Lyra Health, a behavioral health benefits platform for employers, shared today it has closed a $200 million financing round led by Coatue. Sands Capital and the company’s existing investors also participated in the raise.
This raise brings Lyra’s total funding to date to $680 million and values the company at $4.2 billion, according to a company spokesperson.
WHAT IT DOES
Offered as a health benefit, the Lyra platform matches employees and their dependents to mental healthcare professionals and personalized evidence-based treatments. Members can choose the care options that work best for them, whether through in-person visits, video sessions, one-to-one messaging or digital activities.
Using principles from cognitive behavioral therapy, the platform combines time spent with healthcare professionals with ongoing support between sessions to help users progress. Lyra also tracks users’ progress to help providers personalize treatment and to give employers a population view of their workers’ wellbeing.
Lyra boasts client companies such as eBay and Uber and says it has more than 2.2 million members globally.
WHAT IT’S FOR
Building off its recent partnership with ICAS World, Lyra is using the new capital to support the launch of its new international service options.
“One in five people struggle with mental health challenges such as anxiety, depression, or substance use disorder,” David Ebersman, Lyra Health CEO and cofounder, said in a statement.
“Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive, global solutions.”
Also announced today, Lyra is launching a slew of new offerings for their global members across more than 180 countries.
The company has created a unified platform for its international members as a place to access all of Lyra’s care options and services, such as preventive care, mental health coaching, therapy and medication.
Within the new platform will be Lyra’s preventive mental health resources called Lyra Essentials. These include digital tools that cover topics such as parenting, stress, sleep, overcoming setbacks, relationship issues and thriving at work.
Lyra is also expanding its mental health coaching sessions to international members, which will be accessible through the new platform.
All of the new offerings will be available in 2022, according to the announcement.
There are a number of other mental health platforms for employees, including Modern Health, Happify Health, Vida Health and Unmind.
On-demand behavioral health platform Ginger recently teamed up with Cigna to give the company’s 14 million members access to Ginger’s behavioral health coaching, therapy and psychiatry services as an in-network benefit.
ON THE RECORD
“Effective mental health solutions must be comprehensive and include preventive care as well as support for more serious and urgent issues. Effective care must also be culturally responsive, which requires approaches that are both evidence-based and hyperlocal, addressing the unique needs of people where they live,” Dr. Connie Chen, chief operating officer at Lyra Health, said in a statement.
“Lyra is extending our proven approaches to mental health care for companies with people based around the world, and we look forward to delivering meaningful support and care to those employees and their families.”