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SilverCloud Health announces $16m Series B

SilverCloud Health, the digital mental health platform for providers, health plans and employers is to enhance its range of therapy programmes in the UK as part of expansion plans after securing $16m (~£13m) funding from leading health investment groups.

The new funding round will see the company further developing its innovative approaches to therapy, addressing the range of psychological conditions across all age groups.

This will include the UK and Europe, and also further expand the geographical reach of its services in the US.

Founded in 2012, SilverCloud’s mental health programmes are used globally by more than 300 organisations including more than 70% of NHS mental health services.

It offers more than 30 mental health programmes across the spectrum of mental health from wellness and resilience, through to severe mental health and chronic concerns.

“We are committed to providing truly impactful mental health support to all those with need,” said Ken Cahill, CEO of SilverCloud.

“SilverCloud enables easier, earlier access to clinically validated mental health care that shows results equivalent to face-to-face care for the 1 in 5 people with a diagnosable mental health condition. With millions of people being asked to stay home and health systems needing to prioritise care, we recognise the heightened need for virtual support as the world copes with the COVID-19 pandemic.

“In response, SilverCloud is providing its clients, free of charge, expanded access to its platform to even more healthcare professionals, their families and patients to help make a difference for those in need in the current crisis.”

The new – Series B – funding round, led by MemorialCare Innovation Fund, and which included other US healthcare groups LRV Health, OSF Ventures and Unity Point Health Ventures, has helped raise the company’s total funding to more than $30 million and brings together a group of healthcare investors with extensive experience in the US healthcare market.

The company, which has offices in Dublin, London and Boston, will enhance its current global portfolio, expanding availability of its programme offerings in the US and enabling additional research and clinical trials to be conducted.

SilverCloud will also expand its presence in Europe, with new and existing partners like Thieme Telecare, part of the Thieme Group and one of the leading providers of integrated care in Germany.

Existing investors ACT Venture Capital and B Capital Group, participated in the round as well.

The SilverCloud platform, used by more than 350,000 users and growing by more than 15,000 users per month, has demonstrated results on par with face-to-face therapy in multiple randomised controlled trials.

Raj Ganguly, Co-founder and Partner, B Capital Group, said: “Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organisations and its esteemed partner network.

“This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programmes to the millions of individuals who need them.”