Silvercloud secures $16m Series B
“We are committed to providing truly impactful mental health support to all those with need”
Ken Cahill, CEO of SilverCloud.
The global healthcare leader is on a mission to breakdown barriers and improve outcomes in mental health. Through ten years of advanced clinical and academic research, the team at Silvercloud has proven the effectiveness of the platform in tackling such complex mental health illnesses.
Silvercloud’s mental health programs are used by more than 300 health care systems, providers, health plans and employers, including over 70 percent of the mental health services provided by the U.K.’s National Health Service.
SilverCloud’s library includes more than 30 programs across the spectrum of mental health from wellness and resilience to severe mental health and chronic concerns. In all, the platform has gained more than 350,000 users since SilverCloud’s inception in 2012, and is growing by over 15,000 users per month.
“Our ‘North Star’ is outcomes and clinical improvements using validated clinical measures,”Ken Cahill
Doubling up on growth
The strategic US-led Series B brings the company’s total funding to more than $30 million and adds leading healthcare investors; MemorialCare, LRVHealth, OSF Ventures and UnityPoint Health Ventures to the company. Together with B Capital Group, we were delighted to be able to participate and continually support the team.
The company plans to use the new funding round to expand its program offerings in North America, enhance its global portfolio and conduct additional research and clinical trials.
That includes rolling out new programs for new and expectant parents as well as oncology support.
“The funding allows us to expand our team across the United States and continually invest in our platform and research. When we talk to new health care systems, they will see the depth of research and validation that covers a full spectrum of care and how we can be a mental health system for them.”
Meeting a need
Mental health is at the forefront of health care as most of the world stays home to help flatten the COVID-19 pandemic curve, and SilverCloud itself expects to push out a COVID-19-themed program on April 13 entitled, “Living in Challenging Times,”.
It will be provided free to more than 180 million people across their network and will examine today’s challenges, such as dealing with isolation and work-life balance.
The company is also building out the next wave the COVID-19 program—what will “normal” look like and how to help people with reintegration into society.
Our partner; John O’Sullivan who led the investment for Act said;
“Today SilverCloud completed a US Strategic led Series B with MemorialCare, LRV Health, OSF Innovation and UnityPoint Health Ventures. The team have built the market leader in the digital transformation of behavioural health delivery: transforming many lives”.