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SonderMind, a Denver-based digital behavioral health company, completed a $150 million Series C funding round, bringing its total amount raised to date to $183 million.
New investors Drive Capital and Premji Invest co-led the round, with additional participation from General Catalyst, Partners Group, Smash Ventures, Kickstart Fund, F-Prime Capital, Founders Circle Capital, Zoma Foundation and FCA Venture Partners.
WHAT IT DOES
SonderMind connects people with therapists that can meet their unique needs by taking into consideration patient responses from an intake survey, geographic location and insurance provider. From there, users can schedule in-person or telehealth appointments with the provider on the platform.
The company is building a network of behavioral health clinicians that get access to client-matching, payment support, a full suite of technology services and clinical assessments.
WHAT IT’S FOR
With the new cash, SonderMind will expand to nationwide availability and continue to enhance its mental health platform.
“I cofounded SonderMind, in large part because of my frustration in trying to identify the right therapist who could help with my unique needs, had availability and accepted my insurance. Getting high-quality behavioral health support should be simple and result in a great match,” Mark Frank, cofounder and CEO of SonderMind, said in a statement.
“With our partners in this funding round, SonderMind will bring our proven approach to behavioral health clinical outcomes to the entire country, while also bolstering the technology capabilities that have always been part of our core solution.”
Additionally, SonerMind has brought on Drive Capital’s Molly Bonakdarpour to its board in connection with the firm’s investment.
MARKET SNAPSHOT
SonderMind has been working on expanding its geographic footprint for some time now. Last year, when it raised $27 million in Series B funding, the company shared plans to grow into Texas and Arizona.
On the whole, digital mental health is booming. Startups with a focus on mental health continued to be the number one clinical area for investor dollars in the second quarter of 2021, raking in $1.5 billion, according to Rock Health.
Companies that have made headlines recently include Ginger, which added new services geared towards teens, Lyra Health, which raked in $200 million in funding, Talkspace, which went public after completing a SPAC merger with Hudson Executive Investment Corp., and AbleTo, which updated its platform with new features.