Cerebral Raises $300M as Valuation Hits $4.8B, Eyes Expansion and M&A

Online mental health company Cerebral announced on Wednesday that it has raised $300 million in Series C investments, bringing the total amount raised by the company to $462 million.

Funding for Cerebral’s round was led by SoftBank Vision Fund 2, which is a venture capital fund of SoftBank Group. The round also drew participation from investors including Prysm Capital, Access Industries, WestCap Group and ARTIS Ventures.

San Francisco-based Cerebral – which launched last year – has over 2,000 practicing clinicians across all 50 states, according to the company.


The new round increases the company’s total valuation to $4.8 billion.

“We wish to build a world where anyone, regardless of their situation, can feel comfortable coming forward to get the mental health treatment they need and not be burdened by barriers like stigma, cost, and convenience,” Kyle Robertson, the founder and CEO of Cerebral, said in a press release.

Cerebral’s virtual platform is geared towards individuals 18 and older dealing with behavioral health conditions such as anxiety, depression and attention deficit hyperactivity disorder. Cerebral additionally provides care for alcohol dependence in certain states.


For a monthly subscription, Cerebral users can access video and phone appointments with licensed therapists and care counselors.

Cerebral users are also provided with mental health assessments, medication management and medication delivery. The company’s prescribers are licensed to provide medication services in all 50 states plus Washington, D.C., with a combination of therapy and prescribed medication services available in 30 states.

Cerebral is offered by a number of workplace benefit plans and is in-network with Medicare and commercial payers like Aetna, Anthem, Blue Cross Blue Shield, Cigna and Magellan Health.

“We believe that Cerebral is lowering the barriers to mental health care with an integrated platform combining therapy, counselling, and medication management for effective, long-term support,” Priya Saiprasad, a partner at SoftBank Investment Advisers, said in the press release. “We are excited to partner with Kyle Robertson and the team to support their mission to improve access to high-quality mental healthcare for all.”

Going forward, Cerebral said that it is investing in new service offerings and strategic partnerships. The company also said that it is exploring future opportunities to expand internationally, as well as looking at the possibility of growth through mergers and acquisitions.

Cerebral’s interest in other providers, if it comes to pass, would add to a small yet growing number of transactions among companies in the virtual behavioral health space.

Quartet Health, also on Wednesday, announced that it had purchased InnovaTel Telepsychiatry. That deal comes less than two months after Ginger and Headspace completed their merger to form Headspace Health, a company investors valued at north of $3 billion.

“I expect to see record numbers of acquisitions in this space as the large digital health companies recognize the need to add behavioral health to their offerings to deliver comprehensive care,” Headspace Health CEO Russ Glass last year told Behavioral Health Business.

Companies featured in this article:

, , , , , , , , , , , , , , , , ,