Mindstrong, a digital mental health consultation platform, raised $100 million in Series C funding. The company plans to use the new capital to scale its virtual mental healthcare and digital symptom measurement offering.
Mindstrong offers text-based 20-minute cognitive behavioral therapy for people living with a mental illness. The offerings include cognitive behavioral therapy, coping and emotion regulation, psychoeducation, crisis management, reflective listening, and empathy.
The company also offers telehealth services with a psychiatrist through its app.
The funds came from new and existing investors, including General Catalyst, ARCH Venture Partners, Foresite Capital, 8VC, Optum Ventures, and What If Ventures.
“1 in 5 adults experience mental illness, 1 in 25 experience serious mental illness, and the pandemic is making these numbers worse. Meanwhile, more than 60% of US counties do not have a single practicing psychiatrist. Mindstrong’s approach is an idea whose time has come – its telemedicine and biomarker technology can help millions of people in need while preventing expensive episodes and saving our health systems tens of billions of dollars,” said Joe Lonsdale of 8VC.
Mindstrong has raised over $150 million since its inception in 2014; last year, the company raised $31 million in Series A funding led by General Catalyst.
“People living with a serious mental illness will tell you that managing their symptoms isn’t one of those things that fit neatly into business hours or can be deferred because of COVID-19,” said Daniel Graf, CEO of Mindstrong. “The combination of our technology and our in-house clinical team puts us in a position to unlock a unique solution that increases access to care and improves health outcomes.”
Telehealth companies raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report. Recently, Amwell (formerly American Well), a telehealth company, raised $194 million in Series C financing round. Allianz X, the investment arm of German insurance company Allianz led the funding round with participation from drugmaker Takeda.