Cerebral Valuation, Funding & Investors

Cerebral is valued at $4.8B as of December 2021.

Last Cerebral valuation

$4.8B

Series C · Dec 2021

Last Cerebral funding round

$25M

Undisclosed stage · Sep 2025

Cumulative funding Cerebral raised

$487M

across 4 funding rounds

Key investors in Cerebral

  • Westcap
  • Liquid 2 Ventures
  • Oak HC/FT
  • Artis Ventures
  • Access Industries
  • AirAngels

Cerebral Overview

About Cerebral

Cerebral is a US-based telemedicine provider offering mental health care for anxiety, depression, and ADHD. Headquartered in San Francisco, it connects patients with licensed therapists and prescribers via app for medication management and therapy sessions. The platform serves all 50 states with insurance billing for Aetna and Cigna. Cerebral uses evidence-based protocols like CBT and follows APA guidelines. Launched in 2020, it expanded to couples counseling.


Founded

2020

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Subscription, Services

Valuation

$4.8B (Dec 2021)

Cerebral Valuation

Cerebral is currently valued at $4.8B, based on its Series C in December 2021.

The $300M round was led by SoftBank Group, with participation from Access Industries, Artis Ventures, Prysm Capital and Westcap.

Cerebral's valuation has grown 4.0x from $1.2B at its Series B in June 2021 to $4.8B in December 2021, across 2 priced rounds.

Cerebral valuation by funding round

Cerebral valuation by funding round
DateStageValuation
Dec 2021Series C$4.8B
Jun 2021Series B$1.2B

Cerebral Funding History

Cerebral has raised a total of $487M across 4 funding rounds.

Cerebral's first fundraising round was a $35M Series A in October 2020. The most recent completed round was a $25M undisclosed-stage round in September 2025.

