Lyra Health, the US-based mental health services provider backed by healthcare provider Providence Health and Services, closed a $187m series E round yesterday led by venture capital firm Addition.
The round included investment and financial services group Fidelity, private equity firm Durable Capital Partners and investment management firm Baillie Gifford in addition to undisclosed existing backers. It roughly doubled the company’s overall funding to about $2.3bn.
Founded in 2015, Lyra provides mental health benefits through a digital platform that uses artificial intelligence to match insured employees with therapists and mental health coaches as well as personalised medication prescription.
Addition also led the company’s last round, a $110m series D in August 2020 that included Providence subsidiary Providence Ventures and which valued it at $1.1bn.
Adams Street Partners, Casdin Capital, Glynn Capital, Greylock Partners, IVP, Meritech Capital Partners, Tenaya Capital and Howard Schultz also contributed to the round.
Health benefits management service Castlight Health invested $3.1m in Lyra in 2015, before Greylock Partners and Venrock co-led a $35m series A round featuring Providence Health and Services, Castlight Health, Breyer Capital and Origin Capital Management later that year.
The company completed a $45m series B round three years later that included Providence Ventures, Tenaya Capital, Venrock, Glynn Capital, Crown Ventures, Casidin Capital and Greylock.
IVP led Lyra’s $75m series C round in March 2020, investing alongside Providence Ventures, Meritech Capital Partners, Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock, Tenaya Capital and Venrock.
