How much did NOCD raise with this deck?

According to the catalogue facts, NOCD raised $34M in a Series C round in 2023. The round was led by Cigna Ventures and 7wire Ventures. Interestingly, the deck itself does not state the amount being raised or the intended use of funds, functioning more as a strategic company update to facilitate the round.

What is NOCD's primary treatment methodology?

NOCD focuses on Exposure and Response Prevention (ERP) therapy. Slide 3 describes this as the 'gold-standard OCD care,' and slide 5 explains that their platform provides virtual ERP therapy sessions to help patients 'conquer OCD symptoms.' They also provide specialized training for therapists in their network to deliver this specific care.

Who is the target audience for this pitch deck?

While the platform serves B2C customers, the deck is heavily weighted toward 'Payers' (insurance companies). Slide 6 mentions an $85B aggregate payer cost saving, and slide 9 shows a bidirectional relationship with payers involving referrals and outcomes. This suggests the primary growth strategy is securing insurance reimbursement and partnership contracts.

Does the deck show any financial performance metrics?

No. The deck completely omits revenue, profit margins, and unit economics. Instead, it uses 'Unique Members per Quarter' and 'Unique Sessions per Quarter' on slide 7 as proxies for growth. This is common in Series C healthcare decks where clinical efficacy and market share are often prioritized over raw GAAP revenue in the narrative.

What is the 'NOCD Community' and why is it important?

The community is the top of NOCD's funnel. Slide 8 shows that search, social, and partnerships feed into the 'NOCD Community,' which consists of peer feeds and web content. This community generates 'Patient Demand' for the therapy network, creating a self-sustaining acquisition model that likely reduces traditional marketing spend.

NOCD Pitch Deck (2023): 11-Slide Series C Deck

See all 11 slides of the NOCD pitch deck — a 2023 Series C deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

NOCD’s 2022 company update is a lean, outcome-oriented deck that successfully navigated the transition from a consumer health app to a clinical-grade healthcare platform. By framing Obsessive-Compulsive Disorder (OCD) as a 'hidden' Serious Mental Illness (SMI) vertical, the company highlights a $317B cost burden driven by misdiagnosis. The deck is notably light on traditional financial disclosures—omitting revenue, burn, and valuation—but heavy on clinical validation, citing a 36% reduction in OCD severity and an $85B potential aggregate payer cost saving. This strategy effectively speaks the…

Key takeaways

The deck identifies a $317B market cost for SMIs due to mistreatment and misclassification on slide 2.
NOCD positions OCD as a chronic SMI vertical that is frequently misdiagnosed, leading to enormous payer cost burdens as shown on slide 3.
A personal founder narrative on slide 4 illustrates the 'ineffective therapy' path that cost $25k before achieving recovery through ERP therapy.
The platform is divided into three pillars: Community (Identify), Therapy (Manage), and EMR (Understand) on slide 5.
Clinical outcomes are the centerpiece, claiming a 36% reduction in OCD severity and 38% reduction in comorbid anxiety on slide 6.
Growth is demonstrated through volume rather than dollars, showing a steep increase in unique members and sessions from Q2 2020 to Q2 2022 on slide 7.
The business model relies on a flywheel where community content drives patient demand, which is met by a proprietary network of trained specialists as seen on slide 8.
The team slide (slide 10) features 11 leaders, including specific roles for Payer President and Chief Clinical Officer, emphasizing institutional healthcare expertise.

The Strategic Pivot to Serious Mental Illness (SMI)

NOCD’s Series C deck is a masterclass in verticalization. At a time when generalist mental health platforms were facing saturation, NOCD doubled down on a specific, high-acuity niche: Obsessive-Compulsive Disorder. The deck, titled as a '2022 Company Update,' moves away from the 'wellness' aesthetic of early-stage health apps and adopts the clinical, data-driven tone required for institutional healthcare investment.

