Lyra Health, the comprehensive mental healthcare benefits company, has managed to raise $200 million in an investment round led by Coatue, and other investors such as Sands Capital. With this new infusion of capital, Lyra intends to speed up work on its evidence-based mental health benefits for companies who have employees located all around the world. The Company plans to focus on enhancing its international solutions.
With over 2.2 million members worldwide, the Company offers mental health solutions for employees and family members at leading multinationals, such as Uber, Genentech (part of the Roche Group), eBay and VCA Animal Hospitals.
The Company’s innovative Blended Care Therapy combines video counselling, one-to-one messaging, and various digital activities to lend support to employees through their daily lives. It has already helped about 83 per cent of the participants recover from depression or experience relief from anxiety. This kind of high rate of improvement is not seen when traditional health plans are used. Based on Cognitive Behavioural Therapy principles, this immersive treatment model interspersed with ongoing support sessions helps individuals improve faster. Lyra’s network comprises over 5,000 coaches, therapists, and doctors in the US, with an additional 85,000 providers globally, through global tie-ups.
The behavioural health benefits platform recently partnered with ICAS World. Till date, Lyra has raised a total of $680 million in funding and is valued at $4.2 billion.