Valera Health Inc. announced an oversubscribed Series A extension fundraising round that garnered $15 million.
The Brooklyn, New York-based high-acuity virtual mental health provider has so far raised $26 million since its founding in 2015. This latest funding round was announced on Nov. 4.
Valera Health secured the investment from 16 investors, according to documents from the Securities and Exchange Commission. New York City-based Windham Venture Partners, a healthtech-focused venture capital firm, led the round, according to a news release.
Aquiline Technology Growth, MultiCare Health System, Divergent Investments, Watershed, GreyMatter Capital and Gaingels joined the round as new investors. The round also included investment from existing investors AXA Venture Partners, Figure Eight Investments, Alsora Capital, Startup Health, according to a news release.
Individual investor Dr. Tom Insel, former Director of National Institute of Mental Health, also participated in the investment round, the release states.
“The pandemic exacerbated the mental health challenges we are facing. With declining stigma and greater focus on mental health issues, the demand for good therapists and psychiatrists is at an all-time high and growing rapidly” Windham General Partner Adam Fine said in the release. “Valera Health is making an immediate impact and seeing 30%+ month-over-month growth because the company delivers excellent outcomes and helps patients feel better.’
Valera Health takes a tech-driven, team-based approach to serve patients with high acuity conditions, including serious mental illness (SMI) and severe depression.
Valera’s care teams include licensed therapists, nurse practitioners, case managers, and psychiatrists. It places an emphasis on personalization. It personalizes for patients in rural and urban communities, BIPOC and LGBTQ communities with culturally intentional care and a diverse, multilingual provider network.
The company partners with health plans and provider groups. Over the last 12 months, the number of patients that Valera’s partners are responsible for grew to over 12 million people.
Valera Health seeks to break down access barriers and prioritizes patients’ mental health by concentrating on outcomes and utilizing value-based models.
“This financing will fuel our growth as we partner with leading health systems and health plans to make quality mental health care accessible for those with serious and persistent mental illness,” Dr. Thomas Tsang, co-founder and CEO of Valera, said in the release.