US-based psychiatric and behavioural therapy provider Cerebral has secured $127m in a series B round led by diversified conglomerate Access Industries.
The round included WestCap, Silver Lake Waterman, Artis Ventures, Oak HC/FT and AirAngels as well as private investors Bill Ackman and Chris Burch. It valued the company at a $1.2bn, according to Bloomberg.
Founded in 2020, Cerebral provides subscription-based mental health services such as virtual counselling sessions, medication management and behavioural health services.
The startup’s offering includes treatments for conditions such as anxiety, depression, insomnia and attention deficit hyperactivity disorder. It recently launched a mobile app, introduced digital cognitive behavioural therapy to its offering and now accepts in-network insurance coverage.
Cerebral will use the series B funding to grow its range of products and services. It also plans to expand its in-network insurance options and form new partnerships with health insurance providers.
Oak HC/FT had previously led Cerebral’s $35m series A round in October 2020, with participation from WestCap, Liquid 2 Ventures, Gaingles, Air Angels and unnamed others.
Access Industries chief executive Lincoln Benet said: “We are proud to support Cerebral’s continued growth and mission to make comprehensive, quality mental healthcare accessible to everyone in need.”