The coronavirus pandemic has highlighted and often exacerbated, the worldwide mental health crisis. Even the spread of working remotely is part of the problem: As everybody stays at home, the shortage of interaction and the water cooler chat left employees without in-person interaction.
The need for a solution has helped mental health technology solutions secure funding to respond to increased demand. In the latest development, Lyra Health, a platform focused on delivering mental health services has submitted paperwork to raise a Series E $175 million at a $2.25 billion valuation.
The paperwork was uncovered by Prime Unicorn Index. Although it is not clear whether the company closed the round, filings in Delaware generally appear after some or all of the funding has been secured. The Prime Unicorn Index reported that Lyra Health’s most recent price per share is $27.47, up from Series D, which valued the shares at $14.21. The Californian Company Lyra Health wants to move into offices everywhere. The Company helps employers provide their employees with a safe and confidential set of tools to meet their mental health needs.
During the pandemic, Lyra Health brought in 80,000 new users, resulting in a total of 1.5 million last-reported users. As reported by Forbes, Lyra Health was expected to generate approximately $100M in revenue by the end of the year at the time of its previous fundraise. Technology-based mental health care has found a tailwind, as the coronavirus pandemic is leading to an increase in cases, as face-to-face medical appointments may put patients at risk. Lyra Health has launched Lyra Blended Care, which links video therapy to online lessons and exercises rooted in cognitive behavioural therapy.