Grow Therapy

Instacart

Grow Therapy

Two-sided marketplace for mental health. Therapists join Grow Therapy's network and the company handles insurance credentialing, claims billing, scheduling, and compliance.

In return, Grow Therapy takes a percentage of each session's insurance reimbursement. Patients search Grow Therapy's directory to find in-network therapists by specialty, insurance plan, and availability.

The therapist gets to focus on therapy. The patient gets affordable care.

Grow Therapy gets a cut for handling the business side. Everyone wins except the old credentialing companies that charged therapists thousands of dollars to do what Grow Therapy does for free.

Instacart

Instacart operates as a marketplace connecting consumers with personal shoppers and grocery retailers. Revenue comes from multiple streams: delivery fees and service fees charged to consumers (typically $3.99+ per delivery), tips to shoppers (passed through, not revenue), retailer partnerships (grocers pay Instacart for access to the platform and fulfillment services), and advertising.

Advertising has become the crown jewel. Instacart Ads lets consumer packaged goods (CPG) brands like Coca-Cola, Procter & Gamble, and Nestlé pay for sponsored product placements within the Instacart shopping experience.

When someone searches for "chips," Doritos can pay to appear first. This is incredibly valuable because it's advertising at the exact moment of purchase intent.

Ad revenue was $871 million in 2023 and crossed $950 million in 2024.

The retailer partnership model is key. Unlike DoorDash or Uber Eats (which listed restaurants without permission early on), Instacart works with grocers as partners.

Over 1,500 retail banners including Costco, Kroger, Albertsons, and Publix have formal partnerships. Instacart provides the technology and shoppers.

Grocers provide inventory and stores.

Grow Therapy

Jake Cooper was working in healthcare operations when he saw the same problem from both sides. Patients couldn't find therapists who accepted their insurance.

Therapists wanted to accept insurance but the credentialing process took 6 to 12 months and the billing was a bureaucratic disaster. Most therapists just went cash-pay to avoid the headache, which meant only people who could afford $200 a session got care.

Cooper started Grow Therapy in 2020 to solve the plumbing problem. Not the clinical side — the administrative infrastructure that makes it possible for a therapist to see an insured patient without losing their mind.

He launched right as the pandemic made therapy demand explode and supply couldn't keep up.

Instacart

Apoorva Mehta was a 26-year-old Amazon engineer in Seattle who quit his job in 2012 to start a company. The only problem: he had no idea what to build.

Over the next year, he started and abandoned roughly 20 different projects. A social network for lawyers.

A way to track restaurant wait times. Nothing stuck.

Then one day he was too lazy to go grocery shopping. He looked for a service that would shop for him and deliver everything to his door.

Nothing good existed. The existing options were grocery store delivery services that only worked during specific windows, had limited selection, and required ordering days in advance.

Mehta wanted to order groceries the way he ordered everything else online — immediately, from whatever store he wanted.

He built a prototype in 2012 and applied to Y Combinator. The demo was rough — he ordered a six-pack of beer through the app and had it delivered to a YC partner's house during the application process.

It worked. He got in.

Instacart launched in the San Francisco Bay Area in 2013 with a simple promise: order from your favorite local grocery store and have someone shop for you and deliver within an hour.

Grow Therapy

Supply-side acquisition — recruit therapists by solving their biggest pain point (insurance credentialing) for free. Once therapists are in-network through Grow Therapy, patients find them through the directory.

The company expanded insurance partnerships aggressively, getting in-network with Aetna, Cigna, UnitedHealthcare, Anthem, and dozens of regional plans. State-by-state expansion tracking licensing requirements.

Content marketing targeting therapists frustrated with private practice admin. Referral loops from satisfied therapists bringing colleagues onto the platform.

Instacart

Instacart grew by solving a problem one city at a time. They launched in San Francisco, proved the model, then expanded to other major metros.

Each new market required recruiting shoppers, signing up retailers, and building enough consumer density to make the economics work.

The COVID-19 pandemic was the inflection point. Grocery delivery went from luxury to necessity overnight.

