Woebot Health Raises $90 Million for Mental Health Support App

Woebot Health, an AI-powered mental health chatbot, closed a $90 million Series B funding round, bringing total investment in the company to $114 million.

The round was co-led by existing investor JAZZ Venture Partners and Temasek with participation from funds and accounts managed by BlackRock Private Equity Partners and Owl Ventures. Additional participants include Mirae Asset Capital, Kicker Ventures, Alumni Ventures, Gaingels, and existing investors NEA and AI Fund.

Woebot Health plans to use the proceeds to accelerate further development of its relational platform and technologies, advance its digital therapeutic candidates, and expand its team and go-to-market activities to meet global demand for mental health care.

Woebot delivers mental health support for adults and adolescents dealing with anxiety or depression, new moms, and those with substance use disorder.

“We’re at a moment when mental health issues are front and center in a global conversation, and there’s incredible momentum to apply cutting-edge approaches to help solve real human problems,” said Woebot Health Chief Executive Officer Michael Evers.

Michael Evers added: “It’s gratifying that some of the world’s leading investment groups see the same potential for relational technologies to engage people in their mental health at scale deeply and to transform care. We’re thrilled they are aligned on our core vision and energized by their commitment to advance the next frontier of technology-enabled mental health care.”

“We have long believed in Woebot Health’s mission to transform mental health care. At a time when so many people around the world lack critical mental health support, the company’s work to deliver scalable, accessible, and quality care has been truly impressive. With this new funding accelerating growth, it will be easier than ever for people to get the on-demand support they need and deserve,” said Meghan Reynolds, Partner at JAZZ Venture Partners.

mHealth Apps raised $1.6 billion in the first half of 2021.