Inside Lyra Health: From 2015 to Now Into a $910 million business
Startup Type:
Headquarter: Burlingame, USA
Current Status: Active (private; serving millions of covered lives)
Founders: David Ebersman, Dena Bravata, Sean Duffy
Founded Year: 2015
Investors: Greylock, Venrock, IVP
Funding Raised: $910 million
What Is the business model of Lyra Health?
Workplace mental health benefits provider that connects employees of client companies to mental health therapists and digital programs, using a matching algorithm and taking fees from employers as a benefits vendor
How Lyra Health got started?
Co-founded in 2015 by ex-Facebook CFO Ebersman, Lyra set out to address the lack of easy access to therapy via employers, built a network of vetted therapists and offered a high-tech platform for booking and care navigation, selling this service to large employers as part of their health benefits
what growth strategy has Lyra Health followed?
Established itself by signing tech companies and forward-looking employers first, delivering high engagement rates among employees, utilized data to show clinical improvements, which helped land over 100 enterprise clients and achieve a multi-billion valuation as mental well-being became a corporate priority
what are the top products/features of Lyra Health
Lyra mental health platform, therapist and coach network, self-guided Cognitive Behavioral Therapy tools, workplace mental health analytics
what was the biggest challenge faced by Lyra Health?
Handling the surge in demand for mental health services and recruiting enough quality providers, while proving to employers that improved employee mental health reduces absenteeism and boosts productivity (justifying the cost)