Mental Health Company Lyra Raises $75 Million Led By IVP

By Amit Chowdhry ● Mar 11, 2020
  • Lyra Health, a leading provider of mental health benefits for employers, announced it raised $75 million in Series C funding led by IVP

Lyra Health — a leading provider of mental health benefits for employers — announced it raised $75 million in Series C funding. This round of funding was led by IVP. New investor Meritech Capital Partners as well as existing investors Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital, and Venrock joined the round.

Around 20% of Americans will suffer from a mental health condition this year. And our current health care system often fails them. Fortunately, employers have been demanding better services for their employees and family members who are struggling with issues from stress to suicidality.

Lyra’s solution addresses the challenges in accessing high-quality mental health care. And the company provides personalized recommendations based on each individual’s needs, including therapy, coaching, and medications. Plus it offers fast access to top evidence-based providers. 

The platform offered by Lyra transforms the care process using technology to support clients and providers in between sessions. And Lyra delivers differentiated results in terms of engagement, access, and clinical outcomes. 

With this round of funding, the company will expand its platform technology and network of evidence-based mental health providers.

Now Lyra Health’s customers include eBay, Uber, NetApp, and Genentech. And the number of employees and family members with access to Lyra’s services has grown from 50,000 to 1 million in the past few years.

Key Quotes:

“At a time when the prevalence of mental illness is surging, it is imperative that we invest in new solutions to tackle stigma, improve access and quality, and remove barriers to care. We are excited to use this funding to help even more employers step up to this challenge.”

-David Ebersman, founder and CEO of Lyra Health.

“Lyra Health is tackling the pervasive issue of mental health in the workplace with a proven approach that effectively blends technology with personalized therapy. Considering the complexities and challenges associated with mental health care today – especially for employers – we need to embrace new approaches to care that are laser-focused on quality, evidence, and measurable member improvement. Lyra Health does just that, and we are proud to partner closely with them on their journey to transform mental health care.”

-Somesh Dash, general partner at IVP