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Addressing Mental Health At Work: Modern Health Raises $51M Series C

Mental health remains top of mind for employers, especially during the global pandemic.

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Modern Health is providing a “fourth pillar” of health care, what Alyson Watson, founder and CEO, likes to call the company’s mental health platform for employers that compliments the typical health plan offerings of medical, dental and vision.

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“We think of people across the whole spectrum, from red to green, to provide continued support, not just when someone is in crisis mode, so when someone is faced with adversity in life, they feel good about the support they have,” Watson told Crunchbase News.

“Most providers don’t accept health insurance, so we work to get people access to therapists quickly,” she added. “Trying to get access to mental health through your employer is often like trying to use Netflix without the internet. While Modern Health sits outside the plan, it is the part solving access to care.”

How it works: Employers sign up and pay for the plan. When Modern Health is launched inside the company, employees can download the app and take some clinically validated assessments. Modern Health takes that data and creates a personalized care plan for that person, which can include anything from therapy to self-guided virtual programs to meditation prompts.

The mental health and wellness platform, headquartered in San Francisco, brought in a $51 million Series C investment round led by Battery Ventures. The firm was joined in the round by Felicis Ventures, as well as existing investors Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital and Frederic Kerrest.

With the new round, Modern Health has raised just over $95 million since the company was founded in 2017, including its $31 million Series B round in January, according to Crunchbase data. Watson estimates the company’s current valuation is between $500 million and $1 billion.

After receiving its Series B, the company continued to scale. It has doubled its number of customers since March, revenue has grown 25 times, and it has built a global network of mental health experts in 30 countries. Modern Health now has more than 190 enterprise clients, most of whom have more than 1,000 employees, but Watson said the company is attracting more companies with 5,000 to 10,000 employees.

The new round of funding is going to support the needs of those clients, especially in the area of product, design and engineering development, scaling the sales support, and client success, she added. In addition, Modern Health will be working on data analytics.

“We want to continue to delight and deliver for our customers, and that includes providing employer analytics and insightful reports to help them get a pulse on potential burnout on one of their teams, and how to support employees,” Watson added.

Meanwhile, mental health remains top of mind for employers, especially during the global pandemic. The global behavioral health market is expected to reach $240 billion by 2026, according to a 2019 report by Acumen Research and Consulting.

Startups in this space are also gaining attention from investors. In a list of U.S. startups working in mental health, 212 received venture-backed funding within the past five years. In fact, investors pumped $2.3 billion into these companies during that time frame, according to Crunchbase data.

Roger Lee, general partner at Battery Ventures, said via email he has seen the effects of mental health in his personal life and that society is only becoming aware of how serious of a crisis mental health is.

“Individuals facing mental health issues are still misunderstood, misdiagnosed and stigmatized at an alarming rate,” he said. “Modern Health is solving this problem pragmatically by providing scalable solutions to businesses and making mental health an integral piece of the benefits stack.

“At Battery Ventures, we realized that the B2B companies in this space were best suited to tackle this pressing mental health crisis and, out of those companies,” he said “Modern Health differentiated itself through its triaging model, where individuals are connected with the right level of care. This approach, coupled with its coaching services and comprehensive platform, makes Modern Health the company that is taking steps to address the mental health epidemic.”

Illustration: Dom Guzman

“Most providers don’t accept health insurance, so we work to get people access to therapists quickly,” she added. “Trying to get access to mental health through your employer is often like trying to use Netflix without the internet. While Modern Health sits outside the plan, it is the part solving access to care.”

Source: https://news.crunchbase.com/news/addressing-mental-health-at-work-modern-health-raises-51m-series-c/

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Sweden’s Einride Raises $110M For Autonomous And Electric Freight

Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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The Stockholm, Sweden-based company, which was founded in 2016, makes autonomous and electric freight trucks for the transportation of goods, as well as provides a freight mobility platform.

The company decided to focus on freight transportation for a few reasons. Freight lends itself well to autonomous transportation because it’s predictable, repetitive and generally happens outside of cities, CEO Robert Falck said in an interview. For the founding team, it was obvious that the transition to autonomous would happen first for freight transportation, Falck said.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Freight transportation also contributes to global CO2 emissions, which makes it a prime candidate for electrification.

“We think electrification will be the big theme for the next 10 years or so,” Northzone General Partner Jessica Schultz said in an interview. “It’s more sustainable and cheaper.”

Electrification — and autonomous vehicles — are both big themes in the world of transportation, though much of the attention is given to passenger vehicles. But the company’s stance is that the freight transport industry could benefit more immediately from the trends.

“When it comes to freight, most contracts are for three to five years and it’s repetitive and predictable,” Falck said.

The new funding will be used to invest in the company’s technology, continue delivering to customers, grow revenue and expand internationally. Einride counts companies like Coca-Cola, Oatly and Electrolux among its customers.

Last year, the company doubled its team and plans to grow its revenue tenfold in the next year or so.

New investors Temasek, Soros Fund Management LLC, Northzone, Build Capital and Maersk Growth all participated in the round, as did existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson, and NordicNinja VC.

The new round brings Einride’s total funding to $150 million. The company last raised money in October 2020, per Crunchbase data.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Source: https://news.crunchbase.com/news/swedens-einride-raises-110m-for-autonomous-and-electric-freight/

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The Briefing: Wealthsimple Raises $610M, Path Robotics Scores $56M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Wealthsimple pulls in $610M at $4B valuation

Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.

Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.

— Joanna Glasner

Health care

Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.

— Christine Hall

M&A

Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-5-3-21/

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The Briefing: Darktrace Soars In IPO, Mux Picks Up $105M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Darktrace shares soar in London IPO

Shares of British cybersecurity company Darktrace surged in first-day trading in London Friday, with the stock up as much as 43 percent in initial trades.

The Cambridge, U.K.-based company priced shares for its offering before trading commenced at a valuation of around $2.4 billion.

Founded in 2013, Darktrace uses AI to detect and respond to threats in companies’ IT systems. Previously, the company raised at least $230.5 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Mux raises $105M for video streaming: Video platform Mux has raised a $105 million Series D, bringing its valuation above the $1 billion mark. Mux’s technology helps developers build live and and on-demand video streams, something that became more popular during the COVID-19 pandemic with many people staying home. The round, which was led by Coatue, brings Mux’s total funding to $175 million.

–Sophia Kunthara

PortalOne picks up $15M for hybrid gaming: PortalOne, a startup developing what it describes as “hybrid games,” combining gaming and TV, raised $15 million in a seed round backed by a long list of investors, including Founders Fund, Atari, Twitch co-founder Kevin Lin, and Coatue Mangement. Founded in 2018, the company, which operates offices in Oslo, is looking to popularize a new category of entertainment that mixes games with live shows that are embedded directly inside the games.

OnLume Surgical raises $7M Series A: Madison, Wisconsin-based OnLume Surgical, a medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for a commercial launch.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-4-30-21/

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