Slide 1: Title and Mission

The cover slide establishes the brand identity and a bold mission: 'Using community-driven therapy to end the global OCD crisis.' The visual includes a laptop and smartphone showing the interface, immediately signaling a digital-first, telehealth delivery model. The subtitle '2022 Company Update' suggests this deck was used for ongoing investor relations and to bridge into the Series C round.

Slide 2: The $317B Problem

Slide 2 uses an iceberg graphic to illustrate the market opportunity. It places 'Depression' and 'Anxiety' at the visible tip, while 'Bipolar Disorder,' 'PTSD,' 'Eating Disorders,' and 'OCD' are submerged. The headline states that Serious Mental Illnesses (SMIs) drive $317B in cost due to mistreatment and misclassification. By citing the American Journal of Psychiatry, NOCD anchors its value proposition in macroeconomic healthcare costs rather than just user experience.

Slide 3: The OCD Vertical

This slide defines the specific problem within the OCD niche. It breaks the crisis down into three components: Misunderstanding (intrusive thoughts), Misdiagnosis (providers miscoding patients), and Mistreatment (lack of access to ERP therapy). Crucially, it mentions that misdiagnosis causes 'payers to bear enormous cost burdens,' which is a direct appeal to the interests of lead investor Cigna Ventures.

Slide 4: The Founder's Journey

Slide 4 features Stephen Smith’s personal story. A line graph shows a downward trajectory of 'Extreme Anxiety' and 'Developing Depression' as the founder spent over $25k on ineffective therapy . The graph only turns upward after he 'Learns about OCD & ERP' and 'Regains Life.' This slide serves two purposes: it establishes founder-market fit and highlights the economic inefficiency of the current healthcare status quo.

Slide 5: The Three-Pillar Solution

NOCD explains its platform through three distinct modules: 1. NOCD Community (Identify), 2. NOCD Therapy (Manage), and 3. NOCD Electronic Medical Record (Understand). This slide clarifies that they are not just a therapist marketplace; they are a full-stack clinical platform that collects data from identification through successful management.

Slide 6: Clinical and Economic Outcomes

This is the 'money slide' for a Series C healthcare company. It lists eight key metrics, including a 36% reduction in OCD severity and a 50% reduction in ERP provider time per patient . Most importantly for the business model, it claims $85B in aggregate payer cost savings by treating OCD effectively. These figures provide the 'proof of work' required to justify a growth-stage valuation.

Slide 7: Scaling Volume

Instead of a revenue bar chart, slide 7 shows two charts: 'Unique NOCD Therapy Members per Quarter' and 'Unique NOCD Therapy Sessions per Quarter.' The growth from Q2 2020 to Q2 2022 is significant, with the session count appearing to grow at a faster rate than the member count, suggesting high engagement and retention within the patient base.

Slide 8: The Demand Flywheel

Slide 8 illustrates the acquisition strategy. Search, social, and partnerships feed the 'NOCD Community.' This community creates 'Patient Demand' for 'NOCD’s Network' of specialist therapists. The network then generates 'Word of Mouth' back to the community. This circular model suggests a lower Customer Acquisition Cost (CAC) than competitors who rely solely on paid performance marketing.

Slide 9: The Ecosystem Expansion

This slide expands the flywheel to include external stakeholders: Payers, Researchers, and BH (Behavioral Health) Prescribers . It shows NOCD moving into adjacent conditions like Hoarding, BFRBs, and PTSD. This signals to investors that while they started with OCD, the infrastructure is built to capture the broader SMI market.

Slide 10: The Leadership Team

The team slide is heavy on clinical and operational expertise. It features 11 individuals, including a Payer President , Chief Medical Officer , and Chief Clinical Officer . This composition is designed to reassure investors that the company can navigate the complex regulatory and reimbursement landscape of US healthcare.

What Works in the NOCD Deck

Clinical Primacy: In a market full of 'mindfulness' apps, NOCD wins by being 'medical.' The heavy use of clinical scales (Dimensional Obsessive Compulsive Scale, DASS 21) on slide 6 gives the deck an air of scientific authority that generalist competitors lack.

