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A spate of startups focused on mental health recently made enough noise as a group that they caught the eye of the
Equity
podcast crew. Sadly, the segment we’d planned to discuss this topic was swept away by a blizzard of IPO filings
that piled up like fresh snow.
But in preparation, I reached out to
CB Insights
for new data on the mental health startup space that they were kind enough to supply. So this morning we’re going to dig into it.
Regular readers of The Exchange will recall that we last
dug into overall wellness venture capital investment in August
, noting that it was mental health startups inside the vertical that were seeing the most impressive results.
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I wanted to know what had happened even more recently.
After all, Spring Health recently
raised $76 million
for its service that helps companies offer their workers mental health benefits, Mantra Health disclosed
that it has raised $3.2 million to help with college-age mental health issues and Joon Care announced $3.5 million in new capital to “grow its remote therapy service for teens and young adults,” per GeekWire
.
Sticking to theme, Headway just raised $32 million to build a platform that “helps people search for and engage therapists who accept insurance for payments,” according
to our own reporting
, and online therapy provider Talkspace is pursuing a sale
— it looks like an active time in the mental health startup realm.
So, let’s shovel into the latest data and see if the signals that we are seeing really do reflect more total investment into mental health startups, or if we’re over-indexing off a few news items.
The state of mental health venture investing
To prepare the ground, let’s talk about the general state of healthcare investing in the venture capital world. Per
CB Insights’ Q3
healthcare VC
report
, venture capital deal volume and venture capital dollar volume reached new record highs in the sector during Q3 2020.
The quarter’s 1,539 rounds and $21.8 billion in invested capital were each comfortably ahead of prior records set in Q2 2018 for round volume (1,431) and Q2 2020 for dollar volume ($18.4 billion) for healthcare startups.
