USA – Mantra Health, a New York, NY-based digital mental health clinic focused on young adults, raised $22m in Series A funding.
The round was led by VMG Partners with participation from new investors New Market Venture Partners, Elements Health Ventures, 14W, and Alumni Ventures and returning investors Canaan Partners, Global Founders Capital, Baleon Capital, Western Tech Investments, and City Light Capital. The company intends to use the funds to continue grow its diverse provider network nationwide, enhance its clinical infrastructure to increase positive student outcomes, broaden its ability to improve the mental wellbeing of young adults from the subacute to the severely mental ill and quadruple its team in the next year, with roles open across all functions.Led by Ed Gaussen, co-founder & CEO, and Matt Kennedy, co-founder and COO, Mantra Health is a digital mental health clinic on a mission to improve access to evidence-based mental healthcare for young adults. Through augmenting high-quality clinical services with software and design, the company is on a mission to improve the mental health of over 20 million university and college students through partnerships with higher education institutions and health insurance plans. Mantra is already in-network with Optum, Cigna, as well as other local payers, and has launched the Insurance Referral Program as a pilot at one of the largest state schools in the country in collaboration with their student health insurance plan.As of this month, the company’s Sponsored Care Program is deployed on 52 campuses across the U.S., including Penn State, Miami Dade College, and Massachusetts Institute of Technology, ensuring more than 500,000 students can access timely psychiatry and therapy services over telehealth. Additionally, Mantra is also using the proceeds to scale the Mantra College Mental Health Provider Diversity Scholarship. The scholarship launched in June 2021 to offer financial support to marginalized identities pursuing a degree related to mental health and completing work in a university or college counseling center to help reduce the racial disparities that exist in the mental health field. 19/01/2022
