondaries, and co-investments.
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Positive Development
Suzy Smith
PR Director
[email protected]