Cerebral Raises $300 Million in Series C Funding to Democratize Mental Health

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Funding further strengthens leading online mental health provider

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"With this new fundraise, Cerebral is uniquely positioned to be the one-stop shop for high-quality mental health care as we provide care for a wide range of conditions and provide multiple treatment modalities including medication management, therapy, and digital therapeutics."

Cerebral Inc., the leading online mental health company, announced the close of its $300 million Series C round led by the SoftBank Vision Fund 2. The round also included participation from new and existing investors, including Prysm Capital, Access Industries, WestCap Group, and ARTIS Ventures. Having launched less than two years ago, this round brings the company’s total funding to $462 million.

Cerebral is a one-stop shop for comprehensive, high-quality online mental health care and wellness. The company offers counseling, therapy, and medication delivery and management online for mental and behavioral health conditions such as depression, anxiety, serious mental illnesses, substance use disorder, nutrition, and more.

Exacerbated by the pandemic, mental health facilities have experienced severe capacity constraints with many patients waiting 3 to 4 months for appointments with a psychiatrist or a therapist. Cerebral has a team of over 2,000 clinicians practicing across all 50 states allowing Cerebral to dramatically cut wait times compared to traditional mental health providers. Cerebral further improves accessibility to its mental health services through partnerships with major insurance providers such as Aetna, Blue Cross Blue Shield, Cigna, Magellan, and Medicare, as well as a growing number of employers. It was the accessibility and diversity of Cerebral’s clinicians that caught the attention of Simone Biles, world champion gymnast, who joined the company as its Chief Impact Officer in October.

Aligning with its mission to improve access to high-quality, long-term mental health care, Cerebral is investing in new service offerings, strategic partnerships, international expansion, and M&A opportunities to further solidify its position as the one-stop shop for behavioral care and to provide top-quality treatment options through data science and precision medicine. Strategically, the company will continue to dedicate attention to its growing base of direct-to-consumer members and accelerate its value-based care relationships with insurance providers and employers.

“Our rapid growth is a testament to the dedication that the Cerebral team has to our mission: to transform access to high-quality mental health care. We wish to build a world where anyone, regardless of their situation, can feel comfortable coming forward to get the mental health treatment they need and not be burdened by barriers like stigma, cost, and convenience,” said Kyle Robertson, founder and CEO of Cerebral. “With this new fundraise, Cerebral is uniquely positioned to be the one-stop shop for high-quality mental health care as we provide care for a wide range of conditions and provide multiple treatment modalities including medication management, therapy, and digital therapeutics. It is still just the beginning for Cerebral.”

“Roughly half of the American population is affected by mental health issues. However, obstacles like cost, limited provider availability and fear of judgement remain in the way of getting the treatment they need,” said Priya Saiprasad, Partner at SoftBank Investment Advisers. “We believe that Cerebral is lowering the barriers to mental health care with an integrated platform combining therapy, counselling, and medication management for effective, long-term support. We are excited to partner with Kyle Robertson and the team to support their mission to improve access to high-quality mental healthcare for all.”

About Cerebral
Cerebral’s mission is to improve access to long-term, 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, talk therapists, and nutritionists—all from the comfort of home, with medication delivered straight to their door. Cerebral was founded and launched in January 2020 and is now the fastest growing mental health company in history. For more information, visit https://getcerebral.com.

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Julia Zhu
Cerebral
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