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July 28, 2021

Technology-driven Behavioral Health Company SonderMind Raises $150 Million to Expand Mission of Improving Clinical Outcomes

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By
SonderMind

Leading behavioral health provider will continue to expand access beyond the current footprint of 73 million insured lives

Denver - SonderMind Inc., a national leader in improving mental health clinical outcomes and making behavioral health more accessible to all Americans, today announced the successful completion of a $150 million Series C financing. The round was co-led by new investors Drive Capital and Premji Invest, with participation from General Catalyst, Partners Group, Smash Ventures, Kickstart Fund, and F-Prime Capital.

SonderMind therapy works, and the company is on a mission to make sure it can work for everyone. The company’s technology is built for a more personalized mental health journey, so individuals seeking mental health support can get better faster. This funding will accelerate the company’s expansion into all fifty states as it continues to build the highest-quality platform for clinical care in the nation. The new capital infusion will also further SonderMind’s commitment to providing affordable and accessible mental healthcare that is grounded in data-driven results.

“I co-founded SonderMind in large part because of my frustration in trying to identify the right therapist who could help with my unique needs, had availability, and accepted my insurance. Getting high-quality behavioral health support should be simple and result in a great match,” said Mark Frank, co-founder and CEO of SonderMind. “With our partners in this funding round, SonderMind will bring our proven approach to behavioral health clinical outcomes to the entire country, while also bolstering the technology capabilities that have always been part of our core solution.”

Drive Capital’s Molly Bonakdarpour joins the SonderMind board in connection with the financing. Molly brings important experience working with high-growth health technology companies.

Bonakdarpour commented, “The essential need for behavioral health access is undeniable, and there is a growing field of companies looking to address the accessibility gap. SonderMind stood out to us as the market leader because of their clear approach to connecting individuals with therapists that meet their needs and take their insurance, all while producing clinically-verifiable outcomes for users. It is a win for all stakeholders: patients, therapists, and health plans. I’m so excited to work with the team to bring this approach national.”

Besides the aforementioned investors, additional institutional investors participating in the round were Founders Circle Capital, Zoma Foundation, and FCA Venture Partners. The Series C funding increases SonderMind’s total capital raised to date to $183 million.

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