New York-based Happify Health, a provider of digital therapeutics and virtual care services for mental health issues and other chronic conditions, has raised $73 million in Series D funding.
The round, which the company announced Wednesday, was led by Deerfield Management Company, along with participation from Omega Capital Partners, ION Crossover Partners and existing investors.
The latest round brings Happify’s total funding raised to $118.7 million, according to fundraising tracking website Crunchbase.
Founded in 2012, Happify is best known for its self-guided digital programs to support users’ mental health and wellness. The company’s two core service lines are digital therapeutics — which help users manage conditions like stress, anxiety and depression — and care delivery, which provides services to individuals with chronic conditions.
Meanwhile, Happify can also refer users to third-party coaching, therapy or telemedicine resources if they need additional support.
Happify’s services draw upon disciplines such as cognitive behavioral therapy, positive psychology and wellness, and are developed by scientists, researchers, healthcare clinicians and gaming and content experts. The company’s services are available directly to individuals as well as through employers, health plans and pharmaceutical entities.
Happify currently covers over 20 million people and is available worldwide in 10 languages. More than 5 million people have used the company’s services so far.
Happify said that it plans to use the $73 million raised to expand its digital therapeutics and care delivery services lines, as well as to pursue business opportunities abroad.
“To bring to life our mission of healing all people, one person at a time, it is critical that we accelerate the growth of our platform in several key areas,” Ofer Leidner, Happify’s president and co-founder, said in a press release announcing the funding. “This financing will drive the development of a variety of new care modalities on our connected health platform.”
Happify’s emphasis on coaching services dovetails with a larger trend in the rise of behavioral health coaching, which can be used for individuals in need of less intensive help. According to financial data company Market Research.com, the health coaching market is worth $6 billion and rising.