myStrength Raises Growth Capital to Accelerate Expansion of its Digital Behavioral Health Platform

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Capital raise will finance partner and customer expansion.

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Our mission is to continuously innovate to create the most engaging and effective digital mental health platform to empower consumers, inspire hope and enhance quality of life.

myStrength, Inc., a leading provider of digital behavioral health solutions for over 140 of the largest U.S. healthcare payers and providers, announced today it has closed growth equity financing to further accelerate its partner and customer expansion. Participating in the financing are established individual and institutional healthcare investors who invested based on myStrength’s rapid growth, gold standard partners, unique technology solutions, real-world clinical outcomes and validated value-based results.

myStrength’s digital platform targets the most prevalent and costly behavioral health conditions including depression, anxiety, stress, substance use disorder, chronic pain and sleep disorders. The recent capital raise will accelerate myStrength’s continuous innovation and expansion of its partner solutions to include additional conditions and unique consumer engagement capabilities. myStrength has a robust research pipeline; the funding will also expedite a range of ongoing clinical and health economic outcome studies, further validating the company’s value to healthcare payers and providers.

myStrength’s partners include many of the largest U.S. healthcare payers such as Aetna, Anthem, CareSource, and Envolve PeopleCare (Centene). Health payers chose myStrength to extend evidence-based mental health access to covered members, promote higher levels of engagement, improve outcomes and decrease costs in care delivery. In addition to payers, integrated health systems such as Carolinas HealthCare and Denver Health have deployed myStrength within primary and chronic care settings to address the common co-morbidity of mental and physical conditions. myStrength has been adopted by more than 80 community behavioral health providers across 28 states as a treatment extender to augment care and increase mental health access to Medicaid consumers across the United States.

myStrength’s integrated platform enables healthcare organizations to address a broad range of mental health conditions through highly tailored and interactive resources grounded in cognitive behavioral therapy, mindfulness, positive psychology, motivational interviewing and dialectical behavior therapy. myStrength’s clinical effectiveness is reflected in real-world data analysis, along with efficacy studies that employ randomized controlled trials. These results have shown myStrength’s ability to produce clinical outcomes comparable to face-to-face therapy, at a fraction of the cost.

“The need for tech-enabled behavioral health support is critical, with an estimated one in four Americans struggling each year with a mental health issue—and fewer than 30% of those impacted getting care due to cost, stigma or lack of access,” said Scott Cousino, CEO of myStrength. “Our mission at myStrength is to continuously innovate to create the most engaging and effective digital mental health platform to empower consumers, inspire hope and enhance quality of life. This capital raise reflects strong confidence in the myStrength model and strategy, and it will enable our company -- through our payer and provider partnerships –to extend efficient and effective access to mental health resources to millions of consumers.”

About myStrength:
myStrength, Inc. is a recognized leader in digital behavioral health. myStrength greatly enhances traditional care models, while addressing issues of cost, lack of access, and stigma, to deliver mental health and well-being resources at scale. Our platform targets the most prevalent and costly behavioral health conditions ─ empowering consumers with innovative self-care resources to manage and overcome challenges with depression, anxiety, stress, substance use disorder, chronic pain and sleep. myStrength collaborates with more than 140 health plans, integrated health systems, EAPs, disease management providers, managed and community behavioral health providers, strategic alliances, ACOs and FQHCs. For more information, please visit http://www.myStrength.com

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Rebecca McIlwaine
@mystrengthbh
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