$51M Series C to power global reach of mental health benefits
We’re humbled and energized to announce our $51 million Series C fundraise led by Battery Ventures with participation by Felicis Ventures and existing investors Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital, and Okta co-founder Frederic Kerrest. This funding round comes less than a year after raising our Series B in January 2020, and brings our total funding to more than $95 million and our current valuation to between $500M and $1B.
The funding will help us continue to expand across the globe as employer demand for mental health resources accelerates. Now more than ever before, mental health has become a core pillar of the corporate benefits stack, as employers finally recognize the impact of mental health issues on the workplace—which can result in as much as $500 billion of lost productivity per year. COVID-19 has exacerbated the mental health crisis, and studies suggest that pandemic-induced mental health challenges will persist long after the pandemic is resolved. As a result, Modern Health now provides mental health coverage to more than twice as many employees as before the pandemic, and now supports more than 190 enterprise companies around the world.
As an employer-focused solution offering a fully integrated mental health platform, Modern Health’s evidence-based approach provides employees access to mental health care for all levels of need, through therapy, coaching, group community support sessions, and evidence-based digital content all in one comprehensive, consumer-friendly app.
“With a shortage of therapists and rising costs blocking access to support, the mental health industry is reaching its breaking point. At Modern Health, we are dedicated to destigmatizing mental health in the workplace and ensuring as many people as possible get cost-effective mental health care,” said Alyson Watson, our founder and CEO. “Every employee should have equal access to quality mental health support—and we will continue to expand our offering to respond swiftly to demand.”
As Modern Health continues to grow at scale, two industry veterans have joined our board: Roger Lee, general partner at Battery Ventures and lead investor in category-defining companies like Gainsight and StockX, as well as Penny Herscher, longtime technology industry thought leader and former CEO of Simplex and FirstRain.
“It’s clear that providing access to comprehensive and accessible mental health resources has a lasting impact on a company’s employees—and its bottom line,” said Lee. “Modern Health is not only dedicated to increasing access to critical mental health support across the globe, but also to helping companies build stronger, more resilient workforces. Watson and the entire Modern Health team are working toward a better future for mental health care.
For more detail on our Series C funding round or to learn more about offering Modern Health for your employees, please contact us at email@example.com.
Modern Health is the comprehensive mental wellness platform that combines the WHO well-being assessment, self-service wellness kits, an international network of certified coaches, and licensed therapists available in 35 languages all in a single app. Modern Health empowers employers to lead the charge in acknowledging that mental health is just as important as physical health, de-stigmatizing the conversation, and increasing accessibility of mental health services for all.
Modern Health’s clinically-designed substance use support addresses the entire spectrum of needs, providing proactive detection and outreach, comprehensive clinical treatment, specialized care coordination for members with high-acuity needs, and evidence-based preventative care and education.
Lydia Wright, Senior Manager of Global Benefits at Atlassian, and Emma Woodburn, Benefits Specialist at Intel, join Modern Health at Elevate 2022 to discuss how culturally centered care and engagement campaigns in preferred languages and time zones significantly boosts employee benefit utilization.