March 11, 2020 — BURLINGAME, Calif. — Lyra Health, a leading provider of innovative mental health benefits for employers, today announced a Series C financing round of $75 million. The latest funding round was led by IVP, a premier later-stage venture capital and growth equity firm focused on investments in rapidly-growing technology companies. IVP was joined by new investor Meritech Capital Partners, as well as existing investors Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital, and Venrock.
Approximately 20 percent of Americans will suffer from a mental health condition this year, and, too often, our current health care system fails them. Fortunately, employers are increasingly demanding better services for their employees and family members who are struggling with issues from stress to suicidality.
Lyra’s solution addresses the barriers to accessing high-quality mental health care. The company provides personalized recommendations based on each individual’s needs – including therapy, coaching, and medications – and offers fast access to top evidence-based providers. Lyra’s platform also transforms the care process using technology to support clients and providers in between sessions. Lyra delivers differentiated results in terms of engagement, access, and clinical outcomes. The company will use this funding to expand its platform technology and network of evidence-based mental health providers.
“At a time when the prevalence of mental illness is surging, it is imperative that we invest in new solutions to tackle stigma, improve access and quality, and remove barriers to care. We are excited to use this funding to help even more employers step up to this challenge,” said David Ebersman, founder and CEO of Lyra Health.
Lyra Health, which this week was named to Fast Company’s list of the World’s Most Innovative Companies for 2020, has grown significantly in recent years. The company’s expanding set of customers includes eBay, Uber, NetApp, and Genentech. The number of employees and family members with access to Lyra’s services has grown from 50,000 to 1 million over the past few years.
“Lyra Health is tackling the pervasive issue of mental health in the workplace with a proven approach that effectively blends technology with personalized therapy,” said Somesh Dash, general partner at IVP. “Considering the complexities and challenges associated with mental health care today – especially for employers – we need to embrace new approaches to care that are laser-focused on quality, evidence, and measurable member improvement. Lyra Health does just that, and we are proud to partner closely with them on their journey to transform mental health care.”
For more information about Lyra Health’s innovative mental health benefits for employers, visit: lyrahealth.com.
Lyra Health, a leading provider of innovative mental health benefits for more than 2 million U.S. employees and dependents, is transforming mental health care by creating a frictionless experience for members, providers, and employers. Using matching technology and an innovative digital platform, Lyra quickly connects companies and their employees — plus spouses and children — to world-class therapists, mental health coaches, and personalized medication prescribing. Leading employers partner with Lyra to deliver tailored, value-driven mental health benefits to their people. With Lyra, benefits leaders can offer employees fast, reliable access to providers who practice evidence-based mental health care treatments. For more information, visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter.