Lyra Health completes $187M Series E round and expands user base with ICAS World

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The digital behavioral-health-benefits platform Lyra Well being introduced as we speak the closing of its Collection E funding spherical value $187 million.

The extra funds convey its complete quantity raised to roughly $462 million and the corporate valuation to about $2.3 billion, in response to a Lyra spokesperson.

The spherical was led by Addition and had participation from new buyers Sturdy Capital Companions LP, Constancy Administration & Analysis Firm and Baillie Gifford, together with different present buyers.

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Along with the capital elevate, Lyra can also be starting a partnership with ICAS World, an employee-assistance-program supplier. By the collaboration, ICAS World’s shopper firms will have the ability to supply Lyra’s technology-enabled psychological well being options to their staff.

WHY THIS MATTERS

Lyra’s funding will probably be used to additional help firm development because it seeks partnerships like its newest one with ICAS World.

“2020 put the necessity for psychological well being care transformation in sharp focus, as extra individuals sought assist throughout these extraordinary and troublesome instances,” mentioned David Ebersman, the CEO and cofounder of Lyra Well being, in a press release.

“The standard psychological well being care system can not tackle the important wants individuals have as we speak. Lyra is now capable of straight help greater than 2 million members as we allow employers to supply their individuals straightforward, efficient entry to clinically confirmed psychological well being care. This newest financing spherical will permit Lyra to proceed to develop new and progressive care options whereas reaching new prospects and members.”

By late June of final 12 months, 40% of adults within the U.S. mentioned they have been battling psychological well being or substance use, in response to the Facilities for Illness Management and Prevention. Essentially the most generally reported hostile psychological well being signs have been for nervousness and despair (31%) and for trauma- and stressor-related problems (26%).

A few of the commonest stressors felt by staff in the course of the pandemic are: fears about their very own well being and the well being of their family members, the data overload brought on by the media’s fixed protection, emotions of confinement, the stigma and social exclusion of changing into a confirmed affected person, and monetary loss and job insecurity, in response to a report in Emerald Open Analysis.

To assist staff mitigate unfavourable outcomes to their psychological well being, the report means that workplaces develop a channel of clear communication about their group’s enterprise plans and for offering correct and well timed COVID-19 data, prepare their employees on learn how to work in new pandemic circumstances, present social help companies and create a back-to-work plan.

THE LARGER TREND

This newest funding announcement comes off the heels of an enormous funding 12 months for Lyra Well being. It first raised  $75 million in a Collection C spherical in March and shortly adopted that up with a $110 million Collection D elevate in August.

The corporate additionally inked a take care of the stress and wellness app Calm final 12 months to develop entry to the app’s digital applications to Lyra’s shopper base.

Becoming a member of Lyra within the employer-based psychological well being house is Trendy Well being, which lately collected $51 million in a Collection C spherical, and Unmind, which accomplished a $10 million Collection A spherical final February.

 

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