- Modern Health, a mental well-being benefits platform, announced it raised $9 million in Series A
- This round of funding was led by Kleiner Perkins
- Jared Leto, Kristin Baker Spohn, Katrina Lake, Frederic Kerrest, Y Combinator, and Afore also participated in this funding round.
Modern Health, a mental well-being benefits platform for employers, announced it raised $9 million in Series A funding led by Kleiner Perkins. Jared Leto (actor/singer), Y Combinator, and Afore also participated in this round of funding.
Some of the other investors who participated in this round include Kristin Baker Spohn (former chief commercial officer of Collective Health), Katrina Lake (Stitch Fix founder and CEO), and Frederic Kerrest (co-founder, executive vice chairperson, and COO of Okta) according to Business Insider.
What does Modern Health do? The platform provides companies with a suite of products for employees to access the emotional care that they need while helping employers improve worker productivity, retention, and limit costs from over-prescribed in-person therapy.
Alyson Friedensohn and Erica T. Johnson founded Modern Health in 2017 as they set out to transform how workers across the U.S. access mental healthcare as a core employee benefit.
With this round of funding, Modern Health is going to use the capital to accelerate the development of the product, build its sales organization, and expand upon its customer base. In conjunction with this round of funding, Kleiner Perkins partner Mamoon Hamid is joining the company board of directors.
“Mental health is now the number one cause of disability worldwide, and it impacts all of us. Everyone gets sick or injured with physical health at some point in their lives. The same is true for our mental health, only we don’t let people talk about it, we make it hard to proactively prevent, and we make it almost impossible to treat. We founded Modern Health to remove the stigma and give individuals the support they need to be resilient to the stress and struggles of today’s society,” said Alyson Friedensohn, co-founder and CEO of Modern Health.
According to the Centers for Disease Control and Prevention (CDC), nearly 50% of all Americans have experienced a diagnosable mental illness or disorder at some point in their lifetime. However, existing point solutions have failed to meet the evolving mental health needs of employers and employees — which creates a demand for a holistic platform of services.
Modern Health’s product will be able to predict, prevent, and personalize care to meet the needs of every employee. The platform offers customers with an easy onboarding process focused on well-being assessment and triaging individuals to the appropriate care based on their needs and preferences. And Modern Health is also considered the first holistic mental well-being platform that engages the entire employee population.
Through assessments and personalization, Modern Health will be able to guide people to the right care at the right time whether someone wants to proactively reduce stress or treat depression.
And employees will get unlimited access to evidence-based programs and guided exercises that help combat burnout in as little as 5 minutes — which also helps employees learn to be better coworkers and managers by improving their emotional intelligence and building resilience.
Plus there is dedicated professional support so employees can get matched to a professional coach or licensed therapist based on their unique needs and preferences and Modern Health offers access to providers both in-person and virtually, making it easy for working professionals to obtain the support they need. Myra Altman, PhD — the clinical care lead of Modern Health — is building and managing a network of evidence-based therapists and coaches for assessing individual care needs.
“Mental health disorders are a prevailing public health issue and one of the costliest medical conditions in the United States, with spending rising to over $200 billion annually for patient treatment,” said Mamoon Hamid, partner at Kleiner Perkins. “The market is currently poorly served, and we’re thrilled to work with this dynamic team of healthcare professionals and industry experts to provide a comprehensive solution to the problem.”
