Total amount raised
$183 Millions
Latest funding date
7/1/2021
Location
SonderMind has successfully raised significant funding through multiple rounds, with notable participation from investors such as Quiet Capital and Smash Ventures. The company specializes in providing mental health services, including therapy and psychiatric care, both online and in-person.
Keep reading to explore the intricacies of SonderMind's fundraising journey and the investors backing this innovative platform.
What Is SonderMind?
SonderMind, founded in 2014 by Mark Frank and Sean Boyd, is based in Denver, Colorado. The company specializes in providing accessible mental health services, including therapy and psychiatric care, both online and in-person.
With a mission to make behavioral health more approachable, SonderMind offers a variety of services such as individual therapy, family therapy, and nutritional counseling. Their integrated provider network ensures that consumers can quickly find and access a trusted therapist.
Employing between 101-250 people, SonderMind focuses on reducing administrative burdens for therapists, allowing them to concentrate on patient care. This approach has made them a significant player in the mental health sector.
How Much Funding Has SonderMind Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the platform and validate the business model.
- Convertible Note
- Amount Raised: $535K
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage operations and product development.
- Seed Round
- Amount Raised: $2.5M
- Date: May 2018
- Lead Investors: Kickstart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: $3M
- Date: April 2019
- Lead Investors: Dioko Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series B
- Amount Raised: $27M
- Date: April 2020
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand service offerings.
- Series C
- Amount Raised: $150M
- Date: July 2021
- Lead Investors: Drive Capital, Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into all fifty states and enhance the platform for clinical care.
Total Amount Raised: $183M. Current Valuation: Not publicly disclosed.
Key Investors
- Drive Capital
- Details: Drive Capital is a venture capital firm that invests in innovative companies. Molly Bonakdarpour from Drive Capital joined the SonderMind board in connection with the Series C funding.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Root Insurance, Olive AI, Duolingo.
- Premji Invest
- Details: Premji Invest is the investment arm of Azim Premji's endowment and philanthropic initiatives. They co-led the Series C funding round for SonderMind.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Snapdeal, PolicyBazaar, Anaplan.
- General Catalyst
- Details: General Catalyst is a venture capital firm that provides early-stage and growth equity investments. They participated in the Series C funding round for SonderMind.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Airbnb, Stripe, Gusto.
- Dioko Ventures
- Details: Dioko Ventures is a venture capital firm that focuses on early-stage technology and healthcare companies. They led the Series A funding round for SonderMind.
- Investment Focus Areas: Early-stage technology, healthcare.
- Notable Investments: Information not provided.
- Kickstart
- Details: Kickstart is a seed-stage venture capital firm. They led the Seed Round funding for SonderMind.
- Investment Focus Areas: Early-stage technology, healthcare.
- Notable Investments: Podium, Lucid Software, Stance.
What's Next for SonderMind?
With a fresh infusion of $150 million from its Series C funding, SonderMind is poised to expand its services across all fifty states. This ambitious growth plan aims to make high-quality mental health care accessible to millions more, leveraging technology to enhance clinical outcomes and streamline the patient-provider matching process.
As the demand for mental health services continues to rise, SonderMind's focus on affordability and data-driven care positions it well for future fundraising opportunities. However, scaling operations nationwide presents challenges, including maintaining service quality and navigating diverse regulatory landscapes. Despite these hurdles, the company's robust financial backing and innovative approach suggest a promising path forward.
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