SAN FRANCISCO (PRWEB) June 10, 2021
Cerebral, Inc., online provider of psychiatric and behavioral therapy services, announced today that it has received $127 million in Series B funding. Access Industries led the round, joined by WestCap, Silver Lake Waterman, Artis Ventures, Bill Ackman, Oak HC/FT, Chris Burch, AirAngels, and others. The investment reflects Cerebral’s continued success on its path to becoming the leader in high-quality mental health care.
“We are proud to support Cerebral’s continued growth and mission to make comprehensive, quality mental health care accessible to everyone in need,” said Lincoln Benet, CEO of Access Industries.
Within just 15 months of launching, Cerebral has introduced medication management and behavioral health services to every state in the U.S. and is able to provide therapy services to over 70% of the population. The company also debuted its mobile app, launched digital cognitive behavioral therapy (CBT), and introduced in-network insurance coverage. The company has grown to over 2,000 team members and continues to scale.
On the heels of its unprecedented growth, Cerebral will use the Series B proceeds to further expand its services and products to become the one-stop shop for all things mental health. The company plans to add several new mental health verticals to its treatment offerings, which already include anxiety, depression, insomnia, ADHD, and more. Cerebral will also add group therapy to its services.
A major focus for Cerebral will be expanding its in-network insurance options. The company has partnered with several insurers and will continue to add more as it aims to be contracted with every major plan in the U.S. Cerebral expects to cover over 100 million lives via in-network insurance by the end of 2021. Finally, the funding will also help Cerebral further strengthen and expand its commercial business, accelerating product and solution development to meet the needs of its payer and employer partners.
"I am humbled to work with a talented, mission-driven team to transform access to high-quality mental health care and provide the best care to everyone who needs it,” Founder and CEO Kyle Robertson said. “We will not stop building, growing, and iterating until everyone, everywhere can access high-quality mental health care without the high cost, wait times, and stigma seen in traditional care.”
Cerebral’s mission is simple and straightforward: to improve access to affordable, high-quality mental health care to everyone who needs it. Unlike traditional mental health care, Cerebral is accessible, convenient, affordable, and free of stigma. With several full-service monthly subscription plans to choose from, members receive online access to prescribing providers, behavioral counselors, and talk therapists—all from the comfort of home or anywhere else with an internet connection. Visits are done via video chat, and members can message their care team directly. Members receive medications delivered straight to their door (if prescribed). Cerebral was founded and launched in January 2020 and is now the fastest growing mental health company in history. For more information, visit getcerebral.com.
About Access Industries
Access Industries is a privately-held industrial group with strategic investments around the world. Founded in 1986 by Len Blavatnik, an American/British entrepreneur and philanthropist, Access invests in transformative companies to maximize long-term value and develop regional and global leaders. The Access investment portfolio is concentrated in six key sectors: media and telecommunications, natural resources and chemicals, real estate and hospitality, venture capital and technology, entertainment, and biotechnology. Access is headquartered in New York with offices in Europe. For more information, visit http://www.accessindustries.com.