Mental Health Startup Lyra Health Valued at $4.6 Billion in Coatue-Led Round

Lyra Health, which provides mental health benefits such as virtual therapy sessions to employees of large companies, is raising a new, $200 million round of funding that will value it at nearly $4.6 billion, according to two people familiar with the deal. Hedge fund Coatue Management is leading the financing as a new investor, the people said.

The investment comes just four months after Lyra raised $187 million in a Series E round, which valued the company at $2.3 billion, according to PitchBook. The steep valuation rise between the rounds shows that late-stage startups are still garnering high prices from investors in the private market even as public stock investors have cooled on recent initial public offerings, particularly companies that list via mergers with special purpose acquisition companies.