Six months after closing a funding round in January, behavioral health startup Lyra Health more than doubled its valuation. The company recently raised $200 million in funding, giving it a valuation of $4.6 billion, it announced on Monday.
Technology-focused hedge fund Coatue led the funding round. Lyra plans to use the capital to make its virtual therapy available internationally, building on an existing partnership with global EAP-provider ICAS that it struck earlier this year.
“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,” Lyra CEO David Ebersman said in a news release.
Burlingame, Calif.-based Lyra was founded in 2015. Since then, the startup has amassed a total of $680 million in funding.
Like its competitors, the company primarily offers its mental health services as a covered benefit through employers. They include video counseling, messaging with health coaches, and self-guided activities through its app.
Lyra is working with ICAS, which offers access to mental health providers in 180 countries, to expand this model for multinational companies.
Starting next year, Lyra plans to roll out a new app that will include all of these services for its international members. Through the app, members will be able to access therapy, mental health coaching and medication. Lyra also plans to offer preventive tools for international members through the app, including topics on stress, sleep, parenting, and meditation exercises.
In the meantime, other mental health startups are forging their own plans for growth. For example, Ginger, which offers text-based coaching and teletherapy, recently struck a partnership to be covered by Cigna. Other approaches, like Headway, which is building its own network of therapists covered by insurers, are also raising funding.
Photo credit: Venimo, Getty Images