Modern Health announced a $74 million Series D, bringing its total raised to $167.4 million. They received a valuation of $1.17 billion in this latest round, giving them “unicorn” status.
Any apps or services that help human beings with mental health is a very good thing. The impact of myriad mental health issues on personal wellbeing, individual health, happiness, or in the workplace productivity, engagement, overall culture is massive. That said, we also have too many apps that we’re pushing into the workplace – and employee wellbeing is one of the areas where apps are proliferating. Mental wellness, physical wellness, financial wellness, career wellness apps, and more are flooding the market directly to employers and through insurance broker channels. WorkTech sees the future of wellbeing in the enterprise shifting to more of a platform/marketplace that offers employers the ability to curate the wellness offerings that suit their culture, demographics, regions, and budgets. We saw this begin to emerge with Lifeworks. We now expect to see acquisitions and “roll ups” in this category along with emerging startups focused on the approach.
In the HRFederation 2020 HCM Trends Report the maturity of employee total wellbeing was called out. Learn more about the trend there.
In 2020, $485 million was invested in HR tech focused on wellness. Get the full report on global HR technology investment in 2020, here.