Lyra Health Completes $235M Funding Round, led by Dragoneer, to Fuel International Expansion
Company appoints Robynne Sisco to Board of Directors
January 19, 2022 — 08:00 AM EDT, BURLINGAME, Calif. — Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has completed a $235M financing. Dragoneer led the round and was joined by new investor Salesforce Ventures along with existing investor Coatue. With the new funding, Lyra will accelerate its delivery of comprehensive, evidence-based, culturally responsive mental health care benefits for employees and their families around the world. Lyra separately announced today it has acquired ICAS World, an employee assistance program provider with operations in more than 155 countries.
“I’ve known David for over 10 years, and his focus on one of the world’s most important topics, addressing and solving mental health care, is truly inspiring,” said Marc Stad, Founder and Managing Partner at Dragoneer. “Mental health issues are much more pervasive than is commonly known, and Lyra is thoughtfully redefining access to care by providing broad-based solutions through employers. With this additional capital, Lyra will have the opportunity to further distinguish itself as the leader in mental health domestically and expand internationally to address a global need.”
Robynne Sisco Joins Board of Directors
Lyra also today announced the addition of Robynne Sisco to its Board of Directors. Sisco is currently co-president and chief financial officer at Workday. In her distinguished career, Sisco has held senior finance roles at VMware, VeriSign, and Oracle and she brings to Lyra more than 30 years of experience in corporate finance, accounting operations, investor relations, legal, and procurement.
“Lyra is dedicated to redefining access to high-quality mental healthcare for both individuals and employers on a global scale,” said Sisco. “As the demand for mental health care accelerates worldwide, I am honored to join them in the quest to deliver a powerful support system for companies and their employees.”
“We are excited to welcome Robynne to our Board of Directors,” said David Ebersman, Lyra Health CEO and co-founder. “Her deep expertise in finance and operations at leading global organizations will be significant assets for Lyra as we work together to provide a single source for effective mental health care for the world’s greatest companies.”
Transforming Access to Mental Health Care Around the World
Nearly 1 billion people worldwide suffer from a mental health disorder, yet more than 70% of people don’t have access to the care they need. The World Health Organization estimates that the loss in productivity due to depression and anxiety alone costs the global economy $1 trillion each year.
Lyra delivers clinically proven mental health care for employees and family members across all facets of mental health, from wellness and preventive care to the most severe conditions. Lyra is trusted by leading companies, including Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals.
“Providing high-quality mental health care for diverse employee populations around the world is one of the most critical and challenging issues for employers today. This new funding will help Lyra deliver comprehensive and culturally responsive mental health care for organizations and their employees and families,” said Ebersman.
For more information about Lyra Health’s innovative mental health benefits for employers, visit lyrahealth.com.
About Lyra Health
Lyra Health is the leading provider of Workforce Mental Health benefits, serving 10 million global employees and their dependents. Lyra is transforming mental health care using intelligent matching technology, concierge support, and an innovative digital platform to deliver a frictionless experience for members, providers, and employers. Lyra quickly connects members to an exclusive network of evidence-based providers, mental health coaches, digital wellness tools, and personalized medication programs. Lyra’s approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. For more information, visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $25 billion in long-duration capital. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Carbon Health, Ceridian, Chime, Datadog, Doordash, Duck Creek, Livongo, Maven, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath, and others.