Serial entrepreneur launched his newest startup, , on Monday. The New York City-based online treatment platform is designed for users looking to change their relationship with alcohol by connecting with physicians, therapists and peers.
Subscribe to the 附近上门 Daily
Accompanying the launch is a $7.5 million seed round led by six investors that backed Russell鈥檚 previous startups, MyClean and Paintzen.
鈥淭hey believe in me, but also what I am trying to do: Create a phenomenal business while making impactful change,鈥 Russell told 附近上门 News.
The seed round included , , , , and .
“We are thrilled to be backing Mike again, after having worked alongside him at Paintzen for many years,” Taylor Greene, general partner at Collaborative Fund, said via email. “The companies that push the world forward sit at the center of our mission and business, and helping people change their relationship with alcohol is a mission driven business that we believe in.”
Russell plans to use the new funding to expand treatment offerings across the country and add a therapist-moderated support group option to the platform.
Before founding Monument, Russell has started two companies aimed at helping people cross items off their 鈥渉oney do鈥 lists. The first was , a marketplace for home and office cleaners. The second was , a network of experienced painters, that was in 2018.
Seeking therapy
Russell and journey toward therapy in a January 2020 Medium blog post.
鈥淚 learned there were all of these diagnoses, severities of drinking and relationships with alcohol,鈥 he said. 鈥淚 am fortunate to not have a severe relationship. I never thought about drinking in the morning, or on a daily basis, but when I would go out, my one drink would turn into 20.鈥
While looking for therapy, Russell said he found options for more intensive care and lifestyle changes, but he wanted an option that would fit into his lifestyle.
鈥淭hat was the disconnect,鈥 he added. 鈥淭he other programs are fantastic, but they were not built for me.鈥
Enter Monument, a platform designed for someone with a low to moderate relationship with alcohol, to support sobriety or moderation, and personalized to members鈥 goals, lifestyles and preferences.
Although Monument is not for someone with a severe relationship to alcohol, it can help anyone connect with physicians and therapists who understand their disease, Russell said.
The online platform includes leading experts in the addiction field who have built research-based treatment plans, which include access to an anonymous community of peers, virtual therapist-moderated support groups, and options for one-on-one video therapy and physician-prescribed medication.
Due to the COVID-19 quarantine, Russell said, some of Monument鈥檚 features are free as long as the quarantine lasts.
In good company
In 2015, Rock Health reported that , as a handful of startups emerged.
One of them, , raised a in 2019, according to 附近上门 data. Its research shows a utilizing its alcohol use disorder treatment.
Russell said that as a result of the pandemic, platforms like Monument are needed as alcohol sales rise and millions struggle to control their drinking while in isolation.
For example, Drizly, an online retailer for ordering alcoholic beverages, reported a , while new users grew 42 percent in March, compared with an average growth of 15 percent.
Illustration:
Stay up to date with recent funding rounds, acquisitions, and more with the 附近上门 Daily.


67.1K Followers