Lyra Health plans to continue expanding the service to service members, including couples and adolescents who are experiencing a range of mental health challenges
FREMONT, CA: Lyra Health, a Burlingame, Calif.-based provider of mental health care benefits for employers, raised $110m in Series D financing round. It was led by Addition and joined by Adams Street Partners and existing investors, including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital.
The company will use the new capital to invest in tech-enabled mental health treatments, partner with more customers, and expand and diversify its high-quality provider network.
Along with the funding, Kerry Chandler joined its Board of Directors. Chandler is Chief Human Resources Officer at Endeavor, a global entertainment, sports, and content company. She previously served as a senior executive at Under Armour; Christie’s; the National Basketball Association; ESPN; and ESPN’s parent, The Walt Disney Company. She has also served in human resources leadership roles of increasing responsibility at IBM, Motorola, Exxon, and McDonnell Douglas. Chandler brings an extensive background in human resources operations, strategy, and executive leadership.
Led by David Ebersman, CEO and co-founder, Lyra Health is a provider of innovative mental health benefits for more than 1.5 million U.S. employees and dependents. It connects companies and their employees with spouses and children to therapists, mental health coaches, and personalized medication prescribing. Self-insured employers partner with Lyra to tailor value-driven mental health benefits programs specific to their workforce and offer employees access to providers who practice evidence-based mental health care treatments.
Lyra Health is also focused on expanding its enhanced teletherapy offering Lyra Blended Care, which pairs video therapy sessions with personalized digital lessons and exercises based on Cognitive Behavioral Therapy (CBT) principles. In 2020, the company has added more than 800,000 new members to the population eligible to receive its benefits, bringing its total member population to more than 1.5 million.