Payer Alignment: The deck is obsessed with 'cost savings' and 'payers.' By framing OCD as a source of 'incorrect cost attribution,' they make a compelling case for why an insurance company should not only cover them but invest in them.

The Flywheel Narrative: The transition from slide 8 to slide 9 shows a clear path from a B2C community to a B2B healthcare ecosystem. This provides a logical explanation for how the company scales without a linear increase in marketing spend.

What is Missing from the NOCD Deck

Financial Transparency: There is a total absence of dollar-based metrics. There is no ARR, no Gross Margin, and no EBITDA. While this is a 'Company Update,' a Series C investor would typically expect to see the path to profitability or at least the revenue scale.

The 'Ask': The deck does not specify how much capital is being raised or what the 'Use of Proceeds' will be. It functions more as a narrative builder than a transactional document.

Competitive Landscape: There is no mention of other mental health giants (like Lyra or Modern Health) or how NOCD defends its 'specialist' moat against generalist platforms adding OCD tracks.

What Founders Should Copy

The 'Hidden Vertical' Strategy: If you are in a crowded market, use slide 2’s 'iceberg' approach. Show that the 'obvious' market is just the tip and that your company is solving a massive, submerged problem that others are misdiagnosing.

Outcome-Based Selling: Don't just say your product works; show the percentage reduction in the problem. Slide 6 is a perfect template for any startup that relies on efficacy—whether that’s clinical, technical, or financial.

The Personal-to-Macro Transition: Moving from the founder’s $25k struggle (slide 4) to the $317B market problem (slide 2) creates an emotional hook that is immediately validated by a massive TAM (Total Addressable Market).

Frequently asked questions

How much did NOCD raise with this deck?: According to the catalogue facts, NOCD raised $34M in a Series C round in 2023. The round was led by Cigna Ventures and 7wire Ventures. Interestingly, the deck itself does not state the amount being raised or the intended use of funds, functioning more as a strategic company update to facilitate the round.
What is NOCD's primary treatment methodology?: NOCD focuses on Exposure and Response Prevention (ERP) therapy. Slide 3 describes this as the 'gold-standard OCD care,' and slide 5 explains that their platform provides virtual ERP therapy sessions to help patients 'conquer OCD symptoms.' They also provide specialized training for therapists in their network to deliver this specific care.
Who is the target audience for this pitch deck?: While the platform serves B2C customers, the deck is heavily weighted toward 'Payers' (insurance companies). Slide 6 mentions an $85B aggregate payer cost saving, and slide 9 shows a bidirectional relationship with payers involving referrals and outcomes. This suggests the primary growth strategy is securing insurance reimbursement and partnership contracts.
Does the deck show any financial performance metrics?: No. The deck completely omits revenue, profit margins, and unit economics. Instead, it uses 'Unique Members per Quarter' and 'Unique Sessions per Quarter' on slide 7 as proxies for growth. This is common in Series C healthcare decks where clinical efficacy and market share are often prioritized over raw GAAP revenue in the narrative.
What is the 'NOCD Community' and why is it important?: The community is the top of NOCD's funnel. Slide 8 shows that search, social, and partnerships feed into the 'NOCD Community,' which consists of peer feeds and web content. This community generates 'Patient Demand' for the therapy network, creating a self-sustaining acquisition model that likely reduces traditional marketing spend.

Cover slide of the NOCD pitch deck — Series C 2023 — NOCD pitch deck, slide 1 (2023)

NOCD pitch deck: the facts

Company: NOCD
Year: 2023
Stage: Series C
Slides: 11
Sector: Healthcare

NOCD pitch deck PDF

The full NOCD deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the NOCD pitch deck was used for

This deck is a 2023 Series C update from NOCD, a Chicago‑based digital health company that provides virtual diagnosis and ERP therapy for obsessive‑compulsive disorder. It was used to raise approximately $34M in an additional Series C funding round co‑led by Cigna Ventures and 7wireVentures, as reported in funding announcements. The slides emphasize the economic burden of serious mental illnesses, the under‑recognized cost and misdiagnosis of OCD, and NOCD’s virtual community‑and‑therapy platform as a more effective and accessible treatment model. The funds were pitched as being used to expand NOCD’s OCD‑specialty therapist network and community‑driven care model.

