Mental health medication platform Minded raises $25M

The company uses telehealth to diagnose and distribute mental health meds to its members

There's no shortage of mental health startups raising funding right now; in 2021 alone, these companies raised a collective $5.1 billion, nearly doubling the $2.7 billion raised in 2020. It has also been the most funded subspecialty for years.

The space is filled with heavy hitters, like Cerebral, BetterUp, Lyra, Spring Health, and Headspace Health, to name a few. That means that companies are going to have to find a way to differentiate themselves.

For Minded, that means using telemedicine to make prescribing mental health medication online easier, rather than using it to offer talk therapy. The company provides consumers with a free online assessment, video chat with a board-certified psychiatrist or psychiatric nurse practitioner, and the ability to prescriptions sent to their local pharmacy or delivered to their door.

On Tuesday, Minded announced a $25 million seed funding round on Tuesday from Streamlined Ventures, Link Ventures, The Tiger Fund, Unicorn Ventures, Trousdale Ventures, Gaingels, SALT Fund, TheFund, and the founders of Care.com, Bolt, Gravity Blanket, RXBAR, and Gilt.com, along with venture debt from WTI. The company previously raised $5 million, including a $2.8 million pre-seed round and a $2.2 million in seed funding.

Launched in 2021, the New York-based Minded was founded by CEO David Ronick, co-founder of Stash; Gaspard de Dreuzy, co-founder of Pager; and Dr. Chris Dennis, multi-state licensed psychiatrist.

The service, which is available to people 18 or older who have anxiety, depression, or insomnia and are interested in medication as part of their treatment, connects patients to the Minded Care Team between 9 am and 5 pm EST Monday through Friday; these mental health professionals can prescribe both controlled and non-controlled substances to those who live in the states where the company operates, which currently includes California, Florida, Illinois, New York, New Jersey, Pennsylvania, and Texas. 

Patients don't need a prior diagnosis or prescription to get medication from Minded mental health experts, who are able to evaluate symptoms of depression, anxiety, and insomnia to diagnose conditions. They then develop an appropriate treatment plan for the patient, whether they are new to medication or already taking it.  

For eligible patients, Minded currently prescribes medications such as Lunesta, Restoril, Ambien, Ambien CR, Xanax, Klonopin, and Ativan under temporary authorization in effect during the COVID-19 public health emergency. At this time, Minded doesn't prescribe medication for ADHD.

Minded uses a subscription model, where patients pay a $65 per month membership fee, plus the cost of medication, though prescriptions may be reimbursable through an insurance plan. 

The company plans to use the new funding to expand its geographic footprint throughout the US, introduce treatments for attention and mood, and develop psychiatric offerings including genetic testing for more accurate prescribing, and psychedelics for treatment-resistant depression.

"Mental health medication changed my life, but it's still way too hard for most people to get quality care. Minded is on a mission to make it easy for millions of people to be just a few days and a Zoom call away from speaking with a caring, compassionate expert," Ronick said in a statement. 

(Image source: tryminded.com)