Lyra Health, a Burlingame, Calif.-based provider of mental health care benefits for employers, raised $110m in Series D financing round.
The round was led by Addition and was 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 intends to use the funds to invest in tech-enabled mental health treatments, to partner with more customers, and to expand and diversify its high-quality provider network.
In addition to the funding, Kerry Chandler joined to its Board of Directors. Chandler is Chief Human Resources Officer at Endeavor, a global entertainment, sports, and content company, and 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 — plus 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.
The company 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. Lyra plans to continue the expansion of the service to serve members — including couples and adolescents — who are experiencing a range of mental health challenges.
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.