Cerebral, a mental health telemedicine company that provides ongoing, comprehensive access to online care and medication management for anxiety, depression, and insomnia, raised $35 million in Series A funding.
Oak HC/FT led the round with participation from Westcap, Liquid 2 Ventures, Gaingels, Air Angels, and others.
According to the company, the new funds will help expand medication management and therapy to all 50 states in the US. Additionally, the funding will support the company in its initiative to work on in-network insurance partnerships and build a mobile app that brings care directly to the client’s pocket.
Cerebral offers a membership-based service, including regular assessments, video/phone app appointments with a provider, ongoing care counselor sessions, prescriptions, and medication delivery. The app also helps patients track and report symptoms, according to the company.
For membership, the company charges $99 a month – which covers a month for the medication and basic care package, $399 a month if a patient chooses to see a therapist weekly instead of having monthly visits with their care counselor, and $259 a month for weekly sessions with a licensed therapist.
“Through proactive management and tracking, Cerebral has bridged gaps in clinical care and reduced barriers to connecting patients to the specialized mental healthcare they need,” said Billy Deitch, Principal at Oak HC/FT.
Billy Deitch added: “Cerebral is tackling a fast-growing need in the market, and consumers are eager to use these services. We’re thrilled to see how Cerebral continues to revolutionize the healthcare industry and shape telehealth adoption.”
According to Mercom data, digital mental care providers have raised almost $1 billion in the past five years. Recently, LifeSpeak, an on-demand mental health platform for employees, raised $42 million growth equity investment from Round13 Growth Fund, Kensington Capital Partners, and Roynat Capital. Ginger, a mental health telemedicine provider through its app, raised $50 million in Series D funding round.