Virtual psychiatric care provider Valera Health has raised $9 million in equity, according to public documents.
The provider offers therapy and psychiatry services to adults, as well as teens aged 12 to 18. It currently serves patients in New York, New Jersey, Massachusetts, Vermont, Arizona, Washington, Connecticut, Texas, Oregon and Floridia.
In addition to traditional one-on-one therapy, patients can use the platform to access medication management and group therapy. Its specialized services include adolescent and family programs and serious mental illness treatment. The company works with several payers, including Humana, Point32Health and Aetna. Without insurance coverage, therapy sessions start at $71.
This new infusion of capital brings the company’s total raise to more than $73 million. In October 2022, the Brooklyn-New York-based startup landed $44.5 million in a round led by Heritage Group with participation from Cigna Ventures, Horizon Health Services and other existing investors.
According to the company’s SEC filing, the company anticipates raising a total of $18 million this round.
Behavioral Health Business has reached out to Valera for comment.
Last year, the company changed its C-suite, with co-founder and founding CEO Dr. Thomas Tsang transitioning to the chief strategy officer role and Craig Alright taking over as CEO.
Digital behavioral health funding has dried up since its height in 2021. In 2023, investors poured $10.7 billion into digital health, compared with $15.3 billion in 2022 and $29.2 billion in 2023, according to Rock Health.
Still, several virtual behavioral health companies have raised capital since the beginning of the year. For example, digital addiction provider Pelago raised $58 million in March, virtual psychiatry provider Brightside raised $33 million last month, and tele-mental health platform Tava raised $20 million.
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