Yesterday morning mental health-focused startup Modern Health announced that it scored $31 in Series B funding. Veteran digital health investors Founders Fund and John Doerr led the round, with participation from Kleiner Perkins and Afore Capital.
The company said this latest infusion of cash brings its total capital raise to $42 million.
WHAT THEY DO
The San Francisco-based startup works with employer organizations to provide its members with a digital mental health platform. The tool allows users to personalize their care and considers goals and needs.
Users can tap into services that range from coping with work stress to managing relationships and living a healthy lifestyle.
The program offers three levels of care. The first is through digital programs developed by clinical psychologists. Users can also access virtual coaching, with an ICF-certified coach, that takes place through live text messaging or video. Lastly, the tool offers clinical therapy via in-person visits or through video.
So far, the company boasts a client list that includes Pixar and Gusto.
WHAT IS IT FOR
The startup plans to use the new funds to accelerate product development. It also said it plans to expand its services globally and hire more industry professionals and mental health practioners.
This is hardly the first mental health app to team up with employers. In March British startup Unmind landed $3.8 million for its app that aims to support work-place wellbeing. Additionally, as far back as 2016, mental health platform Happify Health announced plans to build out its employee wellness business. Digital mental health startup Meru has also been working with health systems and employers to offer its 12-week mental health program that is supported by licensed therapists.
ON THE RECORD
"Getting mental health support has too often been stigmatized, especially in the corporate world. Modern Health has a unique approach that effectively de-stigmatizes care by making it available to everyone. Now companies can provide all employees, regardless of their spectrum of need, a solution that works for them, whether they need clinical support or prefer self-guided programs that promote their mental wellbeing," Doerr said in a statement.