Modern Health, a mental well-being platform that provides access to scientifically validated digital programs and meditations, closed a $74 million Series D funding round led by venture capital firm Founders Fund with investment by Lachy Groom. The raise brings Modern Health’s total funding to more than $170 million and valuation to $1.17 billion.
The new funds will be used to execute the vision and elevate the Modern Health experience for users and clients, including through new forms of care, improved digital experiences, and advanced reporting and analytics capabilities. The recent events—the COVID-19 pandemic and remote work—have emphasized the longstanding need for better mental health support for employees globally.
In addition to mental health benefits services to the entire employee population, Modern Health provides services to people seeking preventive-level care through its app-based digital resources like online meditations and evidence-based digital coursework. The company offers group-based, therapist-led support sessions and virtual one-on-one care with certified, specialist coaches for those with moderate mental health needs. For individuals with clinical-level needs, Modern Health connects members with licensed clinical psychologists who practice evidence-based care.
According to Brian Singerman, partner at Founders Fund, “Modern Health has created a new standard for enterprise mental health management and is pushing the industry forward with its accessible, comprehensive platform. We believe this company is destined to lead its category into the future, creating more productive, balanced workplaces around the world.”
Other recent digital mental health deals
Lyra Health, a provider of mental health benefits for employers, announced a Series E financing round of $187 million.
Alma, a membership-based telehealth platform for mental health care providers, raised $28 million in Series B funding.
Valera Health, a digital mental health services provider, announced the closing of a $3.8 million round.
According to Mercom funding data, digital mental health companies have raised over $1 billion in 2020.