By JESSICA DaMASSA, WTF HEALTH
SonderMind closes $ 150 million Series C funding round co-led by Drive Capital and Premji Invest, and we get CEO Mark Frank’s take on what sets THIS digital mental health startup apart from a group very well funded competitors. SonderMind has its own behavioral health therapists, has built its own technology stack, provides care virtually AND in person, is covered by some of the largest health plans in the country – Aetna, Anthem, Bright Health, Cigna, Kaiser, Optum and United Health Care. (They may also name Jonathan Bush, infamous health tech board member, in an interview, but that’s not the point!)
What’s most remarkable – and what Mark says that impressed investors the most this time around – isn’t just the health of SonderMind’s business model, but its track record as well. This increase represents most of the total of $ 183 million the startup has raised to date, and Mark reveals that they have only deployed about half of the $ 27 million Series B funding they received in April 2020 during a cycle led by General Catalyst. How will such a “capital-efficient” company begin to deploy these new funds? We hear Mark’s plans for nationwide expansion and improvements to this tech stack, especially when it comes to better matching therapists and patients based on expertise and needs, and more appropriately measure the process and results. Two areas ripe for further technological integration as the mental health care provider tackles what Mark calls THE defining health problem of our generation.