Lyra Health announced a $187 million Series E round of VC funding for its workforce mental health care benefit solution. This brings the total raised to $475.1 million. Lyra Health develops technology-enabled mental health solutions that claim to 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.
Benefits technology always gets attention from investors. In 2020 the benefits HR tech category saw $258 million of VC invested globally. The wellness category saw $485 million.
While mental health and wellness in the workplace have been an increasing part of the market conversation for more than a decade, 2020 brought increased attention due to the stress and impact of the global pandemic. Mental health and wellness tech providers report that before 2020, convincing the C-suite of the business impact of these solutions could be an uphill slog. Now, they’re being called in to meet the C-suite and help provide solutions. A silver lining in response to one of 2020s bigger challenges.