The coronavirus pandemic has highlighted, and often worsened, the mental health crisis that exists across the world. Even the spread of remote work is part of the problem: As everyone abides at home, the lack of interaction and watercooler chat has left employees without in-person interaction.
The need for a solution has helped tech-powered mental health answers create funding to meet increased demand. In the latest development, it emerged that Lyra Health, a programme that focuses on providing workforces with mental health care, has entered paperwork to raise a $175 million Series E at a $2.25 billion valuation.
The paperwork was uncovered by Prime Unicorn Index. While it is not clear whether the company has closed the round, filings in Delaware usually appear after part or all of the funding has been secured. Prime Unicorn Index notes that the terms border this Series E round include a “pari passu liquidation preference with all other promoted, and conventional convertible, implication they will not participate with common stock if there are remaining proceeds.” It also noted that Lyra Health’s most recent price per share is $27.47, an up round from the Series D, which priced shares at $14.21.
We are reaching out to the company and investors for a response to the filing. One investor noted that the round has not closed yet.
Past sponsors of the company include Adams Street Partners, Tenaya Capital, Meritech Capital Partner, IVP and Greylock.
We seem to be in a period of rapid growth rounds getting raised in quick succession for the most promising startups. As with Discord — which confirmed a $100 million round really six months after raising $100 million — Lyra Health also recently promoted money — specifically a $ 110 million Series D that catapulted it above a$ 1 billion valuation.
That effectively intends the startup double-dealing its valuation in a handful of months, showing rapid growth or key validation. As reported by Forbes, Lyra Health was set to bring in around $100 million in income by the end of the year at the time of its prior fundraise.
There have been a number of categories of technology that have heard a bump of consumption and interest during this coronavirus pandemic, and unhappily — or perhaps usefully, depending on the way you look at it — mental health issues and wellness startups, aimed at helping our well-being in this trying time, have been one of them. Precisely last week, the meditation app Calm caused $75 million at a$ 2 billion valuation.
Burlingame, California-based Lyra Health wants to live in positions everywhere. The company facilitates employers give their employees a suite of safe and confidential tools to support their mental health needs. This is a tricky space to play in, considering that mental health can still feel taboo in workplaces and employees might feel painful turning to their employers for reinforce. Still, in a life where in-office benefits are no longer available, mental health issues might be a key investment to help startup retention.
Once an employee connects Lyra, the company appoints a prepare of recommendations concerning the now-patient based on a sketch. Lyra Health then can connect cases to its system of thousands of therapists for appointments, consultations and check-ins. The flywheel continues.
During the pandemic, Lyra Health has brought on 80,000 new customers, to a total of 1.5 million consumers last-place reported.
Tech-enabled mental health care has observed tailwinds as the coronavirus pandemic leads to a surge of telehealth, as in-person doctor’s appointments could leave cases at risk. Indeed, Lyra Health started Lyra Blended Care, which pairs video therapy with online lessons and exercisings rooted in cognitive behavioral therapy.
Read more: feedproxy.google.com