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

Modern Health Overview

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

United StatesSan Francisco, CA

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

Modern Health valuation by funding round
DateStageValuation
Feb 2021Series D$1.2B
Dec 2020Series 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

Modern Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2021Series DFounders Fund (lead); Kleiner Perkins; Battery Ventures; Felicis; 01 Advisors; Lachy Groom$74M$1.2BModern 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 2020Series CBattery Ventures (lead); Kleiner Perkins; Felicis; Afore Capital; Founders Fund; 01 Advisors; 515 Ventures; Counterpart Advisors; Necessary Ventures$51M$500MModern 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 2020Series BFounders 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 2019Series AKleiner 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 2018SeedAfore 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

Investors in Modern Health by funding rounds participated
InvestorHQRoundsRoleFirst check
Kleiner PerkinsUnited StatesSan Francisco, CA4LeadMay 2019
Afore CapitalUnited StatesSan Francisco, CA4LeadJun 2018
Founders FundUnited StatesSan Francisco, CA3LeadJan 2020
Y CombinatorUnited StatesSan Francisco, CA2ParticipantJun 2018
Battery VenturesUnited StatesBoston, MA2LeadDec 2020
FelicisUnited StatesSan Francisco, CA2ParticipantDec 2020
01 AdvisorsUnited StatesSan Francisco, CA2ParticipantDec 2020
Zachary HargreavesUnited StatesSan Francisco, CA1ParticipantJan 2020
John DoerrUnited StatesSan Francisco, CA1LeadJan 2020
Jared LetoUnited StatesLos Angeles, CA1ParticipantMay 2019
C3 VenturesUnited StatesFlint, MI1ParticipantJun 2018
Precursor VenturesUnited StatesSan Francisco, CA1ParticipantJun 2018
Social CapitalUnited StatesSan Francisco, CA1ParticipantJun 2018

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions 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

Anvil Health (AI unit)
Kip
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 CountryUnited StatesUnited States
HQ City
-
San Francisco, CA
Deal Date8 Aug 20241 Feb 2021
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Modern Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ElemyUnited StatesSan Francisco, CAPrivate--$1.1B-
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
DoximityUnited StatesUnited StatesPublicly listed$645M$229M$4.7B6.2x
LeagueCanadaTorontoPrivate--$1.2B-
AgentSyncUnited StatesDenver, COPrivate$11M-$1.2B109.1x
U.S. Physical TherapyUnited StatesUnited StatesPublicly listed$781M$110M$1.2B2.3x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
U.S. Physical Therapy$781M$110M2.5x2.3x17.5x18.9x
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
EverCommerce$589M$128M3.0x2.9x13.7x9.5x
HealthStream$304M$63M2.8x2.6x13.2x11.2x
MedicalSystem Technology$45M$12M18.9x15.6x70.7x62.9x

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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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