Post Series D and a $1.17 Billion valuation propel Modern Health forward
We’re thrilled to share that Modern Health has raised another round of funding to support our goal of providing evidence-based mental health care to all. The $74 million Series D funding round was led by esteemed venture capital firm Founders Fund with investment by Lachy Groom. Following a $51 million Series C round in December 2020, the latest raise brings Modern Health’s total funding to more than $170 million and our valuation to $1.17 billion, making us the fastest entirely female-founded company in the U.S. to reach unicorn status.
The Series D round comes amid a period of rapid growth for Modern Health, as recent events—including the COVID-19 pandemic, remote work, the U.S. presidential election, and racial violence—have emphasized the longstanding need for better mental health support for employees. Modern Health now serves more than 220 enterprise clients around the world—including Pixar, Clif Bar, Zendesk, and Carta—and launched 25 new enterprise customers in January 2021 alone.
As demand continues to grow for our comprehensive solution, we continue to lean into our mission of providing mental health benefits to the entire employee population. We affirm that everyone has mental health, which will ebb and flow at different points in their lives, and tailor our care offering to the unique needs of each individual regardless of where they are on the spectrum of need. Whether employees are suffering from stress and anxiety due to the isolation of remote work or dealing with more clinical issues like depression, we are able to quickly and effectively connect them to the right level of care all within one app. For people seeking preventive-level care, Modern Health offers app-based digital resources like online meditations and evidence-based digital coursework. For those with moderate mental health needs, we offer group-based, therapist-led support sessions and virtual one-on-one care with certified, specialist coaches. For individuals with clinical-level needs, Modern Health connects members with licensed clinical psychologists who practice evidence-based care.
Our new funding will enable us to continue to execute on our vision and elevate the Modern Health experience for our users and clients, including through new forms of care, improved digital experiences, and advanced reporting and analytics capabilities.
According to Brian Singerman, partner at Founders Fund, “Modern Health has created a new standard for enterprise mental health management, and is pushing the industry forward with its accessible, comprehensive platform. We believe this company is destined to lead its category into the future, creating more productive, balanced workplaces around the world.”
For more detail on our Series D funding round or to learn more about offering Modern Health for your employees, please contact us at firstname.lastname@example.org.
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