October 7, 2020
Today, Cerebral announced its $35 million Series A to expand online mental health medication management and therapy to all 50 states. The round was led by Oak HC/FT with participation from Westcap as well as Liquid 2 Ventures, Gaingels, Air Angels, and others.
Cerebral raised a $35 million Series A to fight the anxiety and depression exacerbated by social isolation during the COVID-19 pandemic.
Since launching in January of this year, Cerebral has improved tens of thousands of lives by providing access to comprehensive mental healthcare online. More than 75% of Cerebral clients achieve meaningful reductions in their symptoms in less than 2 months of care.
For CEO and Co-Founder, Kyle Robertson, the motivation to build Cerebral is personal. Despite both of his parents being mental health clinicians, he said, “I struggled with my own battle with anxiety and depression, but due to internalized stigma, wait times, and cost - it took me years to access care that has totally turned my life around.”
Cerebral is challenging the mental health care status quo of 3-month wait times and bills of more than $500 for initial visits with a psychiatrist. 80% of Cerebral clients can have their initial visit within 10 minutes of signing up. Clients also get access to regular visits and messaging with a care counselor or therapist - all included in its monthly membership.
Cerebral’s success stems from its hyper-focus on quality and efficiency. Spearheading longitudinal data collection in behavioral health, the platform tracks clinically proven symptom-based ratings on a monthly basis as well as client-reported satisfaction. Its ability to collect and leverage data enables Cerebral to overcome one of the biggest challenges in mental healthcare today: lack of visibility into quality and outcomes.
Less than a year after launching, Cerebral has grown to comprise a team of over 200 and has achieved strong revenue growth. This new funding will allow Cerebral to expand medication management and therapy to all 50 states - so anyone, anywhere, can seek help. Additionally, the funding will support Cerebral in its initiative to work on in-network insurance partnerships, and build a mobile app that brings care directly to the client’s pocket.
“Through proactive management and tracking, Cerebral has bridged gaps in clinical care and reduced barriers to connecting patients to the specialized mental healthcare they need,” said Billy Deitch, Principal at Oak HC/FT. “Cerebral is tackling a fast-growing need in the market, and consumers are eager to use these services. We’re thrilled to see how Cerebral continues to revolutionize the healthcare industry and shape telehealth adoption.”
Cerebral is a mental health telemedicine company that offers high-quality medication management, counseling, and therapy for anxiety and depression. The company is focused on transforming access to mental healthcare so that anyone with an internet connection can get the care they need. Cerebral is headquartered in San Francisco, CA.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.