Mental health clinic for young adults, Mantra Health, secured $22 million in Series A investment led by VMG Partners. Other investors in this round were New Market Venture Partners, Elements Health Ventures, 14W and Alumni Ventures. The round also saw participation from previous investors like Canaan Partners, Global Founders Capital, Baleon Capital, Western Tech Investments and City Light Capital.
Mantra Health is present in over 50 campuses across the U.S.A., including Penn State University, Miami Dade College and Massachusetts Institute of Technology or MIT. The venture provides psychiatry and therapy services through telehealth to more than 500,000 students.
The funding will be used to help young adults have access to good quality, affordable and culturally competent mental health care. Proceeds will help grow the digital mental health clinic's diverse provider network, launch new clinical products, and expand its insurance partnerships. The funds will also be used to maintain 50% og Mantra Health’s clinicians to represent the BIPOC or LGBTQ+ community.
They will also utilise the funds to strengthen their Mantra College Mental Health Provider Diversity Scholarship. This scholarship would support marginalized identities pursuing a degree related to mental health. In 2019, the venture had raised $3.2 million in a seed round led by Global Founders Capital. In 2021, they raised $2 million in another seed round.