Digital Mental Health Startup Rey Raises $10 Million in Funding

MentalHappy, an online mental health platform designed to help individuals improve their emotional wellbeing through positive peer support, closed a $1.1 million seed funding round.

Northwestern Mutual Future Ventures led the funding round with participation from Social Impact Capital, Chai Angels, and Peter Reinhardt (Founder & CEO of

According to MentalHappy, the new funds raised will help it add over 1,000 worldwide peer support groups to the platform in 2021.

Each year millions of Americans face the reality of living with a mental illness. According to recent data, there has been a significant spike in the percentage of U.S. adults reporting symptoms of anxiety and depression since the start of the COVID-19 pandemic.

The MentalHappy online mental health platform is designed to provide people with emotional health, the challenges they face in their daily lives, and support from others who understand what they are experiencing.

“MentalHappy has created a fully accessible and easy-to-use resource for mental health services in a safe, digital space,” said Craig Schedler, managing director, Northwestern Mutual Future Ventures. “We’re excited to partner with Tamar and her team, who are making a significant impact to connect and support people of all demographics through their platform by improving emotional wellbeing through peer support.”

Telehealth companies raised $2.4 billion in Q1 2021 compared to $1.2 billion raised in Q4 2020, a 100% increase in QoQ. Year-over-year funding increased by 154% in Q1 2021 compared to $930 million raised in Q1 2020, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report. Ginger, a provider of on-demand mental health services through its app, raised $100 million in a Series E financing round led by funds managed by Blackstone Growth.