What are the most valued startups in the mental health market?

Last updated: 9 June 2026

Download our beautiful pitch about the mental health market

market research pitch 2026 statistics mental health market

In our mental health market deck, you will find everything you need to understand the market

The mental health market is now one of the most important categories in digital health, care delivery, behavioral health infrastructure, and neuropsychiatric innovation.

We update this list every month to keep the ranking fresh as new funding rounds, public market changes, acquisitions, and valuation estimates become available.

This ranking focuses on startups and growth companies in the mental health market, ordered by their latest reported or estimated valuations.

And if you want to better understand this new industry, you can download our pitch covering the mental health market.

A quick summary table

Metric Value
Most valuable mental health startup Lyra Health
Second most valuable mental health startup Spring Health
Median mental health startup valuation About $215M
Share of total mental health valuation captured by the top 10 About 54%
Top mental health startup valuation vs. median About 26.7x
Median mental health valuation-to-capital-raised ratio About 3.2x
Mental health startups valued at $1B+ 12 based on valuation midpoint
Market map chart showing top companies and startups in the mental health market

This market map, featured in our mental health market deck, highlights top companies and startups in the mental health market

Top startups in the mental health market ranked by valuation

Here is an updated table that ranks the top startups in the mental health market based on their latest reported or estimated valuations.

