Mental health startup Cerebral added $300M in Series C funding, valuing the company at $4.8B.

SoftBank led the round, with participation from Prysm Capital, Access Industries, WestCap Group, and Artis Ventures.

Launched in January 2020, Cerebral has already raised $462M in funding.

Combating a Crisis

We’re in the midst of a mental health crisis — and Cerebral aims to create a comprehensive digital solution, including:

• A team of 2,300 clinicians across all 50 states
• Medication and therapy to treat depression, anxiety, PTSD, substance abuse, bipolar disorder, and other illnesses

Since its inception, the company has provided care to more than 200K patients, according to Bloomberg.

Of note, Olympic gymnast Simone Biles recently invested in Cerebral and now serves as the company’s Chief Impact Officer. Biles joins a growing list of athletes speaking out to normalize mental health.

Big Business

From mindfulness to digital therapeutics, the mental health market is set to reach $245B by 2027.

Now, as the “Great Resignation” accelerates, employers are scrambling to bolster their benefits, and startups are capitalizing on the B2B opportunity:

• February: Modern Health raised $74M in Series D funding at a value north of $1B.
• June: Lyra Health notched a $4.6B valuation in a $200M funding round.
• July: SonderMind reached unicorn status with a $150M Series C.
• August: Headspace merged with Ginger, creating a $3B company.
• September: Spring Health added $190M at a $2B valuation.

A word of caution: The digital mental health industry is still in its infancy,  and even experts aren’t sure if new entrants are doing more harm than good. The challenge ahead? Making sure efficacy is prioritized ahead of profits.