Lyra Health scores $235M and buys employee assistant program ICAS World

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Employer-focused digital psychological well being supplier Lyra Well being introduced a whopping $235 million Collection F spherical led by Dragoneer. Salesforce Ventures and Coatue additionally participated. This new infusion of money brings the corporate’s whole increase to over $900 million. 

The funding coincided with the information that Lyra Well being is buying employee-assistant program ICAS World for an undisclosed sum. ICAS was based in 1987 and offers teaching and counseling companies to staff. The service affords telephone, face-to-face or web-based remedy.

WHY IT MATTERS 

The Collection F funding spherical is anticipated to assist Lyra Well being develop internationally. 

This international growth can also be a key a part of its latest acquisition. Lyra’s staff stated that its acquisition of ICAS World will assist it to achieve 10 million members in 155 nations in 66 languages. 

“Psychological well being points are rather more pervasive than is usually identified, and Lyra is thoughtfully redefining entry to care by offering broad-based options via employers,” Marc Stad, founder and managing companion at Dragoneer, stated in a press release.

“With this extra capital, Lyra could have the chance to additional distinguish itself because the chief in psychological well being domestically and develop internationally to deal with a worldwide want.”

THE LARGER TREND 

Lyra has rapidly been elevating capital for growth. In June, the corporate introduced the shut of a $200 million financing spherical led by Coatue. Nevertheless, that was not the corporate’s solely funding spherical final 12 months. In January 2021, the corporate closed a $187 million Collection E funding spherical. At the moment Lyra additionally introduced a partnership with ICAS World.

The corporate has additionally grown its protection space. In September, it introduced a brand new software to assist deal with suicidality, alcohol use dysfunction and different advanced care wants. 

There are a variety of employee-focused firms engaged on offering psychological well being companies digitally. For instance, worker psychological well being and wellness firm Trendy Well being raised $74 million in Collection D funding final February. 

Moreover, fellow employer-focused psychological well being firm Ginger merged with meditation app Headspace in a deal that reportedly values the mixed firm at $3 billion.

 

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