SonderMind Raises $150 Million for Telehealth Platform

SonderMind, a mental health platform that connects patients with a licensed therapist for video telehealth or in-person sessions, announced the completion of a $150 million Series C financing.

The round was co-led by new investors Drive Capital and Premji Invest, with General Catalyst, Partners Group, Smash Ventures, Kickstart Fund, and F-Prime Capital.

Additional institutional investors participating in the round were Founders Circle Capital, Zoma Foundation, and FCA Venture Partners. The Series C funding brings SonderMind’s total capital raised to date to $183 million.

According to the company, the latest funding will accelerate its expansion across the U.S. and help build the digital mental health platform for clinical care.

“I co-founded SonderMind in large part because of my frustration in trying to identify the right therapist who could help with my unique needs, had availability, and accepted my insurance. Getting high-quality behavioral health support should be simple and result in a great match,” said Mark Frank, co-founder, and CEO of SonderMind.

“With our partners in this funding round, SonderMind will bring our proven approach to behavioral health clinical outcomes to the entire country while also bolstering the technology capabilities that have always been part of our core solution.”

As part of the funding, Drive Capital’s Molly Bonakdarpour joins the SonderMind board. Bonakdarpour commented, “The essential need for behavioral health access is undeniable, and there is a growing field of companies looking to address the accessibility gap. SonderMind stood out to us as the market leader because of its clear approach to connecting individuals with therapists that meet their needs and take their insurance, all while producing clinically-verifiable outcomes for users. It is a win for all stakeholders: patients, therapists, and health plans. I’m so excited to work with the team to bring this approach national.”

Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020.

Lyra Health, a provider of mental health benefits for employers, completed a $200 million financing round.