Meet 10 of the Largest Mental Health Startups

8 Sept

Mental health is the most consistently funded clinical area in digital health. According to Rock Health, it has held this spot for seven consecutive years. That means there have been a lot of startups built in this space!

It’s not hard to understand why. Despite the fact that over 46% of U.S. adults will be diagnosed with a mental health condition in their lifetime, mental healthcare has historically been difficult to access. There aren’t enough providers, many don’t accept insurance, and even people with coverage often struggle to figure out where to go.

Founders have tackled these problems from nearly every angle. Some sell mental health benefits to employers and health plans. Others have built national networks of therapists and psychiatrists. A newer generation is building the infrastructure that helps independent providers accept insurance, get paid, and run their practices. And some stretch the category beyond traditional mental healthcare into coaching and “mental fitness.”

All of that investment has produced some very large companies. Below are 10 of the biggest mental health startups, based primarily on their most recently reported valuations and funding.

One important caveat: private companies don’t regularly disclose valuations, so some of these figures come from financing rounds several years ago and may not reflect what the companies are worth today.

Lyra Health

Lyra Heal th is an employer-sponsored mental health platform offering therapy, coaching, medication management, and other behavioral health services.

Raised: ~$907 million
Backers: Dragoneer, Coatue, Salesforce Ventures, Greylock, Venrock, IVP, Fidelity, Baillie Gifford, Durable Capital Partners, Emerson Collective
Valuation: ~$5.6–$5.9 billion (2022)
Founded: 2015
Founders: David Ebersman and Dena Bravata

BetterUp

BetterUp is an employer-focused coaching and “mental fitness” platform combining human coaching with digital tools.

Raised: ~$600 million
Backers: ICONIQ Growth, Lightspeed Venture Partners, Wellington Management, Salesforce Ventures, Mubadala, Sapphire Ventures, SV Angel
Valuation: $4.7 billion (2021)
Founded: 2013
Founders: Alexi Robichaux and Eduardo Medina

Spring Health

Spring Health is an employer and health-plan mental health platform that uses technology to match members with therapy, coaching, medication management, and other care.

Raised: ~$507 million
Backers: Generation Investment Management, Kinnevik, Northzone, RRE Ventures, Tiger Global, Guardian Life, Work-Bench, Rethink Impact
Valuation: $3.3 billion (2024)
Founded: 2016
Founders: April Koh and Adam Chekroud

Grow Therapy

Grow Thera py helps therapists build insurance-covered practices while giving patients a marketplace for finding and booking therapists and psychiatrists.

Raised: ~$328 million
Backers: TCV, Goldman Sachs Alternatives, Sequoia Capital, SignalFire, Transformation Capital, Menlo Ventures, BCI
Valuation: $3.0 billion (2026)
Founded: 2020
Founders: Jake Cooper, Alan Ni, and Manoj Kanagaraj

Headway

Headway is a marketplace connecting patients with in-network therapists and psychiatrists, handling credentialing and billing on providers' behalf.

Raised: ~$320 million+ (Series A through D)
Backers: Andreessen Horowitz, Thrive Capital, Accel, Health Care Service Corporation
Valuation: $2.3 billion
Founded: 2019
Founders: Andrew Adams

SonderMind

SonderMind is a mental health provider network and marketplace connecting patients with in-network therapists and psychiatrists.

Raised: ~$183 million in announced equity funding
Status: Privately held
Backers: Drive Capital, Premji Invest, General Catalyst, F-Prime Capital, Partners Group, Founders Circle Capital, Smash Ventures, Kickstart Fund
Valuation: ~$1.1 billion at its 2021 Series C; some databases report ~$1.6 billion
Founded: 2014
Founders: Mark Frank and Sean Boyd

Modern Health

Modern Health is an employer mental health benefit offering therapy, coaching, digital programs, and other mental health resources.

Raised: ~$172 million
Status: Privately held
Backers: Founders Fund, Battery Ventures, Felicis Ventures, Kleiner Perkins, Afore Capital, 01 Advisors
Valuation: $1.17 billion (2021)
Founded: 2017
Founders: Alyson Friedensohn Watson and Erica Johnson

Talkiatry

Talkiatry is a virtual psychiatry practice employing psychiatrists and therapists and contracting directly with health insurers.

Raised: >$400 million in equity and debt
Status: Privately held
Backers: Perceptive Advisors, Andreessen Horowitz, Left Lane Capital, Blisce, Sofina, Relevance Ventures
Valuation: Not disclosed in its 2026 Series D; previously reported at roughly $425–$483 million in 2023
Founded: 2020
Founders: Robert Krayn and Georgia Gaveras

Brightline

Brightline provides virtual behavioral and mental healthcare specifically for children, teens, and their families.

Raised: >$200 million
Status: Privately held
Backers: KKR, GV, Oak HC/FT, Optum Ventures, Threshold Ventures, 7wireVentures, Blue Cross Blue Shield of Massachusetts
Valuation: $705 million (2022)
Founded: 2019
Founders: Naomi Allen and Giovanni Colella

mental healthbehavioral health

Halle Tecco

Halle Tecco has dedicated her career to making healthcare massively better. She is the founder of Rock Health and has backed and advised dozens of healthcare companies. She teaches future healthcare leaders at Columbia Business School, and serves on the boards of Collective Health and Cofertility. Tecco’s work has been featured in The New York Times, The Wall Street Journal, and Bloomberg. She was named as one of Goldman Sach’s Most Intriguing Entrepreneurs and listed on Fast Company's Most Creative People in Business 2023. She has spoken at the Aspen Ideas Festival, CES, TechCrunch Disrupt, and was a SXSW Keynote speaker. Tecco holds an MBA from Harvard Business School and an MPH from Johns Hopkins University.