Irish online mental health service provider secures $8.1m in new funding

The investment was led by one of Facebook's co-founder's investment firms

Irish online mental health service provider secures $8.1m in new funding

silvercloudhealth.com

Irish digital health company SilverCloud Health - a leading provider of evidence-based online mental health and behavioural healthcare solutions - has raised $8.1m (€7.6m) in a fresh round of funding.

Facebook co-founder Eduardo Saverin's B Capital Group led the investment which had significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.

The company is a leading provider of "outcomes-focused online behavioural health & wellbeing solutions."

 

It is used to give patients immediate access to clinically proven, evidenced based content, programmes and support within the area of mental health (depression, anxiety, stress) and long term/chronic illness care.

SilverCloud Health chief executive and co-founder Ken Cahill commented, "This new investment enables us to drive forward with our commitment to evolve our health platform and address the ever-increasing global need in behavioural healthcare.

"We believe that technology is the enabler to address the biggest healthcare challenge of this century, maximising clinical delivery while enhancing patient access and  choice, through the ability to engage with therapy at a time that fits into diverse lifestyles and through devices that are a part of our everyday lives."

Mr Cahill also highlighted the business connections that its new investments offer the firm as it grows.

The SilverCloud Health platform is currently used by over 120 healthcare organisations across Europe and North America. Within the UK National Health Service (NHS), the company has seen an exponential growth of clients—from supporting 1% of NHS mental health services two years ago to over 45% today.

Kevin Sherry, Executive Director Global Business Development for Enterprise Ireland said, "SilverCloud Health is a world-class health tech company with global ambition and we are delighted to see the continued growth and impact SilverCloud Health is having in international healthcare markets. SilverCloud is a good example of how Irish companies are supplying the global healthcare market with leading innovative, effective, scalable products and services.

"We look forward to working with the company to achieve further growth and success as it enters new markets."

Since launching in 2012 SilverCloud Health has gone on to support over 80,000 patients.