Paris-based digital mental health startup Silvr Europe has raised €18 million in a series A funding round. The round was led by global venture capital firm Morningside Ventures, with participation from existing investors such as Idinvest Partners and M Capital.
Silvr Europe was founded in 2019 by two French entrepreneurs, Olivier Lecerf and Alexandre Rocchi, who wanted to use technology to make mental health support more accessible and affordable. The startup offers a range of online mental health services, including video consultations with licensed therapists, digital therapy programs, and a self-help app.
The funds from the series A round will be used to expand Silver Europe’s services across Europe and to invest in further product development. The startup also plans to increase its team, with a focus on hiring more therapists and developers.
“We’re thrilled to have the support of Morningside Ventures and our existing investors as we continue to grow our business and make mental health support more accessible to everyone,” said Olivier Lecerf, co-founder and CEO of Silver Europe. “With this new funding, we’ll be able to reach more people across Europe and expand our range of services to meet the growing demand for online mental health support.”
The COVID-19 pandemic has led to an increase in demand for mental health support services, as people struggle with the stress and anxiety caused by the crisis. The World Health Organization has warned that the pandemic could lead to a global mental health crisis, and many countries are struggling to provide adequate support to those in need.
Silver Europe aims to address this gap by providing affordable and accessible mental health services online. The startup has seen strong growth over the past year, with a 200% increase in demand for its services since the start of the pandemic.
“We believe that Silver Europe has the potential to transform the mental health industry in Europe and make a real difference in people’s lives,” said Gerald Chan, co-founder of Morningside Ventures.
