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Lyra Health, a startup that provides mental health benefits to large employers, was not yet a unicorn when it appeared on last year’s Forbes Next Billion Dollar Startup list. Fast forward one year and three funding rounds later and Lyra is now valued at $4.6 billion. The short answer for the company’s success? Good mental healthcare is hard to come by—even with insurance. Lyra fills this gap by curating a network of both virtual and in-person mental health providers, along with a virtual platform that aims to help people get better faster through evidence-based methods like cognitive behavioral therapy. Now Lyra is looking to dramatically expand its offerings on a global scale post-pandemic.
Skyrocketing rates of anxiety and depression helped boost the IPO debut of Lifestance Health Group, one of the nation’s largest outpatient mental health providers. The Scottsdale, Arizona-based company started trading above its initial asking price at $20 per share, which valued the company at $7.5 billion. Since then, the stock has continued to rise and is over $26 a share.
P.S. Do you think your company has what it takes to be the next Lyra? Nominations are open for the 2021 Next Billion Dollar Startup list in partnership with TrueBridge Capital Partners. Companies must be U.S.-based, privately held, and venture backed with current valuations below $1 billion. Apply here.
This Startup Just Raised $15 Million To Help People Better Afford Their Medicines
Anurati Mathur, Founder and CEO of Sempre Health (PRNewsfoto/Sempre Health)
Sempre HealthSempre Health uses behavioral economics to get patients to remember to refill their prescriptions by offering a discount for timely refills. When people don’t take their medicines, resulting complications and hospitalizations are estimated to cost the system more than $100 billion each year. Sempre, which raised $15 million in a Series B round this week, works with its health insurance clients who get to decide which medicines they want to provide discounts on. The startup sends out reminders and incentivizes patients to act. For example, a typical text message might say, ‘If you pick up your medicines this week you will pay $10, if you wait till next week this could go back up to $20.’ Read more here.
Noteworthy
Startup Biomason, which has developed a way to grow cement bricks and tiles with bacteria in order to replace traditional cement, will be on the floors of H&M Group stores in 2022.
Nautilus Biotechnology, which went public via a SPAC this week, has developed a protein analysis platform to speed up new drug development.
Six percent of Europeans surveyed by Transparency International reported paying a bribe to access a public clinic or hospital in the prior 12 months, with the highest rates in Romania and Bulgaria.
Coronavirus Updates
As July 4th draws closer, it seems unlikely that America as a whole will reach President Joe BIden’s goal of vaccinating 70% of adults with at least one Covid-19 shot. At the current pace of vaccination it seems like about 68% of U.S. adults will be vaccinated by the target date — though some states are pulling more weight than others. Fourteen states have already passed the 70% goal, with some states going above and beyond in terms of adult vaccination. Vermont, Massachusetts and Hawaii are leading the charge, with each state having partially or fully vaccinated at least 80% of eligible adults. To fully end the pandemic, however, it’s not just adults who need to be vaccinated. A large number of kids and teens will need to be vaccinated in the coming months, but it’s unclear how many will get the jab. A new poll recently found that a quarter of U.S. parents say that they won’t let their kid get a Covid-19 vaccine, and 10% of parents will only let their kid get one dose of a vaccine — leaving them particularly vulnerable to Covid variants. According to the CDC, so far only 26% of kids aged 12-15 have gotten at least one dose of the vaccine.
Regeneron Antibody Helps Hospitalized Patients
Getty
New data from Regeneron shows that its antibody therapy can help treat hospitalized patients who don’t develop a natural immune response to Covid-19 — a potentially crucial lifeline for immunocompromised patients. Read more here.
Other Coronavirus News
Florida Governor Ron DeSantis has officially pardoned anyone who was penalized for violating Covid health guidelines.
A new report found that Latina workers were forced to leave the workforce during the pandemic more than any other demographic.
Royal Caribbean is delaying the inaugural cruise of a new ship after eight crew members tested positive for Covid-19.
New data shows that rents for single-family homes are now higher than before the pandemic.
Across Forbes
This Startup’s New Radar Facility Will Help Protect The ISS And Satellites From Space Junk
Waymo Hauls In $2.5 Billion From Investors Willing To Wait For An Autonomous Future
What Else We are Reading
Sternlicht-Backed Cano Health to Acquire University Health (Bloomberg)
