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Modern Health Raises a $9M Series A Round Led by Kleiner Perkins
SAN FRANCISCO, May 23, 2019 /PRNewswire/ -- Modern Health, a mental well-being benefits platform for employers today announced a $9 million Series A funding round led by Kleiner Perkins. Jared Leto, Y Combinator, and Afore also participated in the round. The platform provides companies with a suite of products for employees to access the emotional care they need while helping employers improve worker productivity, retention, and limit costs from over-prescribed in-person therapy. Modern Health will use the new capital to accelerate the development of the product, build its sales organization, and expand its customer base. Kleiner Perkins partner Mamoon Hamid will join the company's board of directors.
Founded in 2017, co-founders Alyson Friedensohn and Erica Johnson set out to transform how workers across the U.S. can access the mental health care they need as a core employee benefit. According to the Centers for Disease Control and Prevention, nearly 50% of all Americans have a diagnosable mental illness or disorder at some point in their lifetime. Yet, existing point solutions have failed to meet the evolving mental health needs of employers and employees, creating a demand for a holistic platform of services.
"Mental health disorders are a prevailing public health issue and one of the costliest medical conditions in the United States, with spending rising to over $200 billion annually for patient treatment," said Mamoon Hamid, partner at Kleiner Perkins. "The market is currently poorly served, and we're thrilled to work with this dynamic team of healthcare professionals and industry experts to provide a comprehensive solution to the problem."
Modern Health's product will predict, prevent, and personalize care to meet every employees' needs. The platform offers customers an easy onboarding process focused on well-being assessment and triaging individuals to the appropriate care based on their needs and preferences. There is no one-size-fits-all solution for mental well-being, and Modern Health is the first holistic platform that engages the entire employee population:
- Assess & Personalize: Whether someone wants to proactively reduce stress or treat depression, Modern Health guides people to the right care at the right time.
- Digital Courses & Meditation Library: Employees get unlimited access to evidence-based programs and guided exercises that help combat burnout in as little as 5 minutes. Employees learn to be better coworkers and managers by improving their emotional intelligence and building resilience.
- Dedicated Professional Support: Employees are matched to a professional coach or licensed therapist based on their unique needs and preferences. Modern Health offers access to providers both in-person and virtually, making it easy for the working professional to obtain the support they need.
"Mental health is now the number one cause of disability worldwide, and it impacts all of us. Everyone gets sick or injured with physical health at some point in their lives. The same is true for our mental health, only we don't let people talk about it, we make it hard to proactively prevent, and we make it almost impossible to treat. We founded Modern Health to remove the stigma and give individuals the support they need to be resilient to the stress and struggles of today's society," said Alyson Friedensohn, co-founder and CEO of Modern Health.
Modern Health received $2.4M in seed funding in June 2018, led by Afore with participation from Social Capital, Precursor Ventures, Merus Capital, Maschmeyer Group Ventures, Y Combinator, and angel investors.
About Modern Health
Modern Health is a mental health benefits platform for employers. We are the only solution to cover the full spectrum of mental well-being needs through both evidence-based technology and professional support from a coach or therapist. Whether someone wants to proactively manage stress or treat depression, we guide people to the right care at the right time and help companies save money in engagement and healthcare costs.
About Kleiner Perkins
For five decades, Kleiner Perkins has partnered with some of the most ingenious founders in technology, helping them make history with their bold ideas. Through twenty venture funds and four growth funds, we've invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech, and Google. Today, Kleiner Perkins continues to invest in founders and their bold ideas helping them to make history. For more information, visit www.kleinerperkins.com and follow us @kleinerperkins.
SOURCE Kleiner Perkins