Modern Health — a mental health and wellness platform — has raised $51 million in Series C funding. The investment brings the company’s total funding raised up to more than $95 million and pushes its valuation past $500 million, according to a press release announcing the news.
Battery Ventures led the funding round, with additional participation from Felicis Ventures and existing investors Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital and Okta’s Frederic Kerrest.
Headquartered in San Francisco and founded in 2017, Modern Health is an employer-based solutions provider with a fully integrated mental health platform. The company helps employers give their workers access to all levels of mental health care though a comprehensive app.
Some notable clients include Pixar, Clif Bar, SoFi, Rakuten and more. In the past year alone, Modern Health doubled the number of covered lives on its platform, with more than 190 enterprise clients globally. Plus, it has tripled its employee headcount. COVID-19-related demand is partially to credit, according to the press release.
The company plans to use the new funding to add additional solutions and meet growing demand, as well as to expand its global provider network from 35 languages to 50.
“With a shortage of therapists and rising costs blocking access to support, the mental health industry is reaching its breaking point,” Alyson Watson, founder and CEO of Modern Health, said in the press release. “At Modern Health, we are dedicated to destigmatizing mental health in the workplace and ensuring as many people as possible get cost-effective mental health care. Every employee should have equal access to quality mental health support — and we will continue to expand our offering to respond swiftly to demand.”