Modern Health raises another $74M to meet employers’ demand for mental health benefits

Posted on

San Francisco-based psychological nicely being and wellness platform Trendy Well being has saved its foot on the gasoline all by the COVID-19 pandemic. As we converse it launched a $74 million Sequence D funding spherical just a few months after a $51 million Sequence C closed in October and formally launched in December.

The model new investments peg Trendy Well being’s lifetime funding to better than $170 million, the company talked about, and its valuation to $1.17 billion.

Returning backer-founder Fund led the Sequence D spherical, which moreover had participation from Lachy Groom. Prior merchants throughout the agency have included Battery Ventures, Kleiner Perkins Felicis Ventures and 01-Advisors.

HIMSS20 Digital

Study on-demand, earn credit score rating, uncover merchandise and choices. Get Began >>

WHAT IT DOES

Trendy Well being works with employer-customers to supply an app-based bundle of psychological nicely being benefits. Workers are first requested to complete a survey on their focus areas, concerns and current mind-set, after that are provided with quite a lot of digital functions that sort out their desires.

These selections sort out factors comparable to stress, financial wellbeing, work effectivity, and relationship steering, and could also be augmented with distant educating or with keep group or one-on-one treatment.

Alongside its flurry of fundraises, Trendy’s announcement moreover highlighted the company’s newest progress. In 2020, the startup tripled its employees and doubled its purchaser base to better than 220 customers. Trendy attributes loads of that progress to new demand ensuing from COVID-19, however as well as highlights its engagement prices and outcomes as a selling stage to employers.

In response to the company, almost all of workers registered on the platform full not lower than two treatment lessons, better than half are partaking with their care and virtually half who start educating lessons ensuing from depressive-related indicators present scientific restoration after 4 lessons.

“If there’s one factor we’ve realized from this previous 12 months, it’s that prioritizing worker psychological well being is important for all firms – regardless of the dimensions. We should always not have to attend till there’s a world pandemic to take motion,” Alyson Watson, CEO and founding father of Trendy Well being, talked about in a press launch.

“Enterprise leaders have an crucial to prioritize the wellbeing of their workforces, as a result of it instantly impacts firm productiveness and efficiency – and since we care about our staff at work and outdoors of it.”

Notably, just a few weeks prior to now, the company moreover clarify the acquisition of fellow digital psychological nicely being startup Kip, along with plans to mix its data-tracking, analytics and user-communications experience into Trendy’s private selections.

WHAT IT’S FOR

Trendy talked about that the model new funding will “assist the corporate to proceed its spectacular upward momentum, supporting extra enterprises and providing quite a lot of accessible, progressive, and customised psychological well being administration choices to workforces worldwide.”

THE LARGER TREND

Trendy’s pandemic-driven upward trajectory is a well-recognized story for various tech platforms addressing employee and shopper psychological nicely being and wellness. In its annual digital nicely being funding report, Rock Well being highlighted the digital mental-healthcare space as a clear beneficiary of COVID-19-driven demand.

For the employer and enterprise market, startups like Lyra Well being, Vida Well being and Ginger each launched sizable funding rounds throughout the remaining 12 months. Different producers additional centered on prospects, comparable to Talkspace or Headspace, have moreover signaled sturdy progress this 12 months, whereas telehealth and telehealth names like Hims & Hers expanded their selections to include behavioral nicely being firms like digital treatment.

Leave a Reply

Your email address will not be published. Required fields are marked *