Lyra Health reaches $1B valuation, attains unicorn status: 4 things to know

Mental health startup Lyra Health closed a Series D funding round Aug. 25 that boosted its valuation to $1.1 billion, earning it unicorn status.

Some key facts about the telehealth unicorn:

  • Founded by former Facebook CFO David Ebersman in 2015, the Burlingame, Calif.-based technology platform allows employers to offer staff access to personalized mental health services.

  • Lyra Health has gained 800,000 new members since the pandemic began, elevating its patient base to 1.5 million. Notable customers include eBay, Uber, Genentech, Morgan Stanley, Starbucks and Zoom Video Communications.

  • The company snagged $110 million in its Series D funding round. It plans to use the funding to incorporate more tech-enabled mental health services, garner more customers and improve its provider network.

  • Many employers are ramping up their digital mental healthcare offerings, both to meet the growing demand for these services and reduce mental health-related costs. As of late March, 53 percent of employers provided their employees with mental health assistance programs, according to the National Alliance of Healthcare Purchaser Coalitions.

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