What You Should Know:
– Modern Health raises an additional $74M in Series D funding, now valuing the company at $1.17 billion.
– Modern Health’s comprehensive mental health and wellness platform combines the WHO well-being assessment, self-service wellness kits, a global network of certified coaches, and licensed therapists available in 35 languages all available in a single app.
Modern Health, the mental health and wellness platform supporting 220+ enterprises globally, today announced that less than four months after closing a $51 million Series C raise, the company has secured an additional $74 million in its Series D investment round led by Founders Fund. Lachy Groom also invested in the round. This latest investment brings the company’s total funding to over $170 million in less than two years and raises its valuation to $1.17 billion, making Modern Health the fastest entirely women-founded company in the U.S. to reach unicorn status.
Employer-Enabled Mental Health
Founded in 2017, Modern Health incorporates evidence-based psychology principles and seamless technology to serve the needs of companies globally. As an employer-focused solution offering a fully integrated mental health platform, Modern Health’s evidence-based approach provides employees access to mental health care for all levels of need, utilizing therapists, coaches, and digital content to deliver support via one comprehensive, consumer-friendly app.
COVID-19 Underscores Growing Need for Mental Health Support
The need for direct access to mental health support at work has been amplified by a wave of new stressors created by the global COVID-19 pandemic. Modern Health’s comprehensive, science-backed platform allows employers to support the dynamic needs of their entire workforce. Leveraging traditional mental health assessments, therapists, coaches, and digital content, Modern Health’s solution creates a customized plan for each employee to proactively manage their mental health needs. Modern Health’s approach has proven successful for individuals and companies alike – more than half of registered employees on Modern Health’s platform are engaging with care, and a majority complete two or more therapy sessions. Modern Health’s platform is used by 6x more eligible employees than a typical EAP, and nearly half of Modern Health users who start coaching sessions with depressive-related symptoms experience clinical recovery in their well-being after four sessions.
Modern Health saw continued growth in demand for its mental health platform and has doubled its revenue since the company’s recent Series C funding round, led by Battery Ventures in October. The investment from Founders Fund will help the company to continue its impressive upward momentum, supporting additional enterprises and offering a variety of accessible, innovative, and customized mental health management options to workforces worldwide. In the last year alone, the company has tripled its employee headcount and doubled its customer base, now serving 220+ enterprise clients globally (including Pixar, SoFi, Okta, Carta, Electronic Arts, Rakuten, Clif Bar, Zendesk, and Udemy). Modern Health launched 25 new enterprise customers in January 2021 alone, and touts a NPS of 71 among Members and 74 among Providers, and a 4.9 out of 5 stars provider session rating. In addition, Modern Health recently announced the acquisition of San Francisco-based mental health startup Kip to further expand the company’s suite of mental health solutions and analytics.
“If there is one thing we’ve learned from this past year, it’s that prioritizing employee mental health is critical for all companies – no matter the size. We should not have to wait until there is a global pandemic to take action,” said Alyson Watson, CEO and founder of Modern Health. “Business leaders have an imperative to prioritize the wellbeing of their workforces, because it directly impacts company productivity and performance – and because we care about our employees at work and outside of it.”