California-based Lyra Health, a leading provider of comprehensive mental health care benefits for employers, raised US$ 187M in Series E financing round on 28 January 2021.
Investors: The funding round was led by Addition along with new investors Durable Capital Partners LP, Fidelity Management & Research Company and Baillie Gifford and other existing investors.
Purpose of funding: The funds will be utilized by Lyra to further expand its investments in developing tech-enabled mental health care, a growing and diverse provider network and new partnerships to support the world’s largest global organizations.
About Lyra Health
Founded in 2015 by David Ebersman and Dena Bravata Lyra helps companies improve access to effective, high-quality mental health care for their employees. It is providing innovative mental health benefits to more than 2 million U.S. employees and dependents. It uses matching technology and an innovative digital platform to connect companies and their employees and also their spouses and children to renowned therapists, mental health counsellors, and personalized medication prescribing.
According to a research by Lyra, more than 83% of U.S. employees experience mental health issues and 40% of workers feel employers don’t support their mental health. In 2020, the company launched Lyra Blended Care. It schedules video therapy sessions with personalized digital lessons and exercises based on Cognitive Behavioral Therapy (CBT) principles. Lyra Blended Care delivers better care quality and clinical outcomes and is cost effective as well. The company plans to continue expanding its Blended Care service and serve a wide range of members facing mental health challenges.
Lyra claims that it more than doubled its customer base in 2020, extending its services to support more than 2 million members with comprehensive mental health care. Some of its notable clients include Genentech, Morgan Stanley, Zoom Video Communications, eBay, Uber and Pillsbury among others.
In 2020, Lyra partnered with Calm, a top mental fitness and resilience application. This partnership is helping Lyra to make it easier for employers to offer various mental health tools from a single platform.
What the CEO has to say: “2020 put the need for mental health care transformation in sharp focus, as more people sought help during these extraordinary and difficult times. The traditional mental health care system cannot address the critical needs people have today. Lyra is now able to directly support more than 2 million members as we enable employers to offer their people easy, effective access to clinically proven mental health care. This latest financing round will allow Lyra to continue to develop new and innovative care solutions while reaching new customers and members,” said David Ebersman, Lyra Health CEO and co-founder.
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