- Companies
- Modern Health
Modern Health Valuation, Funding & Investors
Modern Health is valued at $1.2B as of February 2021.
Last Modern Health valuation
$1.2B
Series D · Feb 2021
Last Modern Health funding round
$74M
Series D · Feb 2021
Cumulative funding Modern Health raised
$167M
across 5 funding rounds
Key investors in Modern Health
Kleiner Perkins
Afore Capital
Founders Fund
Y Combinator
Battery Ventures
Felicis
About Modern Health
Modern Health is a global mental health platform that delivers therapy, coaching, and self-guided courses to employees via a single app supporting 35 languages. The service incorporates the World Health Organization's well-being assessment alongside wellness kits and access to licensed therapists and certified coaches. San Francisco-headquartered Modern Health partners with employers worldwide to enhance mental health support, integrating services seamlessly for corporate wellness programs.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.2B (Feb 2021)
Modern Health Valuation
Modern Health is currently valued at $1.2B, based on its Series D in February 2021.
The $74M round was led by Founders Fund, with participation from Kleiner Perkins, Battery Ventures, Felicis, 01 Advisors and Lachy Groom.
Modern Health's valuation has grown 2.3x from $500M at its Series C in December 2020 to $1.2B in February 2021, across 2 priced rounds.
Modern Health valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2021 | Series D | $1.2B |
| Dec 2020 | Series C | $500M |
Modern Health Funding History
Modern Health has raised a total of $167M across 5 funding rounds.
Modern Health's first fundraising round was a $2M seed round in June 2018. The most recent completed round was a $74M Series D in February 2021.
Modern Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2021 | Series D | Founders Fund (lead); Kleiner Perkins; Battery Ventures; Felicis; 01 Advisors; Lachy Groom | $74M | $1.2B | Modern Health is a comprehensive global mental health platform that provides employers with access to digital mental health solutions, virtual coaching, and clinical therapy services available in 35 languages through a single app. Founded in 2017 and based in San Francisco, the company serves major clients including Pixar, SoFi, Okta, Carta, EA, Rakuten, Clif Bar, Zendesk, and Udemy across more than 220 employers. On February 11, 2021, Modern Health closed a Series D funding round of $74 million led by Founders Fund, with participation from Battery Ventures, Felicis, Kleiner Perkins, and angel investor Lachy Groom. This round valued the company at $1.17 billion, bringing its total funding to over $170 million raised in less than two years. The valuation made Modern Health the fastest entirely women-founded company in the United States to reach unicorn status. At the time of the Series D, Modern Health demonstrated strong traction with more than half of registered employees on its platform engaging with care, and a majority completing two or more therapy sessions. The company had doubled its revenue since its Series C raise in October 2020, tripled its employee headcount, and doubled its customer base. Modern Health launched 25 new enterprise customers in January 2021 alone, underscoring robust market demand driven by heightened focus on workplace mental health during the COVID-19 pandemic. The capital infusion was designated to support continued scaling of Modern Health's evidence-based platform to serve additional employers globally and expand its suite of accessible and customized mental health solutions for diverse workforces worldwide. |
| Dec 2020 | Series C | Battery Ventures (lead); Kleiner Perkins; Felicis; Afore Capital; Founders Fund; 01 Advisors; 515 Ventures; Counterpart Advisors; Necessary Ventures | $51M | $500M | Modern Health is a San Francisco-based mental health and wellness platform founded in 2017 that provides employers with personalized care plans including therapists, coaches, meditation exercises, and digital content to support employee mental health needs globally. On December 15, 2020, the company raised $51 million in a Series C funding round led by Battery Ventures, with participation from Felicis Ventures and existing investors including Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital, and Okta co-founder Frederic Kerrest, bringing total funding to over $95 million. Sources consistently report the post-money valuation as between $500 million and $1 billion or north of half a billion dollars, less than a year after its Series B. Since the prior round, Modern Health tripled its employee headcount, doubled its customer base to over 190 enterprise clients such as Pixar, SoFi, Okta, Carta, Electronic Arts, Rakuten, Clif Bar, Zendesk, Udemy, and TripActions, and built a global network of providers in 30+ countries across 35 languages, planning to expand to 50+. One source mentions revenue grew 25 times since March 2020 but does not specify the term 'revenue' explicitly or provide a figure. The funding will support product development, sales, client success, data analytics for burnout insights, and global expansion to meet rising demand amid the mental health crisis exacerbated by the pandemic. Battery Ventures partner Roger Lee and industry veteran Penny Herscher joined the board post-round. Modern Health differentiates through its triaging model matching individuals to appropriate care levels, positioning it as a B2B leader in workplace mental health solutions. The round reflects strong investor interest in digital mental health, with the sector raising over $1 billion in the prior five years. |
| Jan 2020 | Series B | Founders Fund (lead); John Doerr (lead); Kleiner Perkins; Zachary Hargreaves; Afore Capital | $31M | - | Modern Health closed a $31 million Series B funding round in January 2020, led by Founders Fund and John Doerr, with participation from Afore Capital, Kleiner Perkins, and Zachary Hargreaves. The funds were intended to expand its holistic mental health benefits platform for employers. The company provides digital mental health solutions, positioning itself in the growing digital health and SaaS space for employee wellness. |
