BURLINGAME — Lyra Health, a provider of mental health care benefits for employers, announced a Series E financing round of $187 million. Investment firm Addition led the round and was joined by new investors Durable Capital Partners LP, Fidelity Management & Research Company, and Baillie Gifford, along with other existing investors. This new funding will help Lyra to expand its investments in tech-enabled mental health care, a growing and diverse provider network, and new partnerships.
More than 83% of U.S. employees are experiencing mental health issues, according to research Lyra Health conducted in 2020 in partnership with the National Alliance of Healthcare Purchaser Coalitions. Additionally, 40% of workers feel employers don’t support their mental health.
Lyra says it more than doubled its customer base in 2020 and extended its services to support more than 2 million members with comprehensive mental health care. Lyra customers include Genentech; Morgan Stanley; Zoom Video Communications; and dozens of major companies.
Lyra also continues to pioneer new evidence-based, technology-enabled mental health solutions that accelerate access to care and match members to clinically proven programs that prioritize fast and durable symptom improvement. In 2020, the company introduced Lyra Blended Care, which pairs video therapy sessions with personalized digital lessons and exercises based on Cognitive Behavioral Therapy (CBT) principles. Lyra Blended Care is scalable and extensible, leveraging technology to deliver better care quality and clinical outcomes, while reducing the cost of care. In 2020, peer-reviewed Lyra research demonstrated the effectiveness of the Blended Care treatment program for clients with depression and anxiety. Lyra plans to continue expanding Blended Care to serve a wide range of members and mental health challenges.
In 2020, Lyra announced a partnership with Calm, the top mental fitness and resilience application, with more than 90 million downloads to date. Through the partnership, Lyra is making it easier for employers to offer a wide range of mental health tools from a single platform.
“2020 put the need for mental health care transformation in sharp focus, as more people sought help during these extraordinary and difficult times,” said David Ebersman, Lyra Health CEO and co-founder. “The traditional mental health care system cannot address the critical needs people have today. Lyra is now able to directly support more than 2 million members as we enable employers to offer their people easy, effective access to clinically proven mental health care. This latest financing round will allow Lyra to continue to develop new and innovative care solutions while reaching new customers and members.”