MantraHealth, a digital mental health clinic that has known to partnered with higher education institutions, announced funding of an additional $2 M to the already contracted $5M to support education expansion in 50 states covering to aid university students across the nation, regardless of location. Mantra will use the extended sum to continue its expansion of the network in psychiatric and therapy providers to all states of the nation.
- Byron Ling, Partner at Canaan, said “ Mantra Health has seen a dramatic rise in demand from colleges and universities for their telemental health services since the beginning of the public health and civil rights crisis last year, which caused a surge in students experiencing depression and anxiety”.
- The latest capital immersion will help the company bring on additional health insurance carriers. By doing so, Mantra Health will ease off the financial burden that schools have been facing when providing behavioral health services to their students.
- Ed Gaussen, Co-founder & CEO of Mantra Health said, “ We are thrilled to embrace these new investors as we look to become the leading digital mental health player focused on higher education. By launching our insurance partnership capabilities, we are taking a major step in our purpose to democratize access, to care for students across the country”.
- With the increased demand and associated costs among school counseling centers, Mantra Health started accepting network insurance from UnitedHealthcare, Aetna, and Cigna in January 2021. The latest investments will help the students by benefitting them to remain in the same ecosystem of care whenever they leave campus for seasonal breaks or graduate and shift to post-college life which can often be a vulnerable time for patients.