Follow-On Investment Spotlight: SonderMind
Learn how SonderMind works with consumers, therapists, and enterprise partners to provide reliable, quality mental health treatment
SonderMind is a behavioral health network addressing the three-sided marketplace between consumers, therapists, and enterprise partners. Powered by an expert team and data-driven insights, the company has created a robust software platform that provides users with reliable access to mental health services. While SonderMind is not a part of our Growth Fund portfolio, we believe our investment in the company demonstrates our ability to identify and secure compelling follow-on opportunities.
Meet SonderMind CEO Mark Frank
Mark Frank is the CEO and Co-Founder of SonderMind, as well as a serial entrepreneur with two successful exits. Watch an engaging conversation with Mark and AV Managing Partner Emeritus Catherine Lu about the company’s mission to improve mental health access and outcomes.
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Providing Easy Access to Mental Health Resources
SonderMind operates a platform for behavioral health and wellness, enabling individuals to quickly find and access high-quality and well-matched therapists and psychiatrists for in-person or telemedicine visits. SonderMind’s platform has over 2,000 approved providers serving more than 20,000 patients in 12 states. It uses historical data to drive patients to practices, integrates care data, and manage payments/insurance collections.
SonderMind’s mission is to empower users to easily locate mental health service providers in a market where the demand for treatment has steadily increased. We were impressed by the company’s proprietary software, the executive team’s proven track record and domain experience, and the growing market awareness and opportunity around mental health treatment.
What We Liked About SonderMind
- Home
Commitment to Quality of Care
SonderMind’s business model, go-to-market and technical strategy, and growing suite of tangential services are centralized around optimizing the quality of provider care. This drives retention from both patients and providers and differentiates SonderMind from competitors focusing on enterprise-wide contracts and subscription models. - Home
Large Addressable Market
By 2026, 25.2% of Americans will require behavioral health services.* This is projected to push total U.S. behavioral health market revenue past $116 billion by the end of the decade.** SonderMind is well-positioned to take an attractive share of this market by making it easier for patients and service providers to connect. - Home
Developed Technology Stack
SonderMind’s proprietary learning model is consistently improving operations and data integrations across a complex ecosystem of payors, insurers, and provider networks. This system also employs AI to intelligently pair patients with providers and aggregate insights across patients and providers to improve the user experience.
*Heather Landi, “Demand for Behavioral Health Services Outstrips Supply of Providers, Driving Higher Costs, Analysis Finds,” Fierce Healthcare, June 13, 2023
**Precedence Research, “U.S. Behavioral Health Market to Worth USD 1,36,600 Million by 2032,” Yahoo! Finance, September 13, 2023
How We’re Involved
- $2.5 million seed round in 2018 led by Kickstart Fund
- $150 million Series C in 2021 co-led by Drive Capital and Premji Invest
AV Funds Invested in SonderMind
- Castor Ventures (for the MIT community)
- Congress Avenue Ventures (for the Texas community)
- Purple Arch Ventures (for the Northwestern community)
- Total Access Fund (AV’s broadest fund)
AV’s Co-Investors in SonderMind
- Kickstart Fund is an early-stage VC with $480 million AUM focused on startups in Utah, Colorado, Arizona, and other Mountain West states.
- Drive Capital is a stage-agnostic VC with $2.2 billion in AUM. The firm was founded by former Sequoia Capital partners Mark Kvamme and Chris Olsen to focus on startups outside of Silicon Valley.
- Premji Invest is the family office of Indian tech magnate Azim Premji, who founded one of India’s largest software services providers. He primarily invests invests in growth opportunities, specifically in technology companies, retail, shopping, and healthcare.
- Other Investors: F-Prime Capital, FCA Venture Partners, Founders Circle Capital, General Catalyst, Partners Group, Smash Ventures, Zoma Foundation
NOTE: Past performance does not guarantee future results. Co-investors and investments listed are for illustration purposes only. These co-investors are some that AV has historically co-invested with and is not a predictor of future co-investors for any given portfolio company. There is no guarantee of who will be the co-investors. These investments are not intended to suggest any level of investment returns; not necessarily indicative of investments invested by any one fund or investor. Many returns in investments result in the loss of capital invested. The identity of a co-investor is not necessarily indicative of investment outcomes.
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Contact [email protected] for additional information. To see additional risk factors and investment considerations, visit av-funds.com/disclosures.
SonderMind is not an investment in AV’s Growth Fund. Portfolio companies in the Growth Fund span seed, early, and growth financing rounds.
These videos feature members of portfolio companies in which certain Alumni Ventures Funds have invested and may contain factual or forward-looking statements of such members. Testimonials or endorsements from management of companies that have invested, and/or may in the future receive, investment from Alumni Ventures’ funds constitutes a conflict of interest. You agree not to rely on the information contained herein for any investment, business, or financial purpose.
Venture capital investing involves substantial risk, including risk of loss of all capital invested. Achievement of investment objectives, including preservation of invested capital, cannot be guaranteed. Investments shