The coronavirus pandemic has underscored, and infrequently exacerbated, the psychological well being disaster that exists the world over. Even the unfold of distant work is a part of the issue: As everybody stays at house, the shortage of interplay and watercooler chat has left staff with out in-person interplay.
The necessity for an answer has helped tech-powered psychological well being options increase funding to fulfill elevated demand. Within the newest improvement, it emerged that Lyra Health, a platform that focuses on offering workforces with psychological well being care, has filed paperwork to lift a $175 million Sequence E at a $2.25 billion valuation.
The paperwork was uncovered by Prime Unicorn Index. Whereas it’s not clear whether or not the corporate has closed the spherical, filings in Delaware often seem after half or all the funding has been secured. Prime Unicorn Index notes that the phrases surrounding this Sequence E spherical embody a “pari passu liquidation desire with all different most popular, and traditional convertible, that means they won’t take part with frequent inventory if there are remaining proceeds.” It additionally famous that Lyra Well being’s most up-to-date value per share is $27.47, an up spherical from the Sequence D, which priced shares at $14.21.
We’re reaching out to the corporate and buyers for a response to the submitting. One investor famous that the spherical has not closed but.
Previous backers of the corporate embody Adams Road Companions, Tenaya Capital, Meritech Capital Companions, IVP and Greylock.
We appear to be in a interval of fast development rounds getting raised in fast succession for essentially the most promising startups. As with Discord — which confirmed a $100 million round simply six months after elevating $100 million — Lyra Well being additionally just lately raised funding — particularly a $110 million Series D that catapulted it above a $1 billion valuation.
That successfully means the startup doubled its valuation in a handful of months, suggesting fast development or key validation. As reported by Forbes, Lyra Well being was set to usher in round $100 million in income by the top of the yr on the time of its prior fundraise.
There have been quite a lot of classes of know-how which have seen a bump of utilization and curiosity throughout this coronavirus pandemic, and sadly — or maybe usefully, relying on the way you take a look at it — psychological well being and wellness startups, geared toward serving to our well-being on this making an attempt time, have been one in all them. Simply final week, the meditation app Calm raised $75 million at a $2 billion valuation.
Burlingame, California-based Lyra Well being desires to reside in places of work all over the place. The corporate helps employers give their staff a set of secure and confidential instruments to assist their psychological well being wants. It is a difficult area to play in, contemplating that psychological well being can nonetheless really feel taboo in workplaces and staff may really feel uncomfortable turning to their employers for assist. Nonetheless, in a world the place in-office perks are now not obtainable, psychological well being is perhaps a key funding to assist startup retention.
As soon as an worker joins Lyra, the corporate creates a set of suggestions for the now-patient primarily based on a survey. Lyra Well being then can join sufferers to its community of 1000’s of therapists for appointments, consultations and check-ins. The flywheel continues.
Through the pandemic, Lyra Well being has introduced on 80,000 new customers, to a complete of 1.5 million customers final reported.
Tech-enabled psychological well being care has discovered tailwinds because the coronavirus pandemic results in a surge of telehealth, as in-person physician’s appointments might go away sufferers in danger. Certainly, Lyra Well being began Lyra Blended Care, which pairs video remedy with on-line classes and workout routines rooted in cognitive behavioral remedy.