Valera Health, a tech startup here in NYC that focuses on behavioral health, announced Wednesday it scored $15 million in fresh funding — joining a bevy of other local players in this space that have garnered investor attention lately, most recently including Headway and Grow Therapy.
This latest investment was led by Windham Venture Partners, and comes just eight months after Valera closed on a $3.8 million round.
Like other mental health-focused startups, Valera Health has been experiencing a surge in demand lately. The company made the transition from being a technology platform to a fully integrated clinical services provider in the summer of 2020, and has since seen 30 percent month-over-month growth according to Windham general partner Adam Fine — an achievement he largely attributes to the Covid-19 pandemic.
“The pandemic exacerbated the mental health challenges we are facing,” Fine said in a statement. “With declining stigma and greater focus on mental health issues, the demand for good therapists and psychiatrists is at an all-time high and growing rapidly.”
Valera takes on this growing need by providing virtual services for patients with what it calls “high acuity conditions” — illnesses like schizophrenia and severe depression. It also offers personalized care for folks who have been “neglected historically” as co-founder and CEO Dr. Thomas Tsang puts it. This includes people in rural areas, people of color, members of the LGBTQ+ community, and people who need more culturally intentional care. At the end of the day, the goal is to make mental health care more accessible.
Now, with $15 million of fresh funding in its coffers, the startup will expand these services to more markets in the U.S.
“We’re honored to have forward-looking partners who recognize the critical need for Valera’s services,” Tsang said in a statement. “This financing will fuel our growth as we partner with leading health systems and health plans to make quality mental health care accessible for those with serious persistent mental illness.”
