Less than two months after the Olympic gymnastics star Simone Biles From Spring Join a mental health startup cerebral As CEO, the company raised $300 million in venture capital—a sum that brought it to $4.8 billion.
San Francisco-based Cerebral announced a $300 million round on December 8. The SoftBank Vision 2 fund led Round C with participation from Prysm Capital, Access Industries, WestCap Group and ARTIS Ventures.
Launched in January 2020, Cerebral has raised a total of $462 million from investors, including an undisclosed amount from Biles.
Biles, who is 4 feet 8 inches tall in gymnastics, has won 32 Olympic medals and a world championship. But it was her extraordinary moves at this year’s Summer Olympics in Tokyo that caught the world’s attention. Biles only participated in one event in Tokyo after withdrawing from all other competitions to focus on her mental health.
Two months after the Olympics, Biles agreed to become Cerebral’s chief impact officer, serving as a front for the brand.
Cerebral was the Official Sponsor of the Biles’ Gold Over America Tour, held September-November, and is the official sponsor of the 2022 Simone Biles International Invitational, the gymnastics competition that will take place January 27-30 in George R. Brown Convention Center. Spring-based World Champions Center, Biles’ home gym, organizes the call.
“Mental health is just as important as physical health, but the stigma of mental health for too long has prevented many people from seeking help,” Biles says in a Cerebral press release. “I have my own challenges in terms of mental health, and the therapy has been very beneficial for me because I try to be the best person I can be. I believe that everyone should have access to mental health resources, and Cerebral gives me the ability to personalize the healthcare experience. my mentality.”
Cerebral considers itself as an online one-stop shop for mental health and wellness care. The company provides online counseling, treatment, and drug delivery and management for conditions such as depression, anxiety, and substance abuse.
Cerebral is proud that the $300 million round makes it the largest and fastest growing provider of online mental health services in the world.
The brain development of the past year shows just how much the world needs affordable and accessible mental health care. It’s important for us to not only improve access to mental health care with a convenient platform and affordable plans, but also to improve patient outcomes, says Kyle Robertson, Cerebral Co-Founder and CEO.
The pandemic has boosted the use of telehealth services, including those offered by Cerebral. According to Fortune Business Insights, the US market for behavioral health grew 11.3 percent in 2020, with mental health concerns fueled by the pandemic helping to drive demand. Fortune Business Insights estimates that the US market will expand from $77.62 billion in 2021 to $99.4 billion in 2028.
Globally, the mental health market is expected to jump from $383.31 billion in 2020 to $537.97 billion by 2030, according to Allied Market Research.
Digital health startups like Cerebral are taking advantage of the growing mental health market. Rock Health, an investment and advisory firm, says that during the first nine months of 2021, investors poured $21.3 billion into digital health startups in the United States. Compared to $14.6 billion in all of 2020.
Cerebral says its $300 million cash injection will enable it to conduct global expansion, as well as develop strategic partnerships and explore merger and acquisition opportunities. Today Cerebral has a network of more than 2,300 physicians who practice in all 50 states.
Nearly half of the US population has mental health problems. However, barriers such as cost, limited provider availability, and fear of judgment still get in the way of getting the treatment they need,” said Priya Saiprasad, partner at SoftBank Investment Advisers, who manages SoftBank’s venture capital funds.
This article originally ran on InnovationMap.