Happify Health, a platform for mental health and disease management programs, has brought in $73 million in funding as part of a new Series D and other "related financing." Deerfield Management Company headed the investments, which also included funds from Omega Capital Partners, ION Crossover Partners and other prior backers.
WHAT IT DOES
Founded in 2012, Happify is best known for digital programs that provide automated self-guided support across various areas of mental health and wellness, such as stress management for employees or health plan members. Should the user need additional support, the platform can also facilitate a referral to third-party coaching, therapy, telemedicine or other available resources.
In more recent years the platform has expanded to address more than a dozen other chronic conditions, such as heart health and psoriasis, that can overlap with mental health conditions. It's also available globally, with programs available in 10 different languages, including the most recent addition of Italian and Castilian Spanish.
"Today, our platform covers more than 20 million lives, with more than 5 million individuals having received care through our platform," said Tomer Ben-Kiki, cofounder and CEO of Happify, in a statement.
"We are also working with five leading pharmaceutical partners on digital therapeutic solutions and four out of the five national payers to help support their members’ mental health and chronic illness needs. We look forward to reaching an even bigger audience with the support of our new partners."
WHAT IT'S FOR
Happify outlined a number of focus areas for the new funds. Among these were: a greater push into its configurable digital therapeutics product via pharmaceutical company relationships, improving artificial intelligence and machine learning models at the core of its coaching software, targeting new hires, and generally capitalizing on global business opportunities.
"This financing will drive the development of a variety of new care modalities on our connected health platform,” said Ofer Leidner, president and cofounder of Happify, in a statement.
“To scale successfully, we must expand our talented team of scientists, researchers, and digital healthcare experts as we develop new products, forge strategic partnerships and broaden our platform to support and empower individuals through their unique healthcare journey.
"We have already begun to make these growth investments with the recent addition of several key hires, including a chief medical officer and chief brand officer.”
Health and wellness platforms designed for employers or other enterprises have become a major focus among investors and stakeholders throughout the pandemic – and doubly so for those like Happify that put mental health in the front seat.
San Francisco-based Modern Health, for instance, announced a $74 million raise in early February – its third funding round in about 13 months. Also in the running are Lyra Health, Vida Health and Ginger, which have each enjoyed major funding rounds over the course of the last year.