Modern Health Closes a $31 Million Series B Funding Round

Modern Health, a mental well-being platform that provides access to scientifically-validated digital programs and meditations, closed a $31 million Series B funding round to expand its holistic mental health benefits platform for employers.

The funding round was led by Founders Fund and John Doerr, with participation from Kleiner Perkins and Afore Capital.

“Employers are increasingly prioritizing mental health benefits for employees, leading to a significant rise in companies taking proactive measures through preventative and personalized mental healthcare solutions,” said founder and CEO Alyson Friedensohn, in a company press release. “We are incredibly grateful for our expanding roster of partners who continue to share in our mission of providing this essential service.”

Modern Health will use the new funds to accelerate product development, expand its services globally, and further expand its mental health professional team.

The Modern Health mental health benefits platform offers employers a suite of products that cover the full spectrum of mental well-being needs through evidence-based technology and professional support from a coach or therapist. The platform provides employees access to the emotional care they need while helping employers improve worker productivity, retention, and limit costs from over-prescribed, in-person therapy.

Modern Health has raised a total of over $42 million since 2018.

“Getting mental health support has too often been stigmatized, especially in the corporate world. Modern Health has a unique approach that effectively de-stigmatizes care by making it available to everyone. Now companies can provide all employees, regardless of their spectrum of need, a solution that works for them, whether they need clinical support or prefer self-guided programs that promote their mental wellbeing,” said investor John Doerr, said in a company press release.

Similar technologies

Ginger, a provider of artificial intelligence-enabled, on-demand behavioral and mental health support and services through its app, closed a $35 million.

PresenceLearning, a provider of live online speech therapy, occupational therapy, and behavior and mental health services for K-12 students, raised $25 million.

Cloud-based mental health companies have raised over $350 million in VC funding since 2013, according to Mercom data.