Mantra Health is a New York-based digital mental healthcare clinic that focuses on young adults. It raised $22m through Series A funding.
VMG Partners led the round with participation from New Market Venture Partners and Elements Health Ventures. 14W was also present. Alumni Ventures and Canaan Partners were returning investors.
The company plans to use the funds for its varied provider network to grow, improve its clinical infrastructure to increase positive outcomes for students, and expand its ability to improve the mental wellbeing of young adults from subacute to severely mentally ill. It also intends to quadruple its staff in the next year with open roles across all functions.
Mantra Health, founded by Ed Gaussen (co-founder & CEO) and Matt Kennedy (co-founder and COO), is a digital mental clinic that aims to increase access to evidence-based, high-quality mental healthcare for young people. The company aims to improve the mental health and well-being of more than 20 million college and university students by combining high-quality clinical services and software design. Mantra is already in-network with Optum and Cigna as well as other local payers. The Insurance Referral Program was launched at one of the most important state schools in the nation in partnership with their student insurance plan.
The company’s Sponsored Care Program has been deployed on 52 U.S. campuses, including Penn State, Miami Dade College and Massachusetts Institute of Technology. This means that more than 500,000 students have access to psychiatry services via telehealth.
Mantra will also use the proceeds to fund the Mantra College Mental Health Provider Diversity scholarship. This scholarship was established in June 2021 in order to provide financial assistance to marginalized individuals pursuing a degree in mental health. It will also help to reduce racial disparities in the mental health field by completing work at a college counseling center or university.