Softbank backs mental health app Cerebral, giving it $4.8B valuation

Cerebral lets individuals schedule digital visits with a therapist or care counselor. Picture credit score: Cerebral

With Softbank’s second imaginative and prescient fund as a backer, psychological well being startup Cerebral not too long ago closed a $300 million funding spherical. The startup has raised a complete of $462 million to this point, giving it a $4.8 billion valuation, based on Bloomberg.

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Olympic gymnast Simone Biles additionally not too long ago struck a partnership with the corporate, becoming a member of as an investor and its chief influence officer.

San Francisco-based Cerebral is considered one of a number of on-line psychological well being startups, offering counseling, remedy and medicine supply by a web based platform.

The corporate, which has been round for only a yr, has a subscription mannequin the place sufferers pays a month-to-month payment for counseling, remedy or remedy supply. As an example, a month-to-month subscription for weekly visits with a therapist prices $259 monthly. The corporate additionally has partnerships with insurers, together with Aetna, Blue Cross Blue Protect, Cigna, Magellan and Medicare, and mentioned it’s putting partnerships with employers.

Cerebral claims it has 2,000 clinicians, and practices throughout all 50 states. There are some limitations: whereas it gives medication-assisted therapy for alcohol use dysfunction, it doesn’t deal with all substance use situations. Cerebral additionally doesn’t provide therapy for schizophrenia or suicidal ideation, based on its web site.

Founder and CEO Kyle Robertson mentioned Cerebral would use the funds to construct a “one-stop store” for psychological healthcare, with the purpose of offering take care of a variety of situations and thru a number of therapy modalities, together with remedy administration, remedy, and digital therapeutics.

“It’s nonetheless only the start for Cerebral,” he mentioned in a information launch.

In fact, Cerebral has loads of competitors to take care of, as different psychological well being startups elevate funding and look to win over contracts with employers. Different opponents that present remedy, teaching and medicine embody Ginger, which not too long ago merged with Headspace Well being to type a $3 billion firm, and Lyra, which is valued at $4.6 billion.

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