Mental-Health Startup Cerebral Nabs $1.2 Billion Valuation

"Cerebral Inc., a startup that provides counseling, medication and other mental-health services, has more than quintupled its valuation to $1.23 billion.

The San Francisco-based company raised $127 million in a round led by billionaire Len Blavatnik’s Access Industries, Chief Executive Officer Kyle Robertson said in an interview. Nami Park, an adviser to Access, has joined Cerebral’s board.

New capital will be used to expand services to include group therapy and couples counseling, and to add treatment for PTSD, bipolar disorder, substance abuse, eating disorders, phobias, obesity and diabetes. The company currently treats anxiety, depression, insomnia and ADHD, among other ailments.

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Kyle RoberstonSource: Cerebral
Launched in January 2020, Cerebral operates a mobile app and offers monthly subscriptions. It has partnered with insurers such as Cigna Corp. and Anthem Inc. and hopes to be an in-network resource for all insured Americans by the end of 2023. The company has about 1,900 contract and full-time employees, most of whom are clinicians.

“We launched at an opportune time to address a large societal problem that was exacerbated by the pandemic,” Robertson said in an interview. He described Cerebral’s ambitions of becoming a “one-stop-shop” that addresses the high cost, long wait times and stigma of traditional mental-health care..." Lire la suite