Cerebral funding rounds

Cerebral funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2025Undisclosed stage-$25M-Cerebral, a digital mental health unicorn providing online mental health consultation, personalized treatment, therapy, and medication management via virtual platforms, raised $25 million in a funding round on September 12, 2025, shortly after its first acquisition of Resilience Labs in August 2025. This funding appears tied to the M&A activity, bringing total capital raised to approximately $487 million. Resilience Labs added therapy offerings and a clinician development platform to address turnover and burnout, aiming to enhance Cerebral's clinical quality amid past scrutiny over prescribing practices. The 2025 funding follows a Series C in late 2021 where Cerebral raised $300 million at a $4.8 billion valuation led by Silver Lake and Access Industries, and a Series B of $127 million at $1.2 billion in June 2021 led by Access Industries. Earlier rounds totaled around $35 million from investors like Y Combinator and WestCap. The company, founded in 2019 and headquartered in San Francisco, has faced challenges including leadership changes, with interim CEO Brian Reinken replacing David Mou in March 2025, layoffs, legal battles with founder Kyle Robertson, and ceasing controlled substance prescribing. Cerebral aimed to use prior funds for expanding care offerings, telemedicine, hiring clinicians, and U.S. scaling, positioning it in the digital health space with 1,001–5,000 employees as of July 2025. This latest raise and acquisition signal a potential turnaround amid ongoing public and regulatory spotlight.
Dec 2021Series CSoftBank Group (lead); Access Industries; Artis Ventures; Prysm Capital; Westcap$300M$4.8BCerebral is a San Francisco-based online mental health company offering telemedicine services for adults dealing with conditions like anxiety, depression, ADHD, and alcohol dependence in select states. It provides a subscription-based platform with video/phone appointments, licensed therapists, care counselors, mental health assessments, medication management, and delivery, available across all 50 states for prescribers and in 30 states for combined therapy/medication. The company partners with workplace benefits and is in-network with Medicare and insurers like Aetna, Anthem, Blue Cross Blue Shield, Cigna, and Magellan Health. On December 8, 2021, Cerebral raised $300 million in a Series C round led by SoftBank Vision Fund 2, with participation from Prysm Capital, Access Industries, WestCap Group, and ARTIS Ventures, bringing total funding to $462 million and post-money valuation to $4.8 billion. The capital supports expansion and M&A activities. At the time, Cerebral had over 2,000 practicing clinicians nationwide and had launched publicly in January 2020, growing rapidly. Founder and CEO Kyle Robertson emphasized building accessible mental health care without barriers like stigma, cost, or convenience. Subsequent developments include a $25 million raise in 2025 tied to acquiring Resilience Labs for clinical improvements, amid challenges like leadership changes, layoffs, legal issues with the founder, and halting controlled substance prescribing. Earlier, a June 2021 Series B valued the company at $1.23 billion.
Jun 2021Series BAccess Industries (lead); Cold Start Ventures; Celtic House Asia Partners; Liquid 2 Ventures; Chris Burch; Artis Ventures; Silver Lake Waterman; Oak HC/FT; AirAngels; Westcap; Bill Ackman$127M$1.2BCerebral, founded in 2020 and headquartered in San Francisco, provides online mental health consultation and personalized treatment services, connecting users to licensed therapists, clinicians, and medication management programs through virtual platforms targeting conditions like anxiety, depression, ADHD, PTSD, substance abuse, and bipolar disorder. The company launched direct-to-consumer services after early funding from investors including Y Combinator and WestCap, accumulating about $35 million in seed to Series A rounds to develop its telehealth platform. On June 10, 2021, Cerebral raised $127 million in its Series B funding round led by Access Industries, achieving a valuation of approximately $1.2 billion and joining the unicorn club. Other investors in prior or related rounds included AirAngels, Artis Ventures, Celtic House Asia Partners, Chris Burch, Cold Start Ventures, Liquid 2 Ventures, Oak HC/FT, Silver Lake Waterman, Westcap, and Bill Ackman. The funds were intended to strengthen clinical infrastructure, hire more mental health professionals, and improve platform reach. Cerebral continued rapid growth, raising $300 million in a Series C round on December 8, 2021, led by SoftBank Vision Fund 2 with participation from Prysm Capital, Access Industries, WestCap Group, and Artis Ventures, boosting total funding to $462 million and valuation to $4.8 billion. By then, it had over 2,000-2,300 clinicians across all 50 states, serving more than 200,000 patients. The company aimed to expand care offerings, telemedicine capabilities, U.S. operations, new services, partnerships, international growth, and potential M&A. Cerebral operated on a monthly subscription model for video/phone appointments with therapists and counselors, plus medication management. The mental health market was projected to reach $245 billion by 2027 amid rising demand from the Great Resignation and employer benefits focus. Later developments included a $25 million raise in 2025 tied to acquiring Resilience Labs, reaching total funding near $487 million, amid leadership changes, layoffs, prescribing scrutiny, and legal issues with founder Kyle Robertson.
Oct 2020Series AOak HC/FT (lead); Liquid 2 Ventures; AirAngels; Gaingels; Westcap; City Light Capital; Dan Rumennik$35M-Cerebral is a telehealth startup offering virtual mental health care, including medication management, therapy, and mail-order prescriptions for patients with anxiety and depression. Launched publicly in January 2020, it achieved rapid growth described as 'like wildfire' during the COVID-19 pandemic, when telehealth demand boomed. By October 2020, less than a year after launch, Cerebral had expanded to a team of over 200 clinicians and staff, operating on a cash payment model with out-of-network reimbursements. On October 7, 2020, Cerebral raised a $35 million Series A round led by Oak HC/FT, with participation from Westcap, Liquid 2 Ventures, Gaingels, Air Angels, and others. Funds were allocated to expand services to all 50 states, pursue in-network insurance partnerships to reduce patient costs, and develop a mobile app for direct care access. Oak HC/FT Principal Billy Deitch highlighted Cerebral's proactive care model bridging clinical gaps in mental health. The company aimed to address barriers like high out-of-pocket costs and limited insurance coverage for therapy and psychiatry. This funding positioned Cerebral in the surging telehealth mental health market, despite skepticism from some clinicians.

Who has invested in Cerebral?

16 investors have backed Cerebral across its funding rounds, including Westcap, Liquid 2 Ventures, Oak HC/FT, Artis Ventures, Access Industries and AirAngels.

Lead investors include SoftBank Group, Access Industries and Oak HC/FT.


