Burlingame, California-based Lyra Health, a behavioral health benefits provider for employers, has raised $75 million in its latest funding round, the company announced Wednesday.
The Series C funding round was led by IVP, a late-stage venture capital and growth equity firm. Existing funders and new investor Meritech Capital Partners also contributed.
The new money supplements the $100 million Lyra has previously announced, bringing total funding raised to more than $175 million.
Lyra contracts with thousands of carefully vetted behavioral health organizations. Employee members, of whom there are more than one million, get services from those providers.
“We have a database that houses information on providers and allows us to very quickly ascertain who in a given geography is most likely practicing evidence-based therapy,” Renee Schneider, vice president of clinical quality at Lyra, previously told Behavioral Health Business. “From there, we have a thorough vetting interview that we do with any prospective provider, and we really pressure test their understanding and ability to deliver evidence-based therapy.”
Lyra members then use an online platform to get behavioral health care. It connects users with the most appropriate provider to address their problems and who also has availability.
The company will use its most recent funding to expand its technological platform and add more providers to its network.
Lyra, on its site, touts that 71% of its members report improved clinical outcomes compared to only 24% of those who use other health plans.
Its partners include companies such as Genentech, eBay (Nasdaq: EBAY), NetApp (Nasdaq: NTAP) and Uber (NYSE: UBER).
The funding announcement comes during a week of good news for Lyra, in which it was also selected as the fourth most innovative health company for FastCompany’s list of the World’s Most Innovative Companies of 2020.
“At a time when the prevalence of mental illness is surging, it is imperative that we invest in new solutions to tackle stigma, improve access and quality, and remove barriers to care,” David Ebersman, Lyra Health’s founder and CEO, said in a press release announcing the news. “We are excited to use this funding to help even more employers step up to this challenge.”