The mental health tech space raised $5 billion and created nine new mental health unicorns in 2021, according to new data from CB Insights.
The number of unicorns — companies that have a valuation of at least $1 billion — is up 150% compared to last year. They are almost all based in the United States.
Top 10 Mental Health Unicorns by valuation in Q4’21
| Company | Latest Valuation($) | Country | |
|---|---|---|---|
| 1 | Cerebral | 4.8B | |
| 2 | BetterUp | 4.7B | |
| 3 | Lyra Health | 4.6B | |
| 4 | Calm | 2.0B | |
| 5 | KRY | 2.0B | |
| 6 | Spring Health | 2.0B | |
| 7 | SonderMind | 1.4B | |
| 8 | Modern Health | 1.2B | |
| 9 | Elemy | 1.1B | |
| 10 | Maven Clinic | 1.1B |
The largest equity rounds raised during Q4 2021 came from BetterUp and Cerebral, which each raised $300 million according to CBI. As far as the overall market, there were 15 companies that raised over $100 million, which is more than triple last year.
Mergers and acquisitions or mental health tech exits were up 75% as well in 2021, reflecting the consolidation trend seen across the broader digital health sector, according to CBI.
With all this new money being raised, many in the industry expect to see consolidation ramp up in 2022.
“I’m anticipating we will see significant consolidation this year as larger players look to swipe-up point solutions,” Swiftarc Ventures founder and Managing Partner Sid Jawahar told Behavioral Health Business in an email. “It’s undeniable that telemedicine solutions are creating a positive change for patients and medical experts, but the market is full of players who have hefty challenges ahead of them in regards to technological innovation and widespread adoption.”
Read more about this trend in past coverage here.
Companies featured in this article:
BetterUp, CBInsights, Cerebral, Elemy, Ginger, Lyra, Modern Health
