It is one of venture’s biggest privileges when you get a chance to invest in a company with an exceptional team, product and mission, all in one package. Enter Modern Health!
We first met Alyson Friedensohn, founder/CEO of Modern, early in 2018. She showed up on our radar because we were tracking alumni of Collective Health that were starting companies. We sent a cold email to Alyson, and thankfully she responded! Note to self: cold emails can work :)
We had looked at several companies in the burgeoning mental health space, but Modern instantly stood out because they exhibited all 3 key qualities we look for in our pre-seed investments: authentic founders, maniacal focus, and unique product / go-to-market insights.
This morning, Modern announced it has raised a new round of funding — $31M Series B led by Founders Fund and John Doerr.
This blog post by Modern does a great job in highlighting why they are different and how this differentiation has allowed them to build a fast growing business.
When we first invested in Modern, they were pre-traction; it’s incredible what they have achieved in the past year. Here are a few of their highlights:
- Over 10x growth in revenue and user base, while extending their reach of covered lives to over 60 countries
- An industry-leading 30% user engagement rate
- A >250% net retention rate, representing renewed and growing commitments from their customers
Behind every great company, is a very strong team. We were thrilled to see a close friend of the fund, Jinen Kamdar, join the Modern mission last year. And they have several exciting roles open, so ping us if we can help facilitate an intro. They are just getting started!
