Koa Health, the Spain-based digital mental health services provider spun off from telecommunications firm Telefónica, has closed a €30m ($36m) series A round following an extension, according to Tech.eu.
The second tranche featured MTIP and Akilia Partners, Creas Impacto, Sabadell Asabys and Mundi Ventures.
Ancora Finance Group and Wellington Partners co-led the initial $16.5m series A tranche in November 2020, as it was spun off from Telefónica.
Koa provides digital mental healthcare services for the maintenance of general mental wellbeing and for a number of common mental disorders. The company has also developed a mental wellbeing mobile app called Koa Foundations.
Koa will use the additional series A financing to support its growth and will focus on product development, which includes the expansion of its digital content and translating its programmes into new languages.
Proceeds of the round will also go towards expanding the company’s geographic footprint, most notably in the United States.
Oliver Harrison, CEO of Koa Health, said: “We know that there has been a greater demand for mental healthcare on both sides of the Atlantic as the stigma around mental health continues to decline. However, we still have a long way to go.
“With this round of funding, we will be able to scale our digital mental health solutions and offer a personalised, more affordable and effective solution for people to manage their mental health.”