Amid Rapidly Growing Demand for Mental Health Services, Lyra Health Announces Closing of $110M Series D
Company has expanded customer base, doubled membership this year, and this month will surpass milestone of delivering the one-millionth treatment session through its exceptional provider network
August 25, 2020 — BURLINGAME, Calif. — Lyra Health, a leading provider of mental health care benefits for employers, today announced a Series D financing round of $110 million. Addition led the round and was joined by Adams Street Partners and existing investors, including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital. This financing enables Lyra to invest more aggressively in innovative, tech-enabled mental health treatments; to partner with more customers; and to expand and diversify its high-quality provider network.
The company is also pleased to announce the addition of Kerry Chandler to its Board of Directors. Chandler is Chief Human Resources Officer at Endeavor, a global entertainment, sports, and content company, and she previously served as a senior executive at Under Armour; Christie’s; the National Basketball Association; ESPN; and ESPN’s parent, The Walt Disney Company. She has also served in human resources leadership roles of increasing responsibility at IBM, Motorola, Exxon, and McDonnell Douglas. Chandler brings an extensive background in human resources operations, strategy, and executive leadership.
“Lyra has developed the most comprehensive mental health benefits to address the full spectrum of employees’ needs, at a time when direct and immediate access to such care has never been more important. I’m thrilled to join as an independent Board member to help the company fulfill its mission to provide the most effective care to millions,” said Chandler.
American workers are experiencing a surge in mental health challenges as they grapple with historic adversity amid the COVID-19 pandemic, economic uncertainty, and a national reckoning with racial injustice. A recent study led by Lyra Health and the National Alliance of Healthcare Purchaser Coalitions found that 83 percent of U.S. employees today are experiencing mental health issues.
“Whether you’re dealing with a preexisting mental health condition that has intensified or new symptoms that have arisen during the pandemic, these are challenging times for many people. We are proud to support employers that are prioritizing mental health and will use this new funding to help even more organizations support the mental health and well-being of their most important asset — their people,” said David Ebersman, Lyra Health CEO and co-founder.
Lyra has grown significantly in 2020. So far this year, the company has added more than 800,000 new members to the population eligible to receive Lyra benefits, bringing its total member population to more than 1.5 million. Lyra also is on track to surpass a milestone this month by delivering the one-millionth session of care through its exceptional provider network. In the last several months, leading employers in retail, tech, energy, financial services, and the food and agriculture industries — including Morgan Stanley, Asurion, and Zoom Video Communications — have stepped up to prioritize workforce mental health by partnering with Lyra to offer employees immediate access to proven, evidence-based care from thousands of Lyra providers nationwide. This financing, on top of the Series C round completed earlier this year, positions Lyra to take advantage of the burgeoning market opportunity and urgent need for better mental health solutions.
The company is also focused on expanding its enhanced teletherapy offering — Lyra Blended Care — which pairs video therapy sessions with personalized digital lessons and exercises based on Cognitive Behavioral Therapy (CBT) principles. Lyra Blended Care provides a scalable, tech-enabled solution optimized for better care quality and clinical outcomes. In July, new peer-reviewed Lyra research was published demonstrating the effectiveness of this treatment program for clients with depression and anxiety. The company plans to continue the expansion of Blended Care to serve Lyra members — including couples and adolescents — who are experiencing a range of mental health challenges. Lyra’s solution offers a simple and supportive member experience, ensures immediate access to care, and prioritizes fast and durable symptom improvement.
For more information about Lyra Health’s innovative mental health benefits for employers, visit lyrahealth.com.
About Lyra Health
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.