US-based mental health benefits provider Lyra Health received $75m yesterday in a series C round featuring Providence Ventures, the corporate venturing arm of healthcare system Providence Health and Services.
The round was led by venture capital firm IVP and included Meritech Capital Partners, Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Tenaya Capital and Venrock.
Founded in 2015, Lyra matches employees and their dependents who suffer from poor mental health to the most suitable therapists and mental health coaches. It partners self-insured employers and tailors benefits programs to the workforce in question.
The series C funding has been allocated to the further development of the company’s technology and an expansion of its network of mental health therapists.
Lyra picked up $45m in a mid-2018 series B round that also featured Providence Ventures, Tenaya Capital, Venrock, Glynn Capital, Crown Ventures, Casidin Capital and Greylock.
Providence Ventures also took part in a $35m series A round for the company in October 2015 that was co-led by Greylock and Venrock and also backed by Breyer Capital and Origin Capital Management. It followed $3.1m from healthcare benefits management service Castlight Health three months earlier.
