On December 15, 2020, Modern Health, the mental health and wellness platform supporting over 190 enterprises globally, announced a $51 million Series C investment round led by Battery Ventures. Other participants in the round include Felicis Ventures and existing investors Kleiner Perkins, Founders Fund, 01 Advisors, and Afore Capital. The latest funding comes less than a year after Modern Health announced its Series B, bringing the company’s total funding to over $95 million and current valuation between $500 million and $1 billion. Wilson Sonsini represented Modern Health in the transaction.

Mental health has become a core pillar of the corporate benefits stack, as employers recognize the impact of mental health issues on the workplace—which can result in as much as $500 billion of lost productivity per year. COVID-19 has exacerbated an existing mental health crisis, one that will persist after the pandemic is resolved, and the number of covered lives on Modern Health’s platform has more than doubled this year as a result. As an employer-focused solution offering a fully integrated mental health platform, Modern Health’s evidence-based approach provides employees with access to mental health care for all levels of need, utilizing therapists, coaches, and digital content to deliver support via one comprehensive, consumer-friendly app.

The Wilson Sonsini team that advised Modern Health in the transaction includes Damien Weiss, Jordan McDonnel, and Travis Scheft.

For more information, please see Modern Health's press release.