INSUBCONTINENT EXCLUSIVE:
Backed with nearly $87 million in venture capital funding from GV, Oak HC/FT and F-Prime Capital, Quartet Health was founded in 2014 by Arun
Gupta, Steve Shulman and David Wennberg to improve access to behavioral healthcare
Itsmission: &enable every person in our society to thrive by building a collaborative behavioral and physical health ecosystem.&Recent
shakeups within the New York-based company c-suite and a perusal of its Glassdoor profile suggest Quartet culture is not fully in line with
its own philosophy.In the last few weeks,chief product officer Rajesh Midha has left the company and president and chief operating officer
David Liu is on his way out, TechCrunch has learned and confirmed with Quartet
Founding chief executive officer Arun Gupta, meanwhile, has stepped into the executive chairman role, relinquishing responsibility of the
company day-to-day operations to former chief science officer David Wennberg, who taken over as CEO.&I&m focusing on our external growth,&
Gupta told TechCrunch on Friday
&David has really stepped up as CEO.&Quartet raises $40M Series C to help healthcare providers collaborate on patient careGupta and Wennberg
said Liu role was no longer needed because Wennberg had assumed his responsibilities
Liu will formally exit the company at the end of the month
As for its product chief, the pair sayMidha had &transitioned out& of the role and thatan unnamed internal candidate was tapped to replace
him.When asked whether other employees had left in recent weeks, Wennberg provided the following indeterminate statement: &We are always
I don&t think we&ve had any unusual turnover
We&re hiring and people roles change and that just part of growth.&Quartet,which providesa platform that allows providers to collaborate on
treatment plans, currently has 150 employees, according to its executives.In a LinkedIn status update published this week — after
TechCrunch initial inquiries — Gupta announced his transition to executive chairman:&Still full-time, though focused largely on our
opportunity to further evangelize our mission, [I will] drive the change we want to see in this world, and expand our reach … I have
tremendous confidence in David ability to lead our many talented Quartetians to deliver this next phase.&Several former employees seemed
less than pleased with Gupta performance, writing in a number of Glassdoor reviews that he was &abominable,& &kind of a monster& and &by far
the worst executive.&When asked for comment on those reviews, Gupta and Wennberg shrugged it off: &Glassdoor is Glassdoor.& They agreed its
important to pay attention to but impossible to vet.Gupta began his career as a management consultant at McKinsey and served as a consultant
to The World Bank before joining Palantir, Peter Thiel data-mining company, as an advisor in 2014
Wennberg, for his part, was the CEO ofThe High Value Healthcare Collaborative, a consortium of 15 healthcare deliverysystems, before
co-founding Quartet.In January, Quartet raised a $40 million Series C to expand throughout the U.S
F-Prime Capital and Polaris Partners led the round, with participation from GV and Oak HC/FT
The financing valued the company at $300 million, according to PitchBook.As part of the funding, Quartet announced it was adding three new
directors to its board: F-Prime executive partner Carl Byers; Ken Goulet, an executive vice president at health insurance provider Anthem;
and former Rackspace CEO and BuildGroup co-founder Lanham Napier
Other outside board members includeOak HC/FT managing partner Annie Lamont, GV partner Krishna Yeshwant, Polaris managing partner Brian Chee
Congressman Patrick Kennedy.Quartet previously raised a $40 million Series B in April 2016 led by GV
The investment marked the venture capital investment arm of Google first in a mental health startup.Before that, the startup brought in a $7
million Series A led by Oak HC/FT managing partner Annie Lamont.For now, Quartet remains committed to growth.&We learn from what we are
doing and we continue to learn,& Wennberg said
It hard and you just keep working and growing because we have a huge mission.&
