Berlin-based digital mental healthcare company HelloBetter has raised €4 million extension of its recently announced €6 million Series A funding. This brings the total investment raised in the round to €10 million. The round was led by MassMutual Ventures (MMV) and saw the participation of existing investors, including HealthCap, Expon Capital and Sparrow Ventures.
The additional funds will be used to push the commercialisation of the company’s products in the German market, and to advance its expansion beyond the DACH region. It has also joined the Digital Therapeutics Alliance to gear up for further international expansion.
The funding round follows on the heels of a flurry of successful regulatory approvals in the context of the so-called Digital Care Act, a German law that established a pathway to universal reimbursement for digital therapeutics. Using software as a medical device (SaMD), DTx allows for the effective, efficient, and thus, highly scalable treatment of often chronic mental and behavioural health conditions.
Hannes Klöpper, co-founder and CEO of HelloBetter said: “The field of digital therapeutics for mental health is becoming increasingly more visible. It is an excitingly effective treatment modality that allows us to deliver high-quality mental health care at an unprecedented scale.”
The German platform offers digital therapeutics programmes for the prevention and treatment of mental health conditions. It has secured universal health insurance reimbursement for four of its products in Germany - treating burnout, depression in diabetes patients, chronic pain and vaginismus.
The total number of clients treated has grown by 125% from 2020 to 2021. Its partners include health insurance companies such as Barmer, AudiBKK, Allianz and Swica, ratiopharm, a subsidiary of Teva Pharmaceuticals, as well as over 100 employers.