Happify Health Raises $73M to Advance and Expand Digital Health Platform
NEW YORK–(BUSINESS WIRE)–Happify Health, a global software-enabled healthcare platform to improve mental and physical health, today announced a $73 million capital raise through Series D and related financing to advance and expand the company’s healthcare platform, focused on digital therapeutics and patient care delivery. The investments were led by Deerfield Management Company and included participation from Omega Capital Partners, ION Crossover Partners, and existing investors.
The capital raised will support growth in key strategic areas across the entire platform, including expanding the Digital Therapeutics and Care Delivery solutions and pursuing global business development opportunities. The new funding will allow for an acceleration of the platform by helping further drive relationships with pharmaceutical companies through configurable digital therapeutics solutions and specialized solutions for enterprise and health plan customers. The capital will also help support additional investment into developing advances in Artificial Intelligence and Machine Learning-based models that power Anna, a software-based coach designed to support and engage individuals for several chronic conditions, most notably mental health.
“Our ability to add a well-rounded group of seasoned investors, led by Deerfield, will further prepare us to execute against the tremendous opportunity ahead of us. Today, our platform covers more than 20 million lives with more than 5 million individuals having received care through our platform. We are also working with five leading pharmaceutical partners on digital therapeutic solutions and four out of the five national payors to help support their members’ mental health and chronic illness needs. We look forward to reaching an even bigger audience with the support of our new partners,” said Tomer Ben-Kiki, Co-Founder and CEO at Happify Health.
“To bring to life our mission of healing all people, one person at a time, it is critical that we accelerate the growth of our platform in several key areas. This financing will drive the development of a variety of new care modalities on our connected health platform,” said Ofer Leidner, President and Co-Founder at Happify Health. “To scale successfully, we must expand our talented team of scientists, researchers, and digital healthcare experts as we develop new products, forge strategic partnerships, and broaden our platform to support and empower individuals through their unique healthcare journey. We have already begun to make these growth investments with the recent addition of several key hires including a Chief Medical Officer and Chief Brand Officer.”
“Happify Health’s evidence-based approach, world-class partnerships, and patient focus enables the company to tackle significant challenges in healthcare. We are excited to partner with the entire Happify Health team in their mission of helping empower everyone to live healthier lives,” said James Flynn, Managing Partner of Deerfield Management Company.
“The unique platform-based strategy which utilizes software to engage patients, enterprises and pharmaceutical companies has put Happify in a position to become a patient-care destination to solve many unmet needs in healthcare. We are looking forward to playing a role in helping scale the business while helping individuals live healthier and happier lives,” said Lee Cooperman, CEO at Omega Capital Partners.
About Happify Health:
Happify Health is a global software-enabled healthcare platform focused on improving mental and physical health. Our platform utilizes an evidence-based approach that delivers scientifically-validated programs which positively impact behavior to help manage chronic conditions alongside providing access to solutions such as telehealth, AI-powered coaching and access to therapeutics, as required, to improve peoples’ everyday lives. Happify Health offers two core solutions for its customers and end-users; Digital Therapeutics and Care Delivery solutions and services across the healthcare ecosystem, including enterprises, health plans, health systems, pharmaceutical manufacturers, and individuals. Today, the Happify Health platform is available globally in 10 languages, supports more than 10 chronic conditions, and covers more than 20 million lives. For more information, visit www.happifyhealth.com.
Britta Franson, PR and Communications Director at Happify Health