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

Lyra Health, a provider of mental health benefits for employers, completed a $200 million financing round.

Coatue led the round and was joined by new investor Sands Capital, along with existing investors. Including the latest financing, Lyra has raised over $700 million to date. In January, Lyra Health announced a Series E financing round of $187 million. Lyra plans to use the newly raised funds to accelerate the delivery of its evidence-based mental health benefits for companies and expand its global solutions.

Lyra delivers mental health for employees and family members at multinational companies, including eBay; Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals. According to the company, its mental health benefits are offered to 2.2 million U.S. employees and dependents.

Lyra connects companies and their employees – plus spouses and children – to therapists, mental health coaches, and personalized medication prescribing using matching technology and a digital platform. The company’s curated network includes more than 5,000 coaches, therapists, and doctors in the U.S., with an additional 85,000 providers available worldwide through global partnerships.

The company is also expanding its teletherapy offering, which pairs video therapy sessions with personalized digital lessons and exercises based on cognitive behavioral therapy.

“One in five people struggle with mental health challenges such as anxiety, depression, or substance use disorder,” said David Ebersman, Lyra Health CEO, and co-founder. “Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive global solutions.”

The telehealth category witnessed a massive influx of VC funding during the first quarter (Q1) of 2021, raising a total of $2.4 billion, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report. Unmind, a provider of an online workplace mental health and wellness platform, has closed a $47 million oversubscribed Series B funding round.