Mental healthcare is top of mind for many amid an ongoing public-health crisis, economic downturn and a nationwide reckoning with racism. As a result, those in the wellness industry have witnessed renewed interest from clients and investors alike. Mental health benefits provider Lyra Health is no exception.
On Thursday, the San Francisco-based company announced that it raised $187 million in a Series E led by Addition. The company cemented its status as a unicorn last year following a $110 million Series D, also led by Addition.
More than 83 percent of employees in the United States are experiencing mental-health issues, according to research Lyra conducted in partnership with the National Alliance of Healthcare Purchaser Coalitions.
Despite this surging need for mental-health support, many individuals lack access to the treatment they need. Lyra Health matches businesses and their employees with therapists and mental-health coaches through an array of personalized programs to address this disconnect.
“2020 put the need for mental health care transformation in sharp focus, as more people sought help during these extraordinary and difficult times,” David Ebersman, CEO and co-founder of Lyra Health, said in a statement. “The traditional mental health care system cannot address the critical needs people have today.”
Last year, in addition to announcing a partnership with Calm, Lyra introduced a new teletherapy tool. Lyra Blended Care pairs video therapy sessions with personalized digital lessons that are based on cognitive behavioral therapy principles.
Following the latest fundraise, the company is looking to significantly expand the size of its team. Lyra is hiring for dozens of open roles across nearly every department based out of its office in Burlingame. The company is also seeking out five new additions to its remote marketing team.
Lyra more than doubled the size of its customer base in 2020 and its network now supports more than two million members, according to the company. Lyra members include employees from companies like Morgan Stanley, Zoom and Asurion.
Lyra Health has raised a total of $475.1 million in venture capital financing to date, according to Crunchbase.
