Tava Health, a leading virtual mental health care company based in Salt Lake City, Utah, has announced it has secured $16 million in fundraising, according to filings with the Securities and Exchange Commission (SEC). The company, focused on providing virtual mental health care for employees, is seeking an additional $4 million to complete its current funding round, further supporting its mission to deliver accessible, evidence-based mental health care across the United States.
Founded in 2019 by CEO Dallen Allred and Chief Technology Officer Spencer Gardner, Tava Health is redefining the way mental health services are delivered to employees in the workplace. The company has quickly grown its reputation by partnering with major corporations, such as Chatbooks, Lucid Software, and Health Catalyst, to offer virtual mental health care for employees as part of their employee well-being initiatives. This level of growth and success has placed Tava Health in the spotlight as a key player in the digital behavioral health space.
Tava’s Approach: Accessibility Over Traditional EAPs
Tava Health has garnered attention for its ability to offer mental health support that goes beyond the typical scope of employee assistance programs (EAPs). Traditional EAPs are often limited in scope, typically offering short-term solutions for employees facing mental health challenges. These programs are often reactive and focused on immediate interventions for issues such as stress, anxiety, or workplace conflict, but they lack the ongoing, sustained care that many individuals need.
Tava Health distinguishes itself by offering continuous, long-term mental health care for employees that adapts to the needs of individuals over time. The company claims that employees using its platform access mental health care up to 12 times more frequently than those using traditional EAPs. This higher level of engagement is attributed to Tava’s approach of integrating virtual, on-demand care, allowing employees to reach out for help when they need it most, without the logistical barriers that often accompany in-person services.
One of the key factors contributing to this increased accessibility is Tava’s tech-enabled platform. Using this platform, employees can connect with licensed therapists from all 50 states, providing a wider range of services than typical local EAP offerings. Tava Health’s ability to match employees with independent clinicians who specialize in various areas of mental health allows for personalized care that is both efficient and effective. By using a digital-first model, the company eliminates the wait times and scheduling delays that are often associated with in-person therapy, making virtual mental health care for employees more readily available.
Funding and Growth: A Strategic Investment in the Future of Mental Health
Tava Health’s $16 million funding round marks a significant milestone in the company’s rapid growth. The funding will help Tava expand its reach, improve its platform, and further develop its services to ensure more employees can benefit from its services. Tava’s previous funding rounds, including a $10 million Series A round in 2021 led by Rose Park Advisors and a $3 million seed funding round from Peterson Ventures, have helped the company build a solid foundation in the competitive digital health space.
The latest infusion of capital comes at a time when digital health investments overall have slowed. According to Rock Health, digital health companies raised a total of $2.5 billion in Q3 of 2023, but the number of deals was the second-lowest since 2019. Despite this trend, investments in digital behavioral health services remain relatively strong. This is evidenced by other significant deals within the sector, including PursueCare’s $20 million Series B funding round in December 2023 and Sunnyside’s $11.5 million funding in November 2023.
What sets Tava apart from other companies in the digital health space is its proven success in delivering scalable, accessible mental health care for employees. In a statement made during its previous funding round, Matthew Christensen, CEO and Managing Partner at Rose Park Advisors, praised Tava Health for its innovative approach, stating, “Tava Health is disrupting the old model of in-person, clinic-only mental health services.” This statement highlights the broader trend toward digital solutions that are more flexible, cost-effective, and accessible than traditional in-person services.
The Digital Behavioral Health Space: Growing Demand for Accessible Mental Health Care
The growing demand for virtual behavioral health solutions is a direct result of the increasing awareness of mental health issues in the workplace. More companies are recognizing the importance of supporting employee mental health, and the benefits of offering robust, accessible mental health resources are becoming more widely understood. The flexibility of virtual care allows employees to access services in a manner that is conducive to their busy schedules, making it easier for them to seek help without the barriers of time or location.
For example, Tava Health is designed to integrate seamlessly into the work environment, providing employees with mental health resources that can be accessed during breaks, after work hours, or as needed. With mental health being a major focus for many organizations, Tava’s solution offers a scalable way to provide high-quality care while reducing the stigma often associated with seeking help for mental health challenges.
In addition to providing individual therapy, Tava’s platform also enables employees to access a variety of mental health resources, including educational materials, self-guided exercises, and other tools that can help improve well-being. The company’s evidence-based model is centered on a holistic approach to mental health that incorporates both clinical care and lifestyle factors, empowering employees to take control of their mental health journey. Through virtual mental health care for employees, Tava has built a system that helps employees receive timely and relevant care.
The Future of Tava Health
Looking ahead, Tava Health plans to use its latest funding to enhance its platform’s capabilities and expand its reach to even more employees across the country. As the company continues to grow, its vision of making virtual mental health care for employees more accessible, efficient, and personalized is gaining traction in an increasingly competitive market.
In a sector where digital health companies have faced challenges in securing investment, Tava Health stands out for its ability to secure consistent funding while maintaining a focus on improving the quality of mental health care. Its growing partnerships with large companies and the increasing number of employees benefiting from its services show that Tava’s model is resonating with organizations looking to support their workforce.
As digital behavioral health continues to grow, Tava Health’s innovative model of virtual mental health care for employees is paving the way for the future of workplace well-being. With the backing of investors and a strong commitment to improving employee mental health, Tava Health is poised to continue disrupting the traditional model of in-person therapy and lead the way in the digital health revolution.
In conclusion, Tava Health’s $16 million funding is not just a financial milestone—it represents the broader shift towards accessible, tech-enabled mental health care. As the company continues to expand, its impact on the future of mental health care for employees is sure to be profound, setting the stage for a new era of mental health support in the workplace.
