What You Should Know:
– Tava Health just secured $3 million in seed funding to increase employee access to mental health resources.
– Since its founding in 2019, Tavahealth’s platform has driven 10 times more utilization of mental health resources than traditional mental health benefits and this funding will enable them to expand those services.
Tava Health, a Salt Lake City, UT-based convenient and accessible mental telehealth platform for employers, today announced the close of a $3 million seed round led by Peterson Ventures. 1 in 5 adults will experience mental illness in a given year. Over 65% of adults with mental illness will go untreated. Tava Health partners with employers to provide convenient, accessible mental health resources to employees and their families by reducing costs, improving quality, and increasing access to therapy.
Expansion into Additional Geographic Markets
The seed funding will help Tava Health expand its offering into additional geographic markets and continue its commitment to making mental health resources more accessible for Americans nationwide. The funding comes at a time when demand for remote healthcare services, particularly mental health, is surging as feelings of isolation, stress, and anxiety hit an all-time high.
Recent Traction/Milestones
Since launching in August 2019, Tava Health has driven 10 times more utilization of mental health resources among employees than traditional mental health benefits, largely due to the convenience and accessibility of its service. While most employers the company partners with have impressive utilization rates of 12 to 15 percent among employees, some, including Chatbooks, have experienced more than twice that amount. As a result, Tava Health has approximately doubled its number of patients served each week for nearly two months, demonstrating an acute and immediate need for behavioral telehealth services nationwide.
“The physical and mental health of our employees has always been top-of-mind for Chatbooks. It’s something we’ve spoken about openly as a company for several years, so when we first discovered Tava Health, we knew immediately that it was something we wanted to provide for our employees,” said Nate Quigley, CEO of Chatbooks. “The convenience of being able to speak with a licensed professional without taking time off work or driving across town is really appealing, and means everyone can access the resources they need, when they need it. Since introducing this benefit, we’ve received multiple messages from employees about how helpful it’s been, and we’re delighted to see so many of our employees already taking advantage of this great resource.”
Chatbooks began offering Tava Health’s services to its employees in January 2020. By March, nearly 50 percent of the company had signed up and 25 percent had already spoken with a professional.
“Mental health issues are among the most pressing problems of our generation, affecting nearly all of us to some degree.” said Dallen Allred, CEO of Tava Health. “The unfortunate reality is that meeting regularly with a therapist is just as expensive and difficult today as it was decades ago. By partnering with employers and removing barriers to care through technology, we’re paving the way for their people to get excellent professional care with unprecedented ease. The modern workforce is beginning to expect a quality mental health benefit as a hallmark of any great employer, and we’re proud to be on the forefront of making this possible.”
“Caring for one’s mental health is a matter of hygiene as important as maintaining one’s physical or dental health.” Allred said. “We’re grateful to our investors and the employers working with us so far for their help in making these resources available and look forward to providing regular, ongoing emotional health support to even more people moving forward.”
