Modern Health Secures $31 Million in Series B Funding to Build Digital Mental Health Platform

On January 16, 2020, VCBeat (WeChat ID: vcbeat) learned from foreign media that Modern Health announced the completion of a $31 million Series B financing round. The round was led by Founders Fund and John Doerr, with participation from Kleiner Perkins and Afore Capital.

It is reported that Modern Health plans to use the funds from this round of financing to build a digital mental health management platform, accelerate product development, and expand its international service market. The company will also establish a team composed of industry experts and mental health specialists.

To date, Modern Health has completed three rounds of financing. The company raised $2.3 million in seed funding in June 2018, and secured $9 million in Series A funding led by Kleiner Perkins in May 2019.

Modern Health, established in 2017 and headquartered in Chicago, Illinois, USA, is a health management company. The company boasts a unique digital platform that provides a comprehensive suite of mental health solutions for businesses and their employees. Modern Health helps innovative companies gain deeper insights from data, enhance productivity by improving employees’ emotional well-being, and reduce staff turnover.

As a platform providing mental health management for employers, Modern Health leverages advanced technology and a team of professional coaches and therapists to develop personalized care plans tailored to each user’s specific goals and needs, thereby comprehensively addressing clients’ mental health requirements. Currently, corporate employees face significant life stress and represent a high-risk population for mental disorders. To address this, Modern Health primarily offers services such as health monitoring, regular health assessments, and disease treatment.

Alyson Friedensohn, Founder and CEO of Modern Health, stated, “An increasing number of companies are prioritizing employee mental health management by proactively addressing employee emotional well-being through preventive and personalized mental health solutions. We are deeply grateful for the support of our investors and partners, which will help us continue to move forward.”

“Modern Health’s team is elevating mental health to a central topic in conversations around holistic well-being. Forward-thinking companies have already recognized the importance of providing mental health services to their employees, and Modern Health is emerging as a leader in this field,” said Brian Singerman, Partner at Founders Fund.

Founders Fund, established in 2005 and headquartered in San Francisco, California, is a venture capital firm. The company primarily invests in engineering science enterprises, with a focus on consumer internet, biotechnology, aerospace and transportation, fintech, artificial intelligence, and healthcare.

Kleiner Perkins, founded in 1972 and headquartered in Menlo Park, California, is a venture capital and financial services firm. Established in partnership with distinguished figures in the life sciences sector, the company has been an early investor in many prominent corporations, including Amazon, AOL, Compaq, Google, Genentech, and Sun Microsystems. To date, Kleiner Perkins has invested $10 billion in hundreds of companies.

Afore Capital, founded in August 2016 and headquartered in San Francisco, California, USA, is a venture capital firm focused on seed-stage investments. Its investment team brings 16 years of product development experience and seven years of institutional investment experience.

(Compiled by Xu Xiaoxue)