History and Economic Status of Venture-Backed Mental Health Companies (2025 AI Overview)
Cerebral, Inc.
Funding & Economic Status: Founded in 2020. Raised over $427M including a $300M Series C led by SoftBank. Valuation peaked at ~$4.8B. Later faced regulatory pressure, paused controlled substance prescribing, and faced internal leadership changes.
Legal Issues & Complaints: Settled with DOJ for $3.65M in 2024. Investor lawsuit by Access Industries over mismanagement. Scrutinized for dangerous prescribing practices and poor clinical protocols.
Not reported to be active in Oregon
LifeStance Health
Funding & Economic Status: Founded 2015, acquired by TPG in 2020 for ~$1.2B. IPO in 2021 raised ~$720M. 2024 revenue reached $1.25B, but with a net loss of ~$187M. Consolidating clinics to cut costs.
Legal Issues & Complaints: Labor lawsuits over contractor rights. Class action settled for $50M related to clinician retention misstatements. Privacy lawsuit over data sharing with Meta.
Active in Oregon offering in-person and telehealth therapy & psychiatry services
Spring Health
Funding & Economic Status: Founded in 2016. Valued at $2B in 2021, $3.3B by 2024. Offers employer mental health benefits. $71M raised in 2023.
Legal Issues & Complaints: Fined $1M in California for operating without a license. Employee complaints of burnout during fast growth phase.
Oregon Presence: Employer-focused platform; services accessible to Oregon clients.
Clinician Issues
Compensation: Estimated ~$50–90k; no precise public breakdown.
Turnover: No direct evidence of high clinician turnover.
Satisfaction: Limited data; enterprise model suggests clinician support is moderate to strong.
Meru Health
Funding & Economic Status: YC-backed. Raised ~$38M in equity and debt. Offers digital program for depression and anxiety. Privately held and still operating.
Legal Issues & Complaints: No major lawsuits or public complaints reported.
Is an on-line platform actively available, offers a 12 week program claims 94% improve their mental health in their program.
Mindbloom
Funding & Economic Status: Founded in 2018. Offers ketamine-assisted therapy. VC-backed and privately held.
Legal Issues & Complaints: Sued WSJ for $88M over allegedly defamatory claims linking company to a celebrity death. No regulatory actions known.
Oregon Presence: Ketamine-assisted therapy available in Oregon (one of 35 certified states).
Clinician Issues
Compensation: Reported low pay; some feel pressured to upsell services.
Turnover: Turnover concerns from contractor roles; limited data overall.
Satisfaction: Positive culture and mission-driven; ethical concerns about compensation and support.
Talkspace, Inc.
Funding & Economic Status: Founded in 2012. Raised $100M+ from SoftBank and others. Publicly traded after SPAC merger.
Legal Issues & Complaints: Class action over securities fraud post-leadership resignations. Criticized for misleading efficacy claims and therapist outsourcing.
Oregon Presence: Fully virtual; available in Oregon through individual and employer plans.
Clinician Issues
Compensation: Variable; per-session/hour rates similar to BetterHelp. Bonus changes in 2025 reduced pay for some.
Turnover: Moderate to high, driven by inconsistent referrals and pay structure.
Satisfaction: Mixed. Some report good earnings; others cite admin burden, ethics concerns, and burnout.
Talkiatry
Funding & Economic Status: Founded ~2020. Raised $130M in 2024 led by Andreessen Horowitz. Expanding with tripled revenues.
Legal Issues & Complaints: No public lawsuits or complaints identified.
Clinician Issues
Compensation: Lower base pay, confusing bonus structure, no scheduled raises.
Turnover: Moderate; reports of layoffs and unmet recruiter promises.
Satisfaction: Remote flexibility praised; complaints about management, pay stagnation, and workload.
Psychiatrists provide medication management combined with supportive therapy, do not provide therapy alone.
Not reported as active in Oregon
BetterHelp (owned by Teladoc)
Funding & Economic Status: Acquired by Teladoc in 2015. Reported $1B+ in 2022 revenue. Offers global therapy access with over 2.5M users.
Legal Issues & Complaints: FTC charged BetterHelp with mishandling user data (2023). Ordered to cease data sharing and pay $7.8M in customer redress.
Oregon Presence: Available statewide via virtual therapy.
Clinician issues
Compensation: Per-session (~$30), equivalent to ~$50–60k annually. No pay for no-shows.
Turnover: High therapist churn attributed to low per-session pay and workload stress.
Satisfaction: Therapists report burnout, low pay, inconsistent client flow; FTC fined for privacy violations.
Modern Health
Funding & Economic Status: Raised $167M by 2024. Offers B2B therapy and coaching services. Reached unicorn status.
Legal Issues & Complaints: No known legal actions.
Oregon Presence: Fully remote platform offering coaching and therapy to Oregon clients
Clinician Issues
Compensation: No detailed figures; estimated to be within industry norms (~$50–90k).
Turnover: Limited public data on staff turnover.
Satisfaction: Generally neutral; employer-focused platform shows stable clinician environment.
Lyra Health
Funding & Economic Status: Raised ~$910M; valued at $5.6B. Revenue doubled to $235M in 2024. Serves employers and insurers.
Legal Issues & Complaints: No lawsuits reported; some internal employee complaints about turnover and favoritism.
Oregon Presence: Employer mental health platform available to Oregon-based employees.
Clinician issues
Compensation: Flat W-2 salaries ~$42–55k, some bonuses. Psychologists may earn more.
Turnover: Reported high internal turnover and favoritism.
Satisfaction: Mixed reviews. Clinical support is good; complaints about workload and limited advancement.
Boulder Care
Oregon Presence: Headquartered in Portland, Oregon. Provides virtual addiction support and medication-assisted treatment.
Funding / Status: Raised $35M in 2024. Confirmed venture-backed startup.
Active in Oregon