Happify Health Raises $73M to Advance and Expand Digital Health Platform
March 18, 2021
Happify Health, a global software-enabled healthcare platform to improve mental and physical health, today announced a $73M capital raise through Series D and related financing to advance and expand the company’s healthcare platform, focused on digital therapeutics and patient care delivery. The investments were led by Deerfield Management Company and included participation from Omega Capital Partners, ION Crossover Partners, and existing investors.
Happify Health, which was founded in 2012, is a self-care platform with several topic-based tracks. For example, it has one-month programs for relationships, work, finances, and other situations that can exacerbate mental health challenges. It also is building a chatbot that uses natural language processing to ask users questions and build mindfulness skills.
Currently, Happify Health has a paid consumer-facing app, but it is also building out more partnerships with health plans and pharmaceutical companies. It currently is working with four major national health plans and five pharmaceutical companies, including Sanofi and Almirall. For example, it struck a partnership with Sanofi in 2019 to develop a mental health digital therapeutic for people with multiple sclerosis.
The capital raised will support growth in key strategic areas across the entire platform, including expanding the Digital Therapeutics and Care Delivery solutions and pursuing global business development opportunities. The new funding will allow for an acceleration of the platform by helping further drive relationships with pharmaceutical companies through configurable digital therapeutics solutions and specialized solutions for enterprise and health plan customers. The capital will also help support additional investment into developing advances in Artificial Intelligence and Machine Learning-based models that power Anna, a software-based coach designed to support and engage individuals for several chronic conditions, most notably mental health.
“Our ability to add a well-rounded group of seasoned investors, led by Deerfield, will further prepare us to execute against the tremendous opportunity ahead of us. Today, our platform covers more than 20 million lives with more than 5 million individuals having received care through our platform. We are also working with five leading pharmaceutical partners on digital therapeutic solutions and four out of the five national payors to help support their members’ mental health and chronic illness needs. We look forward to reaching an even bigger audience with the support of our new partners,” said Tomer Ben-Kiki, Co-Founder and CEO at Happify Health.
“To bring to life our mission of healing all people, one person at a time, it is critical that we accelerate the growth of our platform in several key areas. This financing will drive the development of a variety of new care modalities on our connected health platform,” said Ofer Leidner, President and Co-Founder at Happify Health. “To scale successfully, we must expand our talented team of scientists, researchers, and digital healthcare experts as we develop new products, forge strategic partnerships, and broaden our platform to support and empower individuals through their unique healthcare journey. We have already begun to make these growth investments with the recent addition of several key hires including a Chief Medical Officer and Chief Brand Officer.”