Mental health startups performed well last year, with global investment in them jumping 139% to $5.5 billion. CB Insights’ 2021 State of Digital Health Report. Most of these deals are in the early stages.
This phenomenon was repeated in the latest funding news from New York last week mantra health The company announced its $22 million Series A funding round. The company, which helps students with mental health issues, also announced a digital mental health program for college students with long-term mental health issues.
VMG Partners The round was led by Alumni Ventures, Elements Health Ventures, New Market Venture Partners and 14W. Additionally, Baleon Capital, Canaan Partners, City Light Capital, Global Founders Capital and Western Tech Investments (all return investors) contributed to the round.
Mantra will use this round of financing to develop One A diverse network of suppliers for its digital mental health clinics. Most Mantra providers identify as LGBTQ+ or BIPOC to provide culturally competent care, according to the release.
The funding will help grow Mantra’s clinical infrastructure and quadruple the team over the next 12 months, according to the release. The Mantra program covers a wide range of young people, from severely mentally ill to those with subacute illness.In addition, a portion of the funding from this round will be used for Mantra College Mental Health Provider Diversity Scholarship, starting in June 2021. This scholarship supports graduate students with marginalized identities who are pursuing a degree in the field of mental health.
“We are at a point of no return when it comes to mental health advocacy and we immediately need support systems to address the growing mental health crisis among young people,” said Ally Tam, partner at VMG Partners. Preferred provider because of their collaborative and tailored approach to providing quality mental health services to young people and their unique campus life. They are how specialization enables digital health companies to provide the best possible care through new forms of care and delivery models A prime example of optimal care.”
Mantra provides affordable, culturally competent and high-quality digital mental health clinics for young people – including therapy and psychiatry. In fall 2020, Mantra released Higher Education Solutions, Mantra partners with colleges and universities to provide mental health services to students. It is well-received by university campus counseling centers for its collaborative, evidence-based, high-quality approach to advancing student access to care and improving outcomes.
“What sets Mantra apart is their focus on being an extension of your service. It feels unique in this field,” said Dr. David Walden, director of the Hamilton College Counseling Center, which has been using Mantra for nearly a year and a half. . “Most of the products you buy are based on a ‘this is what we offer’ philosophy, but Mantra’s products are based on ‘what to do’ you offer, and how we can work with you”. It feels like a real partnership.”
Mantra’s programs currently target public and private colleges and universities. Clients include a range of campuses, from MIT to Miami-Dade College to Penn State University. According to Mantra’s press release announcing its Series A funding, to date, all universities using Mantra’s program have re-established partnerships. Their telehealth psychiatry and treatment services are available to students nationwide.
“Mantra’s platform is very easy to use. The key to any collaboration platform is that it is intuitive. Clinicians have to navigate various EMR platforms every day, and systems that require multiple menus or steps to get where you want to go can be challenging, “Walden said. “We found that the platform allows for fairly seamless communication between our staff clinicians and those working for Mantra. All information is easily accessible and public, which makes it easy to provide a continuum of care. Clinicians can information to each other and their customers, and information can be shared quickly and efficiently.”
According to an email from Mantra Health CEO and co-founder Ed Gaussen, other companies, like TimelyMD, occupy the space but don’t have the same focus on behavioral health as Mantra. Gaussen commented that some digital mental health clinics also raised large sums of money, but did not have a model of care specifically for young people.
“Our mission is to be a leader in behavioral health for young people. We work with schools of all shapes and sizes,” Gossen said. “[Much] A portion of our revenue comes from partnerships with higher education institutions. Most of our patients are college students who receive school-sponsored nursing programs. “
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