- Mental telehealth platform company Tava Health announced it raised $3 million in a seed round of funding led by Peterson Ventures
Mental telehealth platform company Tava Health announced it raised $3 million in a seed round of funding led by Peterson Ventures. This round of funding will help Tava Health expand its offering into additional geographic markets and continue the commitment to making mental health resources more accessible for Americans nationwide.
This funding round comes at a time when demand for remote healthcare services (particularly mental health) has been surging as feelings of isolation, stress, and anxiety hit an all-time high. And as a result, Tava Health approximately doubled its number of patients served every week for nearly two months thus demonstrating an acute and immediate need for behavioral telehealth services.
Ever since the company launched in August 2019, Tava Health has driven 10 times more utilization of mental health resources among employees than traditional mental health benefits, largely due to the convenience and accessibility of its service. And while most employers the company partners with have impressive utilization rates of 12% to 15% among employees, some companies like Chatbooks have experienced over twice that amount.
Chatbooks started offering Tava Health’s services to its employees in January 2020. And by March, nearly 50% of the company had signed up and 25% already spoke with a professional.
“Mental health issues are among the most pressing problems of our generation, affecting nearly all of us to some degree. The unfortunate reality is that meeting regularly with a therapist is just as expensive and difficult today as it was decades ago. By partnering with employers and removing barriers to care through technology, we’re paving the way for their people to get excellent professional care with unprecedented ease. The modern workforce is beginning to expect a quality mental health benefit as a hallmark of any great employer, and we’re proud to be on the forefront of making this possible.”
“Caring for one’s mental health is a matter of hygiene as important as maintaining one’s physical or dental health. We’re grateful to our investors and the employers working with us so far for their help in making these resources available and look forward to providing regular, ongoing emotional health support to even more people moving forward.”
– Dallen Allred, CEO of Tava Health
“Even prior to the outbreak of COVID-19, nine out of ten employees wished their employers would do more to support their mental health, recognizing that it leads to greater work productivity and higher job satisfaction. These trends are only accelerating with millennial and Gen Z employees, and are unfortunately made more acute by the unique health crisis we face today. Robust mental health assistance will be a critical differentiator for modern employers who want to attract, retain, and get the most out of their employees.”
– Randall Lloyd, partner at Peterson Ventures
“The physical and mental health of our employees has always been top-of-mind for Chatbooks. It’s something we’ve spoken about openly as a company for several years, so when we first discovered Tava Health, we knew immediately that it was something we wanted to provide for our employees. The convenience of being able to speak with a licensed professional without taking time off work or driving across town is really appealing and means everyone can access the resources they need, when they need it. Since introducing this benefit, we’ve received multiple messages from employees about how helpful it’s been, and we’re delighted to see so many of our employees already taking advantage of this great resource.”
– Nate Quigley, CEO of Chatbooks