SonderMind — a technology-enabled behavioral health matching company — has raised $150 million in Series C funding. The new financing brings the company’s total funding raised up to $183 million — and pushes its valuation north of $1 billion, according to Fierce Healthcare.
New investors Drive Capital and Premji Invest co-led the round, with additional participation from General Catalyst, Partners Group, Smash Ventures, Kickstart Fund and F-Prime Capital.
Based in Denver, Colorado, SonderMind is a therapist matchmaking platform designed to make mental health care more accessible, affordable and personalized. It works with a vetted network of therapists and psychiatrists, whose billing and payer relations SonderMind handles, while also giving providers the tools they need to do telehealth visits. Patients tell SonderMind what they want in a provider and vice versa.
SonderMind will use the new money to accelerate its expansion into all 50 states and “build the highest-quality platform for clinical care in the nation.”
“I co-founded SonderMind in large part because of my frustration in trying to identify the right therapist who could help with my unique needs, had availability, and accepted my insurance. Getting high-quality behavioral health support should be simple and result in a great match,” Mark Frank, co-founder and CEO of SonderMind, said in a press release announcing the news. “With our partners in this funding round, SonderMind will bring our proven approach to behavioral health clinical outcomes to the entire country, while also bolstering the technology capabilities that have always been part of our core solution.”
As part of the new funding, Drive Capital’s Molly Bonakdarpour will join the SonderMind board.
“The essential need for behavioral health access is undeniable, and there is a growing field of companies looking to address the accessibility gap,” Bonakdarpour said in the press release. “SonderMind stood out to us as the market leader because of their clear approach to connecting individuals with therapists that meet their needs and take their insurance, all while producing clinically-verifiable outcomes for users. It is a win for all stakeholders: patients, therapists, and health plans. I’m so excited to work with the team to bring this approach national.”