Business model: NOCD operates a virtual, OCD‑specialized behavioral health platform that provides remote diagnosis, Exposure and Response Prevention (ERP) therapy sessions, and between‑session support to help people aged 5 and older manage obsessive‑compulsive disorder symptoms.

Year: 2023
Lead investor: Cigna Ventures and 7wireVentures co‑led the round.
Investors: Cigna Ventures, 7wireVentures, Longitude Capital, Kaiser Permanente Ventures, F‑Prime Capital, Eight Roads Capital, Health Enterprise Partners
Headquarters: Chicago, Illinois, United States.
Industry: Healthcare; digital mental health / telehealth OCD treatment.

Round: Series C funding round, described in some sources as additional funding following prior rounds.

Raised: Approximately $34M (with some sources citing $30.44M–$35M) in additional funding in early 2023.

Total funding: Multiple sources report total funding of approximately $84M–$85M across several rounds as of 2023–2026.

Use of funds as presented: To accelerate expansion of NOCD’s OCD‑specialty therapist network, scale its community‑driven therapy model, refine public perception of OCD (including via campaigns like #KnowOCD), and improve analytics and outcomes capabilities for payers managing OCD populations.

What happened after the NOCD deck

The deck’s targeted raise appears to have been successfully completed as an approximately $34M Series C round co‑led by Cigna Ventures and 7wireVentures in early 2023, with multiple venture investors participating. Subsequent coverage describes NOCD as using the capital to grow its OCD‑specialty therapist network, scale its community‑driven care model, and enhance payer‑oriented analytics and camp

Completion of an approximately $34M additional Series C funding round around late January–early February 2023, co‑led by
Expansion plans for NOCD’s OCD‑specialty therapist network and community‑driven therapy model funded by this capital.
Reinforcement of NOCD’s positioning as an OCD‑focused telehealth platform partnered with major payers such as Cigna.

What the NOCD deck got right

Strong framing of SMI economic burden and innovation opportunity. The deck clearly articulates the macroeconomic burden of serious mental illnesses, citing a $317B annual cost and linking it to mistreatment and misclassification, which frames a large, payer‑relevant opportunity.
Compelling, structured problem statement around OCD. Slide 3 positions OCD as a "chronic SMI vertical that has been hidden from the market" and breaks the problem into misunderstanding, misdiagnosis, and mistreatment, creating a clear, structured narrative investors can follow.
Direct linkage between OCD misdiagnosis, payer blindness, and NOCD’s value. The deck emphasizes that incorrect cost attribution prevents payers from seeing the billions spent on untreated OCD and thus from implementing OCD awareness and ERP access programs, directly tying NOCD’s solution to payer economics and care gaps.
Clear product description combining community and ERP therapy. Slide 5 presents NOCD as "the most effective and accessible OCD treatment platform" and outlines concrete product elements—NOCD Community plus NOCD Therapy, including virtual diagnostics, ERP sessions, and between‑session support for people 5 and older—clarifying the model and age range.
Robust investor syndicate backing OCD‑focused thesis. External coverage of the round shows strong validation by strategic healthcare investors, including Cigna Ventures, Kaiser Permanente Ventures, and others, which reinforces the credibility of the deck’s claims to prospective investors.
Strategic focus on clinical efficacy and community flywheel over pure financials. The deck prioritizes clinical efficacy data and the flywheel effect of NOCD’s community‑driven model over traditional financial metrics, aligning with healthcare investors’ emphasis on outcomes and scalable care models.

