Mental-Health Startup Cerebral Nabs $1.2 Billion Valuation

Cerebral Inc., a startup offering counseling, medication, and other mental health services, more than quintupled its value 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, a consultant to Access, has joined Cerebral’s board of directors.

The new capital will be used to expand group therapy and couple counseling services, and to add treatments for PTSD, bipolar disorder, substance abuse, eating disorders, phobias, obesity and diabetes. The company currently treats anxiety, depression, insomnia, and ADHD, among others.

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

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