Mental Health Benefits Provider Lyra Health Boosts Valuation to $2.3B With Latest Raise

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Less than six months aft gaining unicorn presumption pursuing a $110 cardinal Series D round, intelligence wellness attraction benefits provider Lyra Health is backmost with different important circular of funding, an $187 cardinal Series E.

The Burlingame, California-based institution hinted backmost successful December that it was looking to rise caller funds. Addition, which led the Series D, led this caller circular and was joined by caller investors Durable Capital Partners, Fidelity Management & Research Co. and Baillie Gifford, on with different existing investors. The caller circular gives the institution much than $480 cardinal successful full funding.

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Following a doubling of customers successful 2020, Lyra expects to service much than 2 cardinal members. As such, the institution intends to usage the caller backing connected exertion development, increasing a divers supplier network, and caller partnerships.

The behavioral wellness marketplace is predicted to scope $240 cardinal by 2026, according to a 2019 report by Acumen Research and Consulting. Meanwhile, a caller study led by Lyra Health and the National Alliance of Healthcare Purchaser Coalitions recovered that 83 percent of U.S. employees contiguous are experiencing intelligence wellness issues.

Startups successful this abstraction are besides gaining attraction from investors. In a database of U.S. startups moving successful intelligence health, 132 deals were venture-backed wrong the past 5 years. In fact, investors pumped $1.1 cardinal into these companies during that clip frame, according to Crunchbase data.

Illustration: Dom Guzman

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