Mantra Health, a telehealth platform focused on mental health, announced an extension of $2 million, bringing its total funding to $5.2 million.
The round includes new institutional investors Canaan Partners, City Light Capital, Baleon Capital, and strategic angels, including Dr. Nitin Nanda, the founder of Aligned Telehealth, acquired by Amwell.
Mantra plans to use the latest funds to expand its psychiatric and therapy providers’ network to all 50 states. Additionally, the company will continue to sign and support contracts with health insurance carriers across the country to increase access to evidence-based mental healthcare for the 20 million post-secondary students in America.
Mantra Health offers mental healthcare for young adults. The company’s programs are offered to university and college students through partnerships with higher education institutions and health insurance plans. The program is currently deployed across 26 college campuses, with more than 180,000 students enrolled.
According to Mantra Health’s co-founder & COO, Matt Kennedy, “Offering 50 state coverage to our university partners through our collaborative clinical model will fundamentally change mental health delivery for university and college students.”
Matt Kennedy added: “Our ability to deliver care across the country will improve access and enable continuity of care for the 20 million university students in America over summer and after they graduate. Furthermore, we are doing it entirely through our provider group under Dr. Feldpausch’s leadership, keeping a tight control on clinical quality and continuing to build on our reputation as the most clinically-informed partner in our space.”
Ed Gaussen, co-founder & CEO of Mantra Health, said: “Covid has exacerbated the prevalence of mental health issues on college campuses, yet students aren’t getting the care they need due to various structural issues. By launching our insurance partnership capabilities, we’re taking a major step in our mission to democratize access to care for students across the country.”
Venture funding has increased substantially in digital mental health apps with $1.2 billion during 2020, a 50% increase compared to $800 million raised in 2019, according to Mercom’s digital health funding data.