What could have been stronger

Limited visible clinical outcome and cost‑savings data in the slides provided. The deck text provided focuses heavily on the macro cost of serious mental illness and on misdiagnosis/mistreatment of OCD, but it does not show concrete quantitative outcome metrics (e.g., remission rates, reduction in cost of care) that substantiate NOCD’s claim of being "the most effective and accessible" OCD treatment platform on Slide 5.
Economic burden framing is broad relative to OCD‑specific savings. Although Slide 2 references the $317B annual cost of serious mental illnesses and attributes the figure to the American Journal of Psychiatry, the excerpt does not clearly tie that macro cost directly to NOCD’s target payers’ savings opportunity or specify the portion attributable to OCD, which may make the economic case feel indirect.
Operational integration with payer ecosystems not fully articulated in text provided. The OCR from Slide 3 highlights misdiagnosis and mistreatment but does not clearly present how NOCD integrates into existing payer workflows (e.g., referral pathways, billing codes, reimbursement arrangements), leaving some operational questions for payers unanswered in the visible content.

How an investor would read this deck

What draws attention

How NOCD’s virtual ERP therapy outcomes compare to in‑person gold‑standard ERP across different OCD severity levels.
Evidence that targeting OCD specifically yields meaningful cost savings and better outcomes relative to broader behavioral health approaches for payers, given the deck’s focus on hidden OCD costs.
The scalability and retention of NOCD’s therapist network and online community model as the company deploys new capital to expand coverage.
Regulatory, network adequacy, and reimbursement considerations for providing ERP via telehealth across multiple U.S. states and payers.

Risks that stand out

Dependence on payer partnerships and reimbursement for virtual ERP therapy, which could be affected by changes in telehealth coverage policies.
Potential competition from generalist digital behavioral health platforms expanding into OCD treatment, challenging NOCD’s differentiation as an OCD vertical.
Reliance on continuous access to specialized OCD therapists; difficulties in recruiting and retaining clinicians at scale could limit growth despite new funding.

Questions this deck invites

What quantitative clinical outcome data (symptom reduction, remission, functional improvement) can NOCD provide for members treated via its virtual ERP platform compared with standard care?
How much does NOCD reduce total medical and behavioral health spend for payers on members with OCD, and what methodology links untreated OCD to the cost figures cited in the deck (including the $317B SMI burden)?
What is NOCD’s current therapist capacity, licensure coverage, and average caseload, and how will Series C funds expand the OCD‑specialty therapist network?
What are NOCD’s existing commercial payer and employer contracts (e.g., with Cigna), and what penetration and utilization metrics do those partnerships show?
How does NOCD ensure adherence to ERP protocols and manage risk in treating high‑acuity OCD members via telehealth, including crisis protocols and clinical governance?-

What founders can take from the NOCD deck

Anchoring the deck around a **specific serious mental illness vertical (OCD)** and its hidden costs can create a compelling niche thesis for investors focused on behavioral health.
Using **credible clinical and actuarial sources** (American Journal of Psychiatry, Santa Barbara Actuaries Model) to quantify misdiagnosis and cost attribution issues strengthens the argument that current market approaches are insufficient.
Positioning the product as both **community and therapy** (NOCD Community plus NOCD Therapy) helps convey a full‑stack care model rather than a point solution, which can be attractive to payers seeking comprehensive outcomes.
Framing NOCD as "the most effective and accessible OCD treatment platform" while focusing the deck on **clinical efficacy and flywheel mechanics** rather than traditional financial metrics can resonate with healthcare investors who prioritize outcomes and scalability.
Highlighting **misunderstanding, misdiagnosis, and mistreatment** as a three‑part problem statement for OCD provides a clear narrative arc that can structure the deck and make the opportunity intuitively graspable.
Linking the use of funds directly to **network expansion, community‑driven therapy, perception change campaigns, and payer analytics** shows how capital deployment ties to both growth and impact.

NOCD pitch deck: common questions

What does NOCD do?

NOCD is a Chicago‑based digital mental health company that focuses specifically on obsessive‑compulsive disorder (OCD). It provides a virtual platform where people with OCD can be identified, diagnosed, and treated using Exposure and Response Prevention (ERP) therapy, the gold‑standard treatment for OCD, supported by an online community.

