Happify Health raises $73M to deepen partnerships with pharmaceutical companies and insurance payers

Hap­pi­fy Health rais­es $73M to expand its dig­i­tal ther­a­peu­tic care deliv­ery capa­bil­i­ties (Mobi­Health News):

Found­ed in 2012, Hap­pi­fy is best known for dig­i­tal pro­grams that pro­vid­ed auto­mat­ed self-guid­ed sup­port across var­i­ous areas of men­tal health and well­ness, such as stress man­age­ment for employ­ees or health plan mem­bers. Should the user need addi­tion­al sup­port, the plat­form can also facil­i­tate a refer­ral to third-par­ty coach­ing, ther­a­py, telemed­i­cine or oth­er avail­able resources.

In more recent years the plat­form has expand­ed to address more than a dozen oth­er chron­ic con­di­tions, such as heart health and pso­ri­a­sis, that can over­lap with men­tal health conditions…

“Today, our plat­form cov­ers more than 20 mil­lion lives, with more than 5 mil­lion indi­vid­u­als hav­ing received care through our plat­form,” said Tomer Ben-Kiki, cofounder and CEO of Hap­pi­fy, in a statement.

“We are also work­ing with five lead­ing phar­ma­ceu­ti­cal part­ners on dig­i­tal ther­a­peu­tic solu­tions and four out of the five nation­al pay­ers to help sup­port their mem­bers’ men­tal health and chron­ic ill­ness needs. We look for­ward to reach­ing an even big­ger audi­ence with the sup­port of our new partners.”

The Announcement:

Hap­pi­fy Health Rais­es $73M to Advance and Expand Dig­i­tal Health Plat­form (press release)

Hap­pi­fy Health, a glob­al soft­ware-enabled health­care plat­form to improve men­tal and phys­i­cal health, today announced a $73 mil­lion cap­i­tal raise through Series D and relat­ed financ­ing to advance and expand the company’s health­care plat­form, focused on dig­i­tal ther­a­peu­tics and patient care deliv­ery. The invest­ments were led by Deer­field Man­age­ment Com­pa­ny and includ­ed par­tic­i­pa­tion from Omega Cap­i­tal Part­ners, ION Crossover Part­ners, and exist­ing investors.

The cap­i­tal raised will sup­port growth in key strate­gic areas across the entire plat­form, includ­ing expand­ing the Dig­i­tal Ther­a­peu­tics and Care Deliv­ery solu­tions and pur­su­ing glob­al busi­ness devel­op­ment oppor­tu­ni­ties. The new fund­ing will allow for an accel­er­a­tion of the plat­form by help­ing fur­ther dri­ve rela­tion­ships with phar­ma­ceu­ti­cal com­pa­nies through con­fig­urable dig­i­tal ther­a­peu­tics solu­tions and spe­cial­ized solu­tions for enter­prise and health plan cus­tomers. The cap­i­tal will also help sup­port addi­tion­al invest­ment into devel­op­ing advances in Arti­fi­cial Intel­li­gence and Machine Learn­ing-based mod­els that pow­er Anna, a soft­ware-based coach designed to sup­port and engage indi­vid­u­als for sev­er­al chron­ic con­di­tions, most notably men­tal health.

News in Context:

• Four trends accel­er­at­ing men­tal health inno­va­tion in the COVID/ post-COVID era
• Dig­i­tal men­tal health start-up Koa Health rais­es €30M to accel­er­ate growth in Europe and the US
• Start­up Big Health rais­es $39M to uni­ver­sal­ize access to cog­ni­tive behav­ioral ther­a­py (CBT) for anx­i­ety and poor sleep
• The Nation­al Acad­e­my of Med­i­cine (NAM) shares dis­cus­sion paper to help empow­er 8 bil­lion minds via the eth­i­cal adop­tion of dig­i­tal men­tal health and neurotech
• Three ways to pro­tect your men­tal health dur­ing –and after– COVID-19