Modern Health announced today the close of a $31 million Series B funding round to expand its holistic mental health benefits platform for employers. This funding round was led by Founders Fund and John Doerr, with continued investments from Kleiner Perkins and Afore Capital. Modern Health will use the new capital to accelerate product development, expand its services internationally, and further cultivate a team of industry professionals and mental health experts.
SAN FRANCISCO, Jan. 15, 2020 /PRNewswire/ -- Modern Health announced today the close of a $31 million Series B funding round to expand its holistic mental health benefits platform for employers. This funding round was led by Founders Fund and John Doerr, with continued investments from Kleiner Perkins and Afore Capital. Modern Health will use the new capital to accelerate product development, expand its services internationally, and further cultivate a team of industry professionals and mental health experts.
Modern Health's unique digital platform provides companies a suite of mental wellbeing solutions that allow their employees to get access to support no matter what their needs may be.
"Employers are increasingly prioritizing mental health benefits for employees, leading to a significant rise in companies taking proactive measures through preventative and personalized mental healthcare solutions," says founder and CEO Alyson Friedensohn. "We are incredibly grateful for our expanding roster of partners who continue to share in our mission of providing this essential service."
"Alyson and the team at Modern Health are elevating mental health to the forefront of the conversation around holistic wellbeing. Forward-thinking companies are realizing the benefits of providing mental health services to employees, and Modern Health is emerging as a clear leader in this space," said Brian Singerman, Partner at Founders Fund.
"Getting mental health support has too often been stigmatized, especially in the corporate world. Modern Health has a unique approach that effectively de-stigmatizes care by making it available to everyone. Now companies can provide all employees, regardless of their spectrum of need, a solution that works for them, whether they need clinical support or prefer self-guided programs that promote their mental wellbeing," says investor John Doerr.
By utilizing research-based assessments, Modern Health creates personalized care plans for each user based on their specific goals and needs, providing easy access to resources that range from digital courses and meditations to a network of certified coaches and licensed therapists when needed. This holistic offering, which can occur in-person or virtually, allows employers to engage larger portions of their population by meeting them where they are, empowering them to improve employee productivity, happiness, and retention.
The Series B round comes after an active and successful 18 months for the company, raising a total of $42 million dollars, increasing the number of covered individuals by 10x, and adding to a diverse roster of clients including Gusto, Lambda School, and Pixar.
Modern Health received $9 million in Series A funding in May 2019 led by Kleiner Perkins. Jared Leto, Y Combinator, and Afore also participated in the round.
About Modern Health
Modern Health is a mental health benefits platform for employers offering a suite of products that cover the full spectrum of mental well-being needs through evidence-based technology and professional support from a coach or therapist. The platform gives employees access to the emotional care they need while helping employers improve worker productivity, retention, and limit costs from over-prescribed, in-person therapy.