Employee mental health and wellness startup Modern Health announced Thursday it has secured a $74 million Series D investment led by Founders Fund. The fresh capital brings the four-year-old company’s total valuation to $1.17 billion, making it the fastest entirely women-founded company in the U.S. to reach unicorn status, according to its press release.
By offering the World Health Organization’s well-being assessment, various self-service wellness kits and its global network of certified coaches and licensed therapists, Modern Health aims to pull everything one would need to maintain their mental health on one app. The platform offers an array of mental-health benefits, and allows the companies it works with to create personalized care for each employee based on their specific goals and needs.
Modern Health’s services have been in especially high demand thanks to the pandemic. Since the company announced its last round of funding (a $51 million Series C) just months ago, revenue has doubled. And, over the last year, Modern Health says it has tripled its headcount and doubled its customer base, adding several major brands including Pixar, SoFi and Clif Bar.
This kind of growth has been true for other companies in the mental-health space too, including Lyra Health, Spring Health and Headspace.
“If there is one thing we’ve learned from the past year, it’s that prioritizing employee mental health is critical for all companies — no matter the size. We should not have to wait until there is a global pandemic to take action,” Modern Health CEO and founder Alyson Watson said in a statement. “Business leaders have an imperative to prioritize the well-being of their workforce, because it directly impacts company productivity and performance — and because we care about our employees at work and outside of it.”
Now, this latest funding will be used to help Modern Health keep up the momentum, which will include adding more customers and creating new customized mental-health management tools. The company is also hiring, with dozens of open tech positions at its San Francisco headquarters and offices around the country.
