Benefits Unicorn Lyra Health Raises $200M Series F at $4.6B Valuation

by Jeremy Porr
June 14, 2021
Last August, the company cemented its status as a unicorn with a $110 million Series D and back in January, the company raised $187 million in its Series E.
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If you’re fully vaccinated, chances are you might be back to your “normal” day-to-day. Going into the office. Visiting friends and family. Dining out. Although pre-pandemic life is returning in many small ways, readjusting can feel overwhelming. A recent survey from the American Psychological Association found that 49 percent of fully vaccinated adults feel uneasy about returning to in-person interactions.

Keen-eyed employers are taking note of the psychological effects of a “post-pandemic” world and the best of them are rushing to accommodate their employees in the mental-health department. This could mean policies extending work-from-home arrangements or signing on for comprehensive mental-health benefits with a company like Lyra Health.

The Burlingame-based unicorn matches employees with therapists and mental-health coaches through an array of personalized programs on its platform. On Monday, the company announced that it raised $200 million in fresh financing to take its healthcare solutions abroad. The Series F was led by Coatue and values the company at an astounding $4.6 billion.

Lyra Health’s announcement confirms an earlier report by The Information. The publication initially broke the news back in May, according to two people familiar with the deal.

Lyra Health has kept busy over the past year. Last August, the company cemented its status as a unicorn with a $110 million Series D. Back in January, the company raised $187 million in its Series E.

“One in five people struggle with mental-health challenges such as anxiety, depression, or substance use disorder,” David Ebersman, co-founder and CEO of Lyra Health, said in a statement. “Delivering mental healthcare for diverse employee populations around the world is one of the most pressing and complex issues for employers today.”

Lyra Health’s network of mental healthcare professionals includes more than 5,000 coaches, therapists and doctors across the U.S.

The company plans to invest in its team as it continues to scale. Lyra also plans to launch a globally accessible version of its mental-health platform and mobile app in 2022.

“Effective mental-health solutions must be comprehensive and include preventive care as well as support for more serious and urgent issues,” Connie Chen, chief operating officer at Lyra Health, said in a statement. “Effective care must also be culturally responsive, which requires approaches that are both evidence-based and hyperlocal, addressing the unique needs of people where they live.”

Lyra Health is now hiring for 41 positions spanning its engineering, product, operations and marketing departments, to name a few.

The company has raised $675.1 million in venture capital financing to date, according to Crunchbase. Sands Capital participated in the round, among several existing investors.

Jobs at Lyra Health

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