Monument Raises Over $23 Million to Expand Telemedicine Platform for Alcohol Use Disorder Treatment

Monument, a New York–based digital health company focused on treating alcohol use disorder through telemedicine, has built a solid funding foundation as it scales its virtual care platform across the United States. Founded in 2020 by CEO and co-founder Mike Russell, the company offers clinician-led therapy, physician-prescribed medication, and therapist-moderated support groups delivered entirely online, addressing longstanding access gaps in substance use treatment.

The company’s most prominent funding milestone came in early 2021, when Monument closed a $10.3 million Series A financing round. The round was led by VMG Catalyst, an early-stage venture fund known for backing consumer-focused and healthcare-adjacent businesses. The Series A marked a significant step in Monument’s growth, enabling the company to expand its clinical offerings, invest in technology infrastructure, and broaden access to care nationwide.

At the time of the Series A, Monument reported that its total capital raised reached approximately $17.8 million, reflecting strong investor confidence in its model of combining medical care, behavioral therapy, and community support into a single digital platform. The funding followed earlier seed investments that supported the company’s initial launch and early member growth.

Since then, Monument has continued to attract additional backing, bringing its total funding to approximately $23.6 million. Additional investors in the company include Data Point Capital, a venture firm focused on technology-enabled services and healthcare, as well as VMG Partners, the broader investment firm associated with VMG Catalyst. Monument has also received investment from Red Sea Ventures, a venture firm that backs early-stage technology and consumer companies.

Monument’s fundraising progress has coincided with steady growth in its user base and service offerings. The platform surpassed 100,000 registered members within a few years of launch, highlighting rising demand for accessible, stigma-free alcohol treatment delivered remotely. The company’s services are designed to support individuals at different stages of their recovery journey, whether they seek moderation, abstinence, or professional medical guidance.

In addition to organic growth, Monument has used its capital to support strategic expansion. In 2022, the company acquired digital alcohol recovery program Tempest, integrating its online community and educational resources into Monument’s platform. While financial terms of the acquisition were not disclosed, the move expanded Monument’s reach and strengthened its peer-support capabilities, complementing its clinical care model.

Monument operates in a competitive digital health landscape, where investor interest has increasingly focused on behavioral health, chronic condition management, and telemedicine platforms. Alcohol use disorder represents a significant and underserved market, and Monument’s condition-specific approach has helped differentiate it from broader mental health providers. Investors backing the company have cited the scalability of virtual care and the growing acceptance of telehealth among patients and insurers as key drivers of long-term opportunity.

Despite regulatory and operational challenges that have affected parts of the digital health sector, Monument remains well capitalized to continue investing in clinical quality, compliance, and product development. The company continues to refine its platform, expand insurance coverage, and recruit licensed clinicians to meet rising demand.

With backing from established venture firms such as VMG Catalyst, Data Point Capital, VMG Partners, and Red Sea Ventures, Monument’s funding history reflects sustained investor belief in digital solutions tailored to complex behavioral health needs. As telemedicine becomes an increasingly integral part of healthcare delivery, Monument’s investors are positioning the company to play a lasting role in the evolution of alcohol treatment in the United States.