Facebook co-founder backs Irish mental health firm in $8.1m round

18 Jan 2017

Image: sunipix55/Shutterstock

Irish company SilverCloud Health raised $8.1m in a funding round led by Facebook co-founder Eduardo Saverin’s B Capital Group.

A provider of online therapeutic solutions to improve behavioural health and mental wellness, SilverCloud Health’s growth since its 2012 creation has proved pretty remarkable.

Claiming to have treated over 80,000 patients worldwide, SilverCloud’s performance has caught the eye of several key VCs to such a degree that its Series A round saw $8.1m ploughed into the business.

B Capital Group – founded by Raj Ganguly and Facebook co-founder Eduardo Saverin – led the investment round, with others involved including ACT Venture Capital, Investec Ventures and the AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.

Ken Cahill, chief executive and co-founder of SilverCloud, said his company is driving a path into an industry worth over $440bn in the US alone.

This investment, according to Cahill, enables his company to evolve its current platform, while also addressing “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,” he said.

SilverCloud is amid notable global growth, with 120 clients and an expanding research pipeline that “continues to show the clinical effectiveness of the company’s behavioural health platform”.

Within the UK’s NHS, SilverCloud claims it has experienced exponential growth of clients. The company supports 45pc of the body’s mental health services, up from 1pc two years ago.

The new capital will be used to meet growing demand in Europe and North America, build out its commercial, development and clinical teams, and drive its strong clinical research and publishing agenda.

“B Capital Group is excited to back Ken and the team at SilverCloud Health, as they continue to change the way behavioural healthcare is delivered,” said Saverin.

“Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organisations, and its esteemed partner network.

“This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programmes to the millions of individuals who need them.”

Gordon Hunt was a journalist with Silicon Republic