LifeSpeak, an on-demand remote employee mental health and wellness platform, raised $42 million growth equity investment from Round13 Growth Fund, Kensington Capital Partners, and Roynat Capital.
According to the company, it is the first institutional funding round since its founding in 2014.
The platform offered remotely to employees and health plan members, covers preventative health and mental health (including depression, anxiety, addiction, isolation, suicide, etc.), marital and relationship advice, parenting, and eldercare. It is also used by companies across 25 industries, including financial institutions, technology, telecommunication, energy, manufacturing, and a large public sector presence covering governments, municipalities, hospitals, and school boards.
“The current health crisis has highlighted the difficulty organizations face in addressing the needs of the anxious, remote workforce,” said Michael Held, Founder, and CEO of LifeSpeak.
Michael Held added: “We’re excited to partner with our new investors to dramatically expand access to LifeSpeak’s platform across health plans and employers. Addressing depression, anxiety, addiction, and other health issues enhances employee well-being and strengthens corporate culture and productivity. Building resilience enables companies to support employees in the face of everyday stress, as well as equipping them to better handle an acute crisis such as the COVID-19 pandemic.”
Origin Merchant Partners acted as LifeSpeak’s financial advisor, and Fasken Martineau DuMoulin served as LifeSpeak’s legal counsel for this transaction.
According to Mercom data, remote mental care companies have raised almost $1 billion in the past five years. More recently, Ginger, a provider of mental health services through its app, raises $50 million in Series D funding round. Lyra Health, a provider of mental health benefits for employers, raised $110 million in a Series D financing round led by Addition. Mindstrong, a digital mental health consultation platform, raised $100 million in Series C funding.
Image Credit: LifeSpeak