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Mental wellness platform Lyra Health is raising up to $175M at a $2.25B valuation

Mental wellness platform Lyra Health is raising up to $175M at a $2.25B valuation

The coronavirus pandemic has underscored, and sometimes exacerbated, the psychological well being disaster that exists the world over. Even the unfold of distant work is a part of the issue: As everybody stays at house, the dearth of interplay and watercooler chat has left workers with out in-person interplay.

The want for an answer has helped tech-powered psychological well being options elevate funding to fulfill elevated demand. In the newest improvement, it emerged that Lyra Health, a platform that focuses on offering workforces with psychological well being care, has filed paperwork to lift a $175 million Series E at a $2.25 billion valuation.

The paperwork was uncovered by Prime Unicorn Index. While it’s not clear whether or not the corporate has closed the spherical, filings in Delaware normally seem after half or the entire funding has been secured. Prime Unicorn Index notes that the phrases surrounding this Series E spherical embrace a “pari passu liquidation desire with all different most popular, and traditional convertible, that means they won’t take part with frequent inventory if there are remaining proceeds.” It additionally famous that Lyra Health’s most up-to-date value per share is $27.47, an up spherical from the Series D, which priced shares at $14.21.

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We are reaching out to the corporate and traders for a response to the submitting. One investor famous that the spherical has not closed but.

Past backers of the corporate embrace Adams Street Partners, Tenaya Capital, Meritech Capital Partners, IVP and Greylock.

We appear to be in a interval of fast development rounds getting raised in fast succession for probably the most promising startups. As with Discord — which confirmed a $100 million spherical simply six months after elevating $100 million — Lyra Health additionally lately raised funding — particularly a $110 million Series D that catapulted it above a $1 billion valuation.

Update: Discord confirms elevating $100M, sources say at a valuation of as much as $7B

That successfully means the startup doubled its valuation in a handful of months, suggesting fast development or key validation. As reported by Forbes, Lyra Health was set to usher in round $100 million in income by the top of the 12 months on the time of its prior fundraise.

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There have been a lot of classes of know-how which have seen a bump of utilization and curiosity throughout this coronavirus pandemic, and sadly — or maybe usefully, relying on the way you take a look at it — psychological well being and wellness startups, geared toward serving to our well-being on this attempting time, have been one in all them. Just final week, the meditation app Calm raised $75 million at a $2 billion valuation.

Calm raises $75M extra at $2B valuation

Burlingame, California-based Lyra Health needs to stay in places of work in all places. The firm helps employers give their workers a collection of protected and confidential instruments to assist their psychological well being wants. This is a tough area to play in, contemplating that psychological well being can nonetheless really feel taboo in workplaces and workers would possibly really feel uncomfortable turning to their employers for assist. Still, in a world the place in-office perks are now not obtainable, psychological well being could be a key funding to assist startup retention.

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Once an worker joins Lyra, the corporate creates a set of suggestions for the now-patient based mostly on a survey. Lyra Health then can join sufferers to its community of 1000’s of therapists for appointments, consultations and check-ins. The flywheel continues.

During the pandemic, Lyra Health has introduced on 80,000 new customers, to a complete of 1.5 million customers final reported.

Tech-enabled psychological well being care has discovered tailwinds because the coronavirus pandemic results in a surge of telehealth, as in-person physician’s appointments might depart sufferers in danger. Indeed, Lyra Health began Lyra Blended Care, which pairs video remedy with on-line classes and workout routines rooted in cognitive behavioral remedy.

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