Lyra Health, a leading provider of mental health care benefits for employers, announced a Series D financing round of $110 million. Addition led the round and was joined by Adams Street Partners and existing investors, including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital. This financing enables Lyra to invest more aggressively in innovative, tech-enabled mental health treatments; to partner with more customers; and to expand and diversify its high-quality provider network.
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The company is also pleased to announce the addition of Kerry Chandler to its Board of Directors. Chandler is Chief Human Resources Officer at Endeavor, a global entertainment, sports, and content company, and she previously served as a senior executive at Under Armour; Christie’s; the National Basketball Association; ESPN; and ESPN’s parent, The Walt Disney Company. She has also served in human resources leadership roles of increasing responsibility at IBM, Motorola, Exxon, and McDonnell Douglas. Chandler brings an extensive background in human resources operations, strategy, and executive leadership.
“Lyra has developed the most comprehensive mental health benefits to address the full spectrum of employees’ needs, at a time when direct and immediate access to such care has never been more important. I’m thrilled to join as an independent Board member to help the company fulfill its mission to provide the most effective care to millions,” said Chandler.
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American workers are experiencing a surge in mental health challenges as they grapple with historic adversity amid the COVID-19 pandemic, economic uncertainty, and a national reckoning with racial injustice. A recent study led by Lyra Health and the National Alliance of Healthcare Purchaser Coalitions found that 83 percent of U.S. employees today are experiencing mental health issues.
“Whether you’re dealing with a preexisting mental health condition that has intensified or new symptoms that have arisen during the pandemic, these are challenging times for many people. We are proud to support employers that are prioritizing mental health and will use this new funding to help even more organizations support the mental health and well-being of their most important asset — their people,” said David Ebersman, Lyra Health CEO and co-founder.
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