Denver - SonderMind Inc., a company dedicated to making behavioral health more accessible, approachable and utilized, today announced the successful completion of a $27 million Series B financing. In addition to the new investment from General Catalyst, the round also included new investor F-Prime Capital and participation from existing investors Kickstart Seed Fund, Diōko Ventures (managed by FCA Venture Partners) and Jonathan Bush.
SonderMind, which currently operates the largest integrated network of community behavioral health professionals in Colorado and an expanding business in Texas and Arizona, intends to use the proceeds to accelerate the company's entry into new markets; deepen and broaden its enterprise partnerships with payors, employers and health systems, and to further build out the technology platform that drives its SonderMind Solution™.
“This financing provides the fuel to support our growth objectives and advance our mission to make behavioral health more accessible, approachable and utilized by building a modern marketplace that holds great appeal to both clinician and patient,” said Mark Frank, co-founder and chief executive officer of SonderMind. “We are thrilled by this new partnership with General Catalyst given a shared belief in how important the issue of mental health is for our country and General Catalyst's proven expertise in advising and lending connectivity to breakthrough companies across industries and within healthcare."
The behavioral health industry continues to be challenged by long-wait times and access issues. SonderMind is taking aim at these core challenges within the mental health system by providing a marketplace that enables consistent access to care and streamlined communication between therapist and patient.
“The need for mental health support has never been more acute yet frustrations abound for individuals unable to access care. Mark and the SonderMind team have thoughtfully developed a platform that is equally beneficial to both clinician and patient," said Holly Maloney, managing director at General Catalyst. "SonderMind changes the game by taking the friction and stigma out of finding the right therapist, all while maximizing insurance coverage and measuring the outcomes of care.”
Along with the new funding, SonderMind adds Eric Roza, former CEO of Datalogix and current General Catalyst Executive in Residence, and Kent Thiry, former CEO of DaVita and current Executive Chairman, to its board of directors.
Frank added, "As SonderMind continues to grow, we are committed to adding established industry leaders to our board. With Eric Roza’s success in building Datalogix into what would become Oracle Data Cloud and Kent Thiry’s enduring leadership at DaVita, one of the nation’s foremost healthcare companies, we are confident that the support and counsel they bring will help guide the SonderMind through its next stage.”
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. With over two billion dollars under management and a global portfolio of more than 190 companies, we champion those dedicated to creating positive change in the world.
F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, please visit fprimecapital.com and follow us on Twitter and LinkedIn.