Digital mental health company SilverCloud Health raised $16 million in Series B funding to expand its services.
MemorialCare Innovation Fund, a strategic healthcare investment fund wholly-owned by MemorialCare Health System, led the financing round with participation from LRVHealth, OSF Ventures, and UnityPoint Health Venture. Existing investors Act Venture Capital and B Capital Group participated in the round as well.
SilverCloud Health offers digital evidence-based programs for conditions such as depression, anxiety, and stress as well as for long-term chronic conditions (diabetes, Chronic obstructive pulmonary disease (COPD), and cardiovascular disease). The company serves over 300 healthcare organizations, including the U.K.’s National Health Service (NHS).
Tech-enabled mental health service providers raised over $1 billion since 2013, according to Mercom funding data. Recently, tech-enabled mental health-focused startup SonderMind scored $27 million in Series B round, which was led by General Catalyst and F-Prime Capital, with participation from existing backers, including Kickstart Seed Fund, Diōko Ventures (managed by FCA Venture Partners), and Jonathan Bush.
SilverCloud Health, founded in 2011, has raised $30 million to date, including an $8.1 million in Series A round, which was led by B Capital Group with participation from ACT Venture Capital, Investec Ventures, AIB Seed Capital Fund (managed by DBIC), NDRC, and Enterprise Ireland.
“There is a tremendous unmet need for mental health solutions in today’s world,” said Caleb Winder, Managing Director, MemorialCare Innovation Fund. “Based on results from more than 30 peer-reviewed studies, SilverCloud Health has a clear advantage in delivering positive clinical outcomes and a remarkable track record of success and unprecedented levels of engagement. With strong global connections to multiple providers already in place, our investment will enable SilverCloud to reach and help even more patients across the U.S. and beyond.”
The new funds will enable SilverCloud to expand its mental health services and further scale-up its business operations across the U.S. and beyond.