Valera Health, a digital mental health services provider, announced the closing of a $3.8 million round.
The round was led by AXA Venture Partners (AVP) with participation from Windham Ventures, Figure Eight Investments, and mental health expert Tom Insel, MD, former Director of the National Institute of Mental Health. Existing investors TWC and James Nahirny also participated in the round.
As part of the investment, Manish Agarwal, General Partner at AVP, will be joining Valera’s board. The new financing brings the company’s total funding to $9 million to date.
The new capital will fund strategic market expansion, the company said. “2020 has impacted everyone from all walks of life. The need for high-quality longitudinal mental health services is significant, and Valera is positioned to help patients with anxiety and depression, as well as severe conditions like schizophrenia and bipolar disorder,” said Thomas Tsang, MD, CEO, and co-founder.
Tsang added: “With this funding, we can scale to multiple markets and bring our unique team-based approach to communities in need. We’re excited about our new partners who are global leaders in scaling businesses.”
The Valera Health tele-mental health service offers team-based care across the entire spectrum of mental health needs, from behavioral health coaching and therapy to medication management and psychiatry.
People seeking care through Valera are matched with an appropriate provider following an initial consultation with a behavioral health specialist. Valera’s care team includes licensed social workers, mental health counselors, nurse practitioners, and psychiatrists. The company also provides a behavioral health engagement platform to payers, providers, and health systems.
“Low supply of behavioral health specialists limits access to mental health and puts patients at risk when they do not receive early intervention,” said Agarwal. “Valera’s personalized and preventive behavioral health solutions use the power of technology to mitigate this pain point. We are excited to be a part of Valera’s stellar team and continue on this journey.”
According to Mercom funding data, digital mental health startups have raised over $1 billion in 2020. Recently, Alma, a membership-based telehealth platform for mental health care providers, raised $28 million in Series B funding.