In March 2020 Instacart announced it would add 300,000 shoppers, then raised that by another 250,000 weeks later. Order volume increased 500%.

Years of planned growth happened in weeks. The pandemic proved that grocery delivery wasn't a niche — it was the future of how a significant chunk of the population would shop.

The enterprise play is the long-term moat. By providing white-label technology to grocers, Instacart becomes embedded in their operations.

Even if a grocery chain wanted to build its own delivery service, they'd need years and hundreds of millions to replicate what Instacart provides. The more deeply integrated Instacart becomes in grocery operations, the harder it is to rip out.

Grow Therapy

Insurance reimbursement rates for therapy are low and getting lower in some states. Grow Therapy's margin depends on volume because per-session economics are thin.

Keeping therapists on the platform once they're credentialed is a retention challenge — some therapists use Grow Therapy to get credentialed, then leave to handle billing themselves. Competition from Headway, Alma, and others doing similar things means the race to sign up therapists is intense.

Quality control across 10,000+ providers is a real concern. And the fundamental tension remains: insurance companies want to pay less per session, therapists need to earn enough to survive, and Grow Therapy sits in the middle trying to make both sides happy.

Instacart

The post-COVID hangover was brutal. After pandemic demand normalized, growth slowed dramatically.

The company's valuation dropped from a peak of $39 billion in early 2021 to about $10 billion at IPO in September 2023. Investors who bought at the peak saw a 75% paper loss.

The narrative shifted from "essential infrastructure" to "nice-to-have luxury."

Unit economics are perpetually tight. Paying a person to walk through a grocery store, pick items, bag them, and drive them to someone's house is expensive.

Unlike meal delivery (one restaurant, one bag), grocery delivery involves dozens of items per order, refrigeration requirements, and substitution decisions. Every order that requires a shopper to call the customer about an out-of-stock item eats into efficiency.

Amazon is the existential threat. Amazon Fresh, Whole Foods delivery, and Amazon's own logistics network represent a competitor with nearly unlimited resources and a Prime membership base of 200+ million.

Amazon has been willing to lose billions on grocery delivery to build market share. Instacart's advantage is retailer partnerships — Kroger and Publix use Instacart specifically because they don't want to help Amazon dominate grocery.

Grow Therapy

Insurance credentialing — gets therapists paneled with major insurers in weeks instead of months. Automated billing and claims processing that eliminates the denied-claim nightmare.

A patient-facing directory with filters for insurance, specialty, location, and availability. Practice management tools including scheduling, intake forms, and session notes.

Telehealth platform built in so therapists don't need separate video software. Group practice support for therapists who want to scale beyond solo practice.

Instacart

Instacart Marketplace — the core platform where consumers order groceries from 80,000+ stores for delivery or pickup, with personal shoppers fulfilling orders. Instacart+ — subscription service ($9.99/month) offering free delivery on orders over $35, reduced service fees, and credit back on pickup orders.

Instacart Ads — a retail media platform letting CPG brands run sponsored product listings, display ads, and coupons within the shopping experience. Instacart Platform (Enterprise) — white-label e-commerce technology that lets grocers build their own online ordering and fulfillment powered by Instacart's infrastructure.

Caper Cart — AI-powered smart shopping carts (from the 2021 Caper AI acquisition) with built-in screens, barcode scanners, and payment that let shoppers skip the checkout line.

Grow Therapy

Investors include Sequoia Capital, TCV, Signalfire, and SVB Capital. Series C in 2023 valued the company at over $1 billion.

Instacart

Sequoia Capital was an early and consistent backer. Andreessen Horowitz invested in growth rounds.

D1 Capital Partners led the 2021 round that valued Instacart at $39 billion. Existing investors including Valiant Capital, T.

Rowe Price, Fidelity, and Tiger Global participated across rounds. Y Combinator was the starting point (Summer 2012 batch).

The September 2023 IPO on NASDAQ priced at $30 per share, valuing the company at approximately $10 billion.