How much did NOCD raise in the 2023 round and who invested?

The NOCD Series C round associated with this deck raised about $34M in additional funding around January–February 2023. The round was co‑led by Cigna Ventures and 7wireVentures, with participation from Longitude Capital, Kaiser Permanente Ventures, F‑Prime Capital, Eight Roads Capital, and Health Enterprise Partners.

Was this funding round a Series B or Series C?

Announcements and data providers classify this early‑2023 fundraise as a **Series C** round (sometimes described as additional funding to a prior Series B), with sources such as CB Insights, MergerLinks, Caplight, and Preqin explicitly labeling it Series C and citing a $34M (or approximately $30–35M) amount.

What was the purpose of NOCD’s 2023 funding round?

According to funding announcements, NOCD intended to use the 2023 capital to accelerate expansion of its OCD‑specialty therapist network, scale its community‑driven therapy model, refine public perception of OCD (including via the #KnowOCD campaign), and improve analytics and outcomes for payers managing OCD populations.

How does NOCD’s treatment platform work according to the deck?

Public sources describe NOCD’s platform as offering virtual OCD diagnostics, ERP therapy sessions, and support between sessions through its online community. This deck claims NOCD is the "most effective and accessible" OCD treatment platform, emphasizing clinical efficacy and access via telehealth and community features.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

NOCD pitch deck slides

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What each slide of the NOCD pitch deck says

Slide 1

o’e d : ; ] “noc | NN" Using community-driven therapy Fs = +) Lo to end the global OCD crisis = ’ h J 5 e 8 | re 2022 Company Update Gs a ; 0 Oo

Slide 2

- SMIs drive $317B in cost' due to mistreatment & misclassification Today's market identifies and treats behavioral health visible symptoms, like anxiety and depression. Visible symptoms aren't often the root issue for people with SMis, as many comorbidities blur together. . People with SMis are mistreated as a result, leaving room for significant innovation. * Source: American Joumsl of Paychisty

Slide 3

- OCD is a chronic SMI vertical that has been hidden from the market 2. MISDIAGNOSIS 1. MISUNDERSTANDING 0CD i charactaiznd by o maodegross and miscoca ot Insve,recuring thoughs, People wih OCD, causing patients to mages, anc/or rges that aro Untroated and payers to bear ofen taboo n atur, attack Snormous cost burdens. wnat someono lovea most. and causa oxtrome anxoty, 3. MISTREATMENT Incorrect cost atbution nibits payers from seeing the bions spent on untreated OCD', preventing them from implementing OCD. 'awareness programs and driving access 1o Exposure and Response Prevention (ERP) therapy, goid-standard OCD care. Source: Santa Barbars Actuaries Mode!

Slide 4

1] We started NOCD from a crippling personal experience Intrusive thoughts : Eureme ons” i) . Misinformation : Provider #1 OCD Specialst : Provider #2 ea Provider 84 : 0 © OCDAERP

Slide 5

- NOCD is the most effective and accessible OCD treatment platform 1.NOCD Community 2.NOCD Therapy Manage Virtual OCD diagnostic, ERP therapy sessions, and support between sessions 10 heip people 5 and older conquer OCD symptoms.

Slide 6

Jl NOCD Therapy delivers strong clinical and economic outcomes NOCD Therapy Outcomes 36% Reduction of OCD severity (avg)' 38% Reduction in comorbid anxiety (avg) ? 509% Reduction in ERP provider time per patient * 34% Reduction in comorbid depression (avg) * 15hrs Ava time spent in NOCD Therapy annually * 309 Reduction in comorbid stress (avg) * 400K People engaged in NOCD's Community + $85B Aguregate payer cost savings by treating OCD Content (monthly)* effectively in all commercial populations * ! Source: Dimensional Obsessive Compulsive Scale ? Source: Depression Anety and Stress Scale 21 3 Source: Columbia Unversity Medical Center Study “ Source: NOCD Database © Source: Model from Santa…

Slide text above is read directly from the NOCD deck PDF embedded on this page.