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MedTech Outlook | Monday, September 07, 2020
SonderMind, which presently runs the largest integrated network of community behavioral health professionals in Colorado and expanding business in Texas and Arizona, aims to use the proceeds of the recent funding round to accelerate its launch into new markets; deepen and broaden its enterprise partnerships with payors, employers, and health systems, and to further build out the technology platform that drives its SonderMind Solution
Fremont, CA: SonderMind, a Denver, CO-based integrated network of community behavioral health professionals dedicated to making behavioral health more accessible, approachable, and utilized raised $27 million in Series B round of financing led by General Catalyst. Besides, the Series B round of financing also witnessed the participation of new investor F-Prime Capital and existing investors Kickstart Seed Fund, DiÅko Ventures (managed by FCA Venture Partners), and Jonathan Bush.
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SonderMind, which presently runs the largest integrated network of community behavioral health professionals in Colorado and expanding business in Texas and Arizona, aims to use the proceeds of the recent funding round to accelerate its launch into new markets; deepen and broaden its enterprise partnerships with payors, employers, and health systems, and to further build out the technology platform that drives its SonderMind Solution.
As part of the funding round, SonderMind adds Eric Roza, former CEO of Datalogix and current General Catalyst Executive in Residence, and Kent Thiry, former CEO of DaVita and current Executive Chairman, to its board of directors.
"This financing provides the fuel to support our growth objectives and advance our mission to make behavioral health more accessible, approachable and utilized by building a modern marketplace that holds great appeal to both clinician and patient," said Mark Frank, co-founder and chief executive officer of SonderMind. "We are thrilled by this new partnership with General Catalyst given a shared belief in how important the issue of mental health is for our country and General Catalyst's proven expertise in advising and lending connectivity to breakthrough companies across industries and within healthcare."
The behavioral health industry is still prone to challenges such as long-wait times and access issues. SonderMind is aiming to eliminate these core challenges within the mental health system by offering a marketplace that allows consistent access to care and streamlined communication between therapist and patient.
"The need for mental health support has never been more acute, yet frustrations abound for individuals unable to access care. Mark and the SonderMind team have thoughtfully developed a platform that is equally beneficial to both clinician and patient," said Holly Maloney, managing director at General Catalyst. "SonderMind changes the game by taking the friction and stigma out of finding the right therapist, all while maximizing insurance coverage and measuring the outcomes of care."
Frank added, "As SonderMind continues to grow, we are committed to adding established industry leaders to our board. With Eric Roza's success in building Datalogix into what would become Oracle Data Cloud and Kent Thiry's enduring leadership at DaVita, one of the nation's foremost healthcare companies, we are confident that the support and counsel they bring will help guide the SonderMind through its next stage."
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