If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the mental health market.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Lyra Health Employer mental health benefits $5.0B–$6.5B Partial Confidence Revenue or ARR Multiple Estimate Estimated $915M Strong Confidence
2 Spring Health Employer mental health platform $3.0B–$3.8B Strong Confidence Announced Private Round Valuation Estimated $467M Strong Confidence
3 Grow Therapy Therapist marketplace and insurance $3.0B Full Confidence Announced Private Round Valuation Observed $300M Partial Confidence
4 Charlie Health Virtual high-acuity youth care $2.4B–$3.6B Partial Confidence Implied Valuation from Raise Estimated $404M Partial Confidence
5 Headway Therapist insurance network $2.1B–$2.7B Strong Confidence Announced Private Round Valuation Estimated $326M Strong Confidence
6 Talkiatry In-network psychiatric care $1.4B–$2.6B Partial Confidence Implied Valuation from Raise Implied $400M+ Partial Confidence
7 MindMed Psychedelic brain-health therapeutics $1.5B–$1.9B Strong Confidence Public Market Cap Observed $685M Partial Confidence
8 Compass Pathways Psychedelic mental health therapeutics $1.5B Full Confidence Public Market Cap Observed $864M Partial Confidence
9 atai Life Sciences Psychedelic mental-health biotech $1.5B Full Confidence Public Market Cap Observed $624M Strong Confidence
10 Cerebral Online mental health care $800M–$1.6B Low Confidence Proxy-Based Estimate Estimated $462M Full Confidence
11 Cognito Therapeutics Alzheimer’s neurostimulation device $700M–$1.3B Partial Confidence Implied Valuation from Raise Implied $233M Partial Confidence
12 SonderMind Therapy marketplace and care $800M–$1.2B Low Confidence Comparables-Based Estimate Estimated $183M Strong Confidence
13 Draig Therapeutics Neuropsychiatric drug development $700M–$1.2B Partial Confidence Implied Valuation from Raise Implied $140M Partial Confidence
14 Alma Therapist insurance network $700M–$1.1B Partial Confidence Comparables-Based Estimate Estimated $221M Full Confidence
15 Talkspace Online therapy marketplace $870M Full Confidence Public Market Cap Observed $359M Partial Confidence
16 Cortica Whole-child autism care provider $533M–$1.0B Partial Confidence Implied Valuation from Raise Implied $255M Strong Confidence
17 Bright Minds Biosciences Serotonergic drug discovery biotech $675M–$750M Strong Confidence Public Market Cap Observed $56M Partial Confidence
18 Author Health Medicare serious mental healthcare $450M–$750M Partial Confidence Implied Valuation from Raise Estimated $115M Full Confidence
19 Eleos Health Behavioral health AI documentation $450M–$750M Partial Confidence Revenue or ARR Multiple Estimate Estimated $126M Strong Confidence
20 Pelago Virtual substance-use treatment $390M–$650M Partial Confidence Implied Valuation from Raise Implied $151M Partial Confidence
21 Two Chairs Hybrid therapy provider network $350M–$650M Partial Confidence Implied Valuation from Raise Estimated $100M Partial Confidence
22 Brightline Pediatric behavioral telehealth $300M–$600M Low Confidence Proxy-Based Estimate Estimated $205M Strong Confidence
23 Click Therapeutics Prescription digital therapeutics software $350M–$550M Partial Confidence Implied Valuation from Raise Implied $119M+ Partial Confidence
24 NOCD OCD-specialized virtual therapy $300M–$550M Partial Confidence Comparables-Based Estimate Estimated $84M Strong Confidence
25 Workit Health Virtual addiction care $320M–$500M Partial Confidence Announced Private Round Valuation Estimated $136M Partial Confidence
26 Wayspring Value-based SUD care platform $300M–$500M Partial Confidence Implied Valuation from Raise Implied $161M Strong Confidence
27 Gilgamesh Pharmaceuticals Neuropsychiatric drug developer $300M–$500M Partial Confidence Implied Valuation from Raise Implied $126M Partial Confidence
28 AnswersNow Virtual ABA autism therapy $267M–$500M Strong Confidence Implied Valuation from Raise Implied $53M Partial Confidence
29 Forta AI-assisted autism therapy $275M–$458M Partial Confidence Implied Valuation from Raise Implied $55M Full Confidence
30 Concert Health Collaborative care behavioral group $275M–$475M Partial Confidence Revenue or ARR Multiple Estimate Estimated $56M Partial Confidence
31 Lykos Therapeutics MDMA-assisted PTSD therapy developer $250M–$450M Partial Confidence Implied Valuation from Raise Implied $150M+ Strong Confidence
32 Octave In-network therapy services $250M–$450M Partial Confidence Implied Valuation from Raise Estimated $86M Strong Confidence
33 Tava Health Employer mental health platform $270M–$420M Strong Confidence Implied Valuation from Raise Implied $73M Full Confidence
34 Cartwheel Care School-based youth mental healthcare $260M–$420M Strong Confidence Implied Valuation from Raise Implied $55M Strong Confidence
35 Brightside Health Virtual psychiatry and therapy care $225M–$425M Partial Confidence Implied Valuation from Raise Estimated $114M Full Confidence
36 Mindbloom At-home ketamine therapy $220M–$360M Partial Confidence Revenue or ARR Multiple Estimate Estimated $50M Low Confidence
37 NeuroFlow Behavioral health integration platform $200M–$375M Partial Confidence Comparables-Based Estimate Estimated $55M Strong Confidence
38 Ophelia Telehealth opioid addiction treatment $230M–$320M Partial Confidence Revenue or ARR Multiple Estimate Estimated $68M Full Confidence
39 Holmusk Behavioral health real-world data $180M–$350M Partial Confidence Comparables-Based Estimate Estimated $109M Partial Confidence
40 InStride Health Pediatric anxiety/OCD care $190M–$340M Partial Confidence Implied Valuation from Raise Implied $56M Full Confidence
41 Affect Therapeutics Digital SUD treatment clinic $170M–$325M Partial Confidence Implied Valuation from Raise Implied $49M Strong Confidence
42 Bicycle Health Virtual opioid addiction treatment $190M–$300M Strong Confidence Implied Valuation from Raise Implied $103M Strong Confidence
43 Amae Health Severe mental illness clinics $180M–$310M Strong Confidence Implied Valuation from Raise Implied $50M+ Partial Confidence
44 Valera Health High-acuity virtual mental healthcare $160M–$320M Partial Confidence Revenue or ARR Multiple Estimate Estimated $74M Partial Confidence
45 Array Behavioral Care Virtual psychiatry and therapy $180M–$300M Partial Confidence Revenue or ARR Multiple Estimate Estimated $49M Partial Confidence
46 Eleanor Health Addiction and mental health care $180M–$300M Partial Confidence Implied Valuation from Raise Implied $164M Partial Confidence
47 Big Health FDA-cleared digital therapeutics $160M–$300M Partial Confidence Implied Valuation from Raise Implied $153M Full Confidence
48 Delix Therapeutics Non-hallucinogenic neuroplastogen drugs $150M–$300M Partial Confidence Comparables-Based Estimate Estimated $100M Strong Confidence
49 Cybin Psychedelic neuropsychiatry drug developer $208M–$228M Strong Confidence Public Market Cap Observed $451M Strong Confidence
50 firsthand Serious mental illness peer support $150M–$280M Partial Confidence Implied Valuation from Raise Estimated $43M Partial Confidence
51 Freespira Breathing-based anxiety digital therapeutic $150M–$280M Partial Confidence Implied Valuation from Raise Implied $48M Strong Confidence
52 Uwill College mental health platform $160M–$260M Partial Confidence Revenue or ARR Multiple Estimate Estimated $39M Full Confidence
53 ieso AI-enabled digital CBT $125M–$275M Low Confidence Comparables-Based Estimate Estimated $77M Partial Confidence
54 Brave Health Medicaid virtual behavioral care $140M–$260M Low Confidence Revenue or ARR Multiple Estimate Estimated $60M Strong Confidence
55 Boulder Care Virtual addiction medicine care $160M–$230M Partial Confidence Comparables-Based Estimate Estimated $85M Strong Confidence
56 PursueCare Telehealth addiction treatment platform $120M–$220M Partial Confidence Implied Valuation from Raise Implied $31M Strong Confidence
57 Bend Health Pediatric family mental healthcare $120M–$220M Partial Confidence Acquisition Value Estimated $32M Strong Confidence
58 Osmind Neuropsychiatry EHR and research $110M–$225M Partial Confidence Revenue or ARR Multiple Estimate Estimated $57M Full Confidence
59 Beckley Psytech Short-duration psychedelic medicines $125M–$180M Partial Confidence Announced Private Round Valuation Implied $142M Strong Confidence
60 Meru Health Digital depression-anxiety care $110M–$190M Low Confidence Comparables-Based Estimate Estimated $42M Partial Confidence
61 HelloSelf Digital therapy and coaching $100M–$180M Partial Confidence Implied Valuation from Raise Estimated $28M Strong Confidence
62 Iris Telehealth Telepsychiatry for health systems $90M–$160M Partial Confidence Implied Valuation from Raise Implied $40M Partial Confidence
63 aptihealth Higher-acuity behavioral healthcare $80M–$160M Low Confidence Implied Valuation from Raise Estimated $63M Partial Confidence
64 Ria Health Telehealth alcohol-use treatment $85M–$155M Partial Confidence Implied Valuation from Raise Implied $25M Partial Confidence
65 SpectrumAi Autism-care analytics platform $80M–$160M Partial Confidence Acquisition Value Estimated $29M Full Confidence
66 Blackbird Health Youth neuroscience-led mental healthcare $90M–$145M Strong Confidence Implied Valuation from Raise Implied $23M Strong Confidence
67 Mantra Health College mental health clinic $80M–$140M Partial Confidence Revenue or ARR Multiple Estimate Estimated $32M Strong Confidence
68 BehaVR VR behavioral health therapeutics $80M–$140M Partial Confidence Comparables-Based Estimate Estimated $21M Strong Confidence
69 Quartet Health Behavioral health care coordination $50M–$150M Low Confidence Acquisition Value Estimated $222M Partial Confidence
70 Backpack Healthcare Medicaid pediatric mental healthcare $75M–$125M Strong Confidence Implied Valuation from Raise Implied $14M Strong Confidence
71 Flow Neuroscience Depression brain stimulation headset $70M–$120M Partial Confidence Revenue or ARR Multiple Estimate Estimated $12M Strong Confidence
72 Neuronetics Depression neurostimulation devices $89M Full Confidence Public Market Cap Observed $272M Partial Confidence
73 Marigold Health Peer recovery support technology $55M–$90M Strong Confidence Implied Valuation from Raise Implied $17M Strong Confidence
74 Birches Health Gambling addiction treatment $55M–$85M Strong Confidence Implied Valuation from Raise Implied $20M Strong Confidence
75 Opya Early autism intervention services $45M–$90M Low Confidence Comparables-Based Estimate Estimated $15M Partial Confidence
76 GrayMatters Health PTSD neuromodulation therapeutics $45M–$80M Partial Confidence Implied Valuation from Raise Estimated $10M Full Confidence
77 Journey Clinical Ketamine-assisted clinician network $40M–$75M Partial Confidence Implied Valuation from Raise Implied $12M Strong Confidence
78 Healios Digital autism mental healthcare $45M–$70M Strong Confidence Announced Private Round Valuation Observed $53M Partial Confidence
79 Fort Health Pediatric primary-care mental health $35M–$70M Partial Confidence Implied Valuation from Raise Implied $16M Partial Confidence
80 OxfordVR Automated VR therapy $30M–$60M Partial Confidence Acquisition Value Estimated $19M Strong Confidence
81 Little Otter Family mental health care $25M–$60M Low Confidence Acquisition Value Estimated $36M Strong Confidence
82 Psylo Next-generation neuroplastogen medicines $32M–$53M Partial Confidence Implied Valuation from Raise Implied $14M Strong Confidence
83 Manatee Virtual family therapy $30M–$55M Partial Confidence Implied Valuation from Raise Estimated $12M Partial Confidence
84 Monument Online alcohol treatment program $25M–$55M Low Confidence Comparables-Based Estimate Estimated $24M Partial Confidence
85 Psyomics AI mental health assessment $27M–$45M Strong Confidence Implied Valuation from Raise Implied $17M Strong Confidence
86 Nue Life Health At-home ketamine therapy $20M–$50M Low Confidence Acquisition Value Estimated $28M Partial Confidence
87 Akili Interactive Cognitive digital therapeutics $34M–$35M Strong Confidence Acquisition Value Observed $383M Partial Confidence
88 Happify Health Digital mental wellness platform $30M Strong Confidence Acquisition Value Observed $122M Partial Confidence
89 Magstim TMS neurostimulation devices $20M–$40M Low Confidence Revenue or ARR Multiple Estimate Estimated $32M Low Confidence
90 Small Pharma DMT-based psychedelic therapeutics $22M–$24M Strong Confidence Acquisition Value Observed $49M Partial Confidence
91 As You Are Virtual autism evaluations $10M–$30M Low Confidence Proxy-Based Estimate Estimated $0M Low Confidence
92 Innerwell Psychedelic-assisted mental healthcare $8M–$18M Low Confidence Proxy-Based Estimate Estimated $3M Full Confidence
93 Clerkenwell Health Psychedelic clinical research organization $8M–$18M Low Confidence Implied Valuation from Raise Implied $2M Full Confidence
94 Numinus Psychedelic-assisted therapy clinics $10M–$15M Partial Confidence Public Market Cap Observed $34M Partial Confidence
95 DynamiCare Health Addiction recovery digital therapeutics $8M–$15M Low Confidence Proxy-Based Estimate Estimated $6M Partial Confidence
96 Sonara Health Hybrid methadone treatment platform $7M–$13M Low Confidence Implied Valuation from Raise Implied $4M Partial Confidence
97 Awakn Life Sciences Addiction-focused psychedelic therapeutics $6M–$7M Strong Confidence Acquisition Value Observed $12M Partial Confidence
98 Woebot Health AI mental health chatbot $0M–$10M Low Confidence Proxy-Based Estimate Estimated $124M Strong Confidence
99 Braxia Scientific Ketamine clinics and research $0M–$1M Low Confidence Public Market Cap Observed $12M Low Confidence
Chart comparing the 2026 size of the mental health market with other markets of similar size

This chart, featured in our mental health market deck, compares the 2026 size of the mental health market with other markets of similar size

Key valuation trends in the mental health market

Insights

  • The mental health market is highly concentrated, with the top 10 companies representing about 54% of total valuation across this dataset.
  • Lyra Health is almost 27 times larger than the median mental health startup by valuation, which shows how far the category leader has pulled ahead.
  • Employer and access platforms still capture the biggest valuation premiums, with Lyra Health, Spring Health, Headway, and Tava Health forming a large part of the private platform value pool.
  • Pediatric and youth mental health companies are becoming a meaningful category, especially Charlie Health, Cartwheel Care, Blackbird Health, and Backpack Healthcare.
  • Public psychedelic and neuropsychiatry companies have raised large amounts of capital, but valuation efficiency remains weaker than in care delivery and access infrastructure.
  • Substance-use care platforms are important, but the category’s valuation-to-funding profile is lower than youth care and employer mental health platforms.
Chart showing why Talkspace is winning in the mental health market

This chart, featured in our mental health market deck, shows why Talkspace is winning in mental health

A few word about our methodology

As you can see, we built a database that ranks startups in the mental health market based on their current valuation.

Estimating startup valuations is not always straightforward. Many companies do not publicly disclose their valuation, and the available information can vary widely depending on the company and its stage.

To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.

Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed companies, or official acquisition prices.

When a mental health startup is publicly listed, we use its current market capitalization as the reference valuation.

If a mental health company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When a startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.

In some cases, we also estimate valuations using operating metrics such as revenue, ARR, covered lives, provider network size, patient volume, or customer traction, combined with valuation multiples from comparable companies in the same market.

When direct financial data is not available, we may rely on carefully selected comparable startups and other signals such as hiring growth, investor quality, product traction, payer relationships, clinical footprint, or public market benchmarks.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by strong operating metrics and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because valuation data is not always fully public, each startup in the ranking is assigned a confidence level based on the reliability, recency, and consistency of the available evidence.

Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.

When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.

This reflects how we conduct all our research, including the work behind our report covering the mental health market.

In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.

If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.

Finally, know that we update the dataset once per month, so come back here if you need fresh information.

Chart showing the projected CAGR of the mental health market

This chart, featured in our mental health market deck, illustrates yearly funding for mental health startups

Related blog posts

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- The most recent funding news in the mental health market

- What is new in the mental health market lately?

- The evolution of funding activity in the mental health market

- The main fundraising trends in the mental health market

- How big is the mental health market really?

- The full range of business models in the mental health market

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