Peterson Ventures, an independent investment management firm with assets under management across a variety of alternative asset classes, led the seed financing round.
The company plans to use the funds to expand its offering into additional markets and develop its mental telehealth therapy platform.
“The unfortunate reality is that meeting regularly with a therapist is just as expensive and difficult today as it was decades ago,” said Dallen Allred, CEO of Tava Health. “By partnering with employers and removing barriers to care through technology, we are paving the way for their people to get excellent professional care with unprecedented ease. The modern workforce is beginning to expect a quality mental health benefit as a hallmark of any great employer, and we’re proud to be on the forefront of making this possible.”
Founded and launched in 2019, the online mental health company Tava Health partners with employers; and provides remote mental health treatment plans to employees and their families. The company’s provider network covers a range of conditions and problems such as depression, addiction, eating disorders, stress, and post-traumatic stress disorder, and prescribes mental health medications when appropriate.
The platform, supplemented by secure texting, enables patients to schedule video sessions with their providers.
“Even prior to the outbreak of COVID-19, nine out of ten employees wished their employers would do more to support their mental health, recognizing that it leads to greater work productivity and higher job satisfaction,” said Randall Lloyd, partner at Peterson Ventures. “These trends are only accelerating with millennial and Gen Z employees and are unfortunately made more acute by the unique health crisis we face today. Robust mental health assistance will be a critical differentiator for modern employers who want to attract, retain, and get the most out of their employees.”
Telehealth companies raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report. Recently Mindstrong, a digital mental health consultation platform, raised $100 million in Series C funding, from new and existing investors, including General Catalyst, ARCH Venture Partners, Foresite Capital, 8VC, Optum Ventures, and What If Ventures.