Softbank Vision Fund 2 Leads $300 Million Round in Cerebral

<p class&equals;"article-date"><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; <span style&equals;"font-size&colon; 1rem&semi;">Cerebral Inc&period;&comma; an online mental health company&comma; has closed a large &dollar;300 million Series C round led by the SoftBank Vision Fund 2&period; The round also included participation from new and existing investors&comma; including Prysm Capital&comma; Access Industries&comma; WestCap Group&comma; and ARTIS Ventures&period; Having launched less than two years ago&comma; this round brings the company’s total funding to &dollar;462 million&period;<&sol;span><&sol;p>&NewLine;<p class&equals;"responsiveNews">Cerebral is a one-stop shop for comprehensive&comma; high-quality online mental health care and wellness&period; The company offers counseling&comma; therapy&comma; and medication delivery and management online for mental and behavioral health conditions such as depression&comma; anxiety&comma; serious mental illnesses&comma; substance use disorder&comma; nutrition&comma; and more&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">Exacerbated by the pandemic&comma; mental health facilities have experienced severe capacity constraints with many patients waiting 3 to 4 months for appointments with a psychiatrist or a therapist&period; Cerebral has a team of over 2&comma;000 clinicians practicing across all 50 states allowing Cerebral to dramatically cut wait times compared to traditional mental health providers&period; Cerebral further improves accessibility to its mental health services through partnerships with major insurance providers such as Aetna&comma; Blue Cross Blue Shield&comma; Cigna&comma; Magellan&comma; and Medicare&comma; as well as a growing number of employers&period; It was the accessibility and diversity of Cerebral’s clinicians that caught the attention of Simone Biles&comma; world champion gymnast&comma; who joined the company as its Chief Impact Officer in October&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">Aligning with its mission to improve access to high-quality&comma; long-term mental health care&comma; Cerebral is investing in new service offerings&comma; strategic partnerships&comma; international expansion&comma; and M&amp&semi;A opportunities to further solidify its position as the one-stop shop for behavioral care and to provide top-quality treatment options through data science and precision medicine&period; Strategically&comma; the company will continue to dedicate attention to its growing base of direct-to-consumer members and accelerate its value-based care relationships with insurance providers and employers&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">&OpenCurlyDoubleQuote;Our rapid growth is a testament to the dedication that the Cerebral team has to our mission&colon; to transform access to high-quality mental health care&period; We wish to build a world where anyone&comma; regardless of their situation&comma; can feel comfortable coming forward to get the mental health treatment they need and not be burdened by barriers like stigma&comma; cost&comma; and convenience&comma;” said Kyle Robertson&comma; founder and CEO of Cerebral&period; &OpenCurlyDoubleQuote;With this new fundraise&comma; Cerebral is uniquely positioned to be the one-stop shop for high-quality mental health care as we provide care for a wide range of conditions and provide multiple treatment modalities including medication management&comma; therapy&comma; and digital therapeutics&period; It is still just the beginning for Cerebral&period;”<&sol;p>&NewLine;<p class&equals;"responsiveNews">&OpenCurlyDoubleQuote;Roughly half of the American population is affected by mental health issues&period; However&comma; obstacles like cost&comma; limited provider availability and fear of judgement remain in the way of getting the treatment they need&comma;” said Priya Saiprasad&comma; Partner at SoftBank Investment Advisers&period; &OpenCurlyDoubleQuote;We believe that Cerebral is lowering the barriers to mental health care with an integrated platform combining therapy&comma; counselling&comma; and medication management for effective&comma; long-term support&period; We are excited to partner with Kyle Robertson and the team to support their mission to improve access to high-quality mental healthcare for all&period;”<&sol;p>&NewLine;