Mental Health Benefits Provider Lyra Health Raises $110 Million in Series D

Lyra Health, a provider of mental health benefits for employers, raised $110 million in Series D financing round.

Addition led the financing round. Other investors include Adams Street Partners, Howard Schultz (Starbucks chairman emeritus and former CEO), Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital.

According to the company, its mental health benefits are offered to 1.5 million U.S. employees and dependents. Using matching technology and a digital platform, Lyra connects companies and their employees – plus spouses and children – to therapists, mental health coaches, and personalized medication prescribing. The company is also expanding its teletherapy offering – Lyra Blended Care – which pairs video therapy sessions with personalized digital lessons and exercises based on cognitive behavioral therapy.

“Whether you are dealing with a preexisting mental health condition that has intensified or new symptoms that have arisen during the pandemic, these are challenging times for many people. We are proud to support employers that are prioritizing mental health and will use this new funding to help even more organizations support the mental health and well-being of their most important asset – their people,” said David Ebersman, Lyra Health CEO and co-founder.

In July, the company published its peer-reviewed study. According to the study, 83% of American workers experience mental health problems and are almost equally impacted by both the corona pandemic. Meanwhile, 40% do not believe their employer cares about their mental health, beyond just being productive at their job. The research also found that amid all of the uncertainty and work disruption, employees who do not believe their employer supports their mental health are almost twice as likely to be considering a career change.

In the past few months, employers in the retail, tech, energy, financial services, and the food and agriculture industries – including Morgan Stanley, Asurion, and Zoom Video Communications – have partnered with Lyra to offer employees access to evidence-based care from Lyra providers nationwide.

Founded in 2015, Lyra Health Raised nearly $300 million to date. On top of the Series C round completed earlier this year, this latest financing round further strengthens the company’s mental health offerings.

Image Credit: Lyra Health