Cerebral Investors

Investors in Cerebral by funding rounds participated
InvestorHQRoundsRoleFirst check
WestcapCanadaCanada3ParticipantOct 2020
Liquid 2 VenturesUnited StatesSan Francisco, CA2ParticipantOct 2020
Access IndustriesUnited StatesNew York City, NY2LeadJun 2021
Artis VenturesUnited StatesSan Francisco, CA2ParticipantJun 2021
Oak HC/FTUnited StatesGreenwich, CT2LeadOct 2020
AirAngelsAustriaAustria2ParticipantOct 2020
Cold Start VenturesUnited StatesNew York City, NY1ParticipantJun 2021
Celtic House Asia PartnersCanadaToronto1ParticipantJun 2021
SoftBank GroupJapanTokyo1LeadDec 2021
Chris BurchUnited StatesNew York City, NY1ParticipantJun 2021
Silver Lake WatermanUnited StatesSan Francisco, CA1ParticipantJun 2021
Prysm CapitalUnited StatesPrinceton, NJ1ParticipantDec 2021
GaingelsUnited StatesNew York City, NY1ParticipantOct 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Cerebral

Cerebral has acquired 2 companies to date.

Last acquisition by Cerebral was on March 23rd 2026. Cerebral acquired Inflow for $49M.


Latest Acquisitions by Cerebral

Inflow
Resilience Lab
Description
Inflow is a New York-based digital therapeutics company offering a science-backed app for ADHD management. The program combines cognitive behavioral therapy modules, skill-building exercises, and community support tailored to adults and teens. Clinically validated in studies published in JAMA Psychiatry, it serves over 100,000 users worldwide. Launched in 2021 from Rockefeller Neuroscience Institute research, Inflow partners with health insurers for reimbursement.
-
HQ CountryUnited KingdomUnited States
HQ City
London
-
Deal Date23 Mar 20264 Aug 2025
Valuation$49Mundisclosed
EV/Revenue
EV/EBITDA

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Cerebral Competitors

Cerebral competitors include listed companies like Hims and Teladoc, and private ones like Grow Therapy, Headway, Nourish and Apricus Health.

Public and private companies comparable to Cerebral
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HimsUnited StatesUnited StatesPublicly listed$2.3B$178M$6.5B2.4x
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
HeadwayUnited StatesNew York City, NYPrivate--$2.3B-
NourishUnited StatesNew York City, NYPrivate$160M-$1.8B10.9x
Apricus HealthUnited StatesPhoenix, AZPrivate--$1.5B-
TeladocUnited StatesUnited StatesPublicly listed$2.5B$124M$1.1B0.6x

Cerebral Public Comps

Cerebral is still privately-owned, but its public comps include Doximity, ACADIA Pharmaceuticals, Hims, Compass Pathways, Ping An Healthcare, JMDC, GoodRx, Teladoc, Talkspace and Oscar Health.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Doximity$645M$229M6.3x6.2x17.7x11.9x
ACADIA Pharmaceuticals$1.1B$119M3.6x3.2x32.3x33.6x
Hims$2.3B$178M3.1x2.4x40.4x23.9x
Compass Pathways-($293M)--(5.8x)(8.4x)
Ping An Healthcare$815M$52M0.9x0.9x13.4x16.9x
JMDC$324M$88M5.0x4.6x18.4x17.9x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x

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Common questions about Cerebral

When was Cerebral founded?Cerebral was founded in 2020.
Where is Cerebral headquartered?Cerebral is headquartered in San Francisco, CA, United States.
Is Cerebral publicly listed?No, Cerebral is a private, VC-backed company.
What is Cerebral's valuation?Cerebral was last valued at $4.8B in its Series C in December 2021.
How much funding has Cerebral raised?Cerebral has raised $487M across 4 funding rounds.
What was Cerebral's last funding round?Cerebral's last funding round was a $25M undisclosed-stage round in September 2025.
Who are Cerebral's investors?Cerebral's investors include Westcap, Liquid 2 Ventures, Access Industries, Artis Ventures, Oak HC/FT, AirAngels, Cold Start Ventures, Celtic House Asia Partners, SoftBank Group, Chris Burch and 6 others.
Which companies are comparable to Cerebral?Companies comparable to Cerebral include Hims, Grow Therapy, Headway, Nourish, Apricus Health and Teladoc.
How many companies has Cerebral acquired?Cerebral has acquired 2 companies, including Inflow and Resilience Lab.
What was the largest acquisition by Cerebral?The $49M acquisition of Inflow in March 2026 is the largest acquisition Cerebral has made to date.

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