| May 2019 | Series A | Kleiner Perkins (lead); Y Combinator; Jared Leto; Afore Capital | $9M | - | Modern Health is a mental health benefits platform for employers that leverages evidence-based psychology principles and technology to deliver personalized mental health care recommendations. Founded in 2017, the company serves enterprises globally with a holistic suite of products covering the full spectrum of mental well-being needs, combining emotional care access with professional support from coaches and therapists. In May 2019, Modern Health closed a $9 million Series A funding round led by Kleiner Perkins with participation from Y Combinator, Jared Leto, and Afore Capital. This round was part of an active growth phase for the company. Within approximately 8 months, Modern Health announced a $31 million Series B in January 2020 led by Founders Fund and John Doerr, during which the company had increased its covered individuals by 10x and secured clients including Gusto, Lambda School, and Pixar. By December 2020, the company raised an additional $51 million Series C led by Battery Ventures, bringing total funding to over $95 million and establishing the company's valuation between $500 million and $1 billion. |
| Jun 2018 | Seed | Afore Capital (lead); Y Combinator; C3 Ventures; Precursor Ventures; Social Capital; MGV; Kevin Moore; Merus Capital; Brad Flora | $2M | - | Modern Health, a mental health and wellness platform founded in 2017, provides evidence-based psychology and technology solutions to enterprises globally. The company participated in Y Combinator and attracted early investors including Afore Capital during its seed stage in 2018. A seed round occurred in May 2018 involving investors such as Merus Capital, Brad Flora, and Afore Capital. |
Who has invested in Modern Health?
21 investors have backed Modern Health across its funding rounds, including Kleiner Perkins, Afore Capital, Founders Fund, Y Combinator, Battery Ventures and Felicis.
Lead investors include Founders Fund, Battery Ventures, John Doerr, Kleiner Perkins and Afore Capital.
Modern Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2019 | ||
| 4 | Lead | Jun 2018 | ||
| 3 | Lead | Jan 2020 | ||
| 2 | Participant | Jun 2018 | ||
| 2 | Lead | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 1 | Participant | Jan 2020 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Participant | May 2019 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
This data is available for Pro users. Sign up to see all 21 Modern Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Modern Health
Modern Health has acquired 2 companies to date.
Last acquisition by Modern Health was on August 8th 2024. Modern Health acquired Anvil Health (AI unit) for undisclosed valuation.
Latest Acquisitions by Modern Health
| Description | - | Kip is a hybrid mental health service blending in-person therapy sessions with a private mobile app for continuous support. Clients follow personalized care plans, logging daily moods and events between weekly meetings with licensed therapists using evidence-based protocols. |
| HQ Country | ||
| HQ City | - | San Francisco, CA |
| Deal Date | 8 Aug 2024 | 1 Feb 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Modern Health acquisitions and their M&A valuation multiples. Start Free Trial | ||
Modern Health Competitors
Modern Health competitors include listed companies like Doximity and U.S. Physical Therapy, and private ones like Elemy, Grow Therapy, League and AgentSync.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | $1B | - | $3B | - | ||
| Publicly listed | $645M | $229M | $4.7B | 6.2x | ||
| Private | - | - | $1.2B | - | ||
| Private | $11M | - | $1.2B | 109.1x | ||
| Publicly listed | $781M | $110M | $1.2B | 2.3x |
Modern Health Public Comps
Modern Health is still privately-owned, but its public comps include Teladoc, PHC Holdings, U.S. Physical Therapy, Vitec Software, iFLYHealth, EverCommerce, HealthStream, MedicalSystem Technology, Talkspace and Indegene.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $2.3B | $320M | 1.0x | 1.0x | 7.2x | 6.5x | |||
| $781M | $110M | 2.5x | 2.3x | 17.5x | 18.9x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $589M | $128M | 3.0x | 2.9x | 13.7x | 9.5x | |||
| $304M | $63M | 2.8x | 2.6x | 13.2x | 11.2x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
This data is available for Pro users. Sign up to see all Modern Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Modern Health
| When was Modern Health founded? | Modern Health was founded in 2017. |
| Where is Modern Health headquartered? | Modern Health is headquartered in San Francisco, CA, United States. |
| Is Modern Health publicly listed? | No, Modern Health is a private, VC-backed company. |
| What is Modern Health's valuation? | Modern Health was last valued at $1.2B in its Series D in February 2021. |
| How much funding has Modern Health raised? | Modern Health has raised $167M across 5 funding rounds. |
| What was Modern Health's last funding round? | Modern Health's last funding round was a $74M Series D in February 2021, led by Founders Fund. |
| Who are Modern Health's investors? | Modern Health's investors include Kleiner Perkins, Afore Capital, Founders Fund, Y Combinator, Battery Ventures, Felicis, 01 Advisors, Zachary Hargreaves, John Doerr, Jared Leto and 11 others. |
| Which companies are comparable to Modern Health? | Companies comparable to Modern Health include Elemy, Grow Therapy, Doximity, League, AgentSync and U.S. Physical Therapy. |
| How many companies has Modern Health acquired? | Modern Health has acquired 2 companies, including Anvil Health (AI unit) and Kip. |
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