The news: Digital mental health company Lyra Health raised $235 million in Series F funding, vaulting its valuation to $5.585 billion. It plans to use the funds to fuel its global expansion efforts.
On the same day, Lyra announced its acquisition of ICAS World, an international provider of employee assistance programs. ICAS’ global network includes over 1,500 companies and 6.3 million users across more than 155 countries, which should give Lyra smooth inroads into global markets.
More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services.
Why it’s worth watching: The pandemic exacerbated mental health challenges in the workplace, inciting a greater need for personalized mental health benefits like Lyra’s.
Employers are responding by investing more in mental health resources:
An important consideration: Providing mental health benefits will help promote the accessibility of mental health care—but there are other barriers employers need to knock down to promote utilization of those benefits.
Zooming out on the market: While Lyra is on a trajectory to grow its international customer base and its breadth of mental health products, other startups are also carving into the employer-focused mental health benefits space.
Dig deeper: Check out our US Telehealth Trends 2022 report to learn more about what consumers want out of a hybrid virtual/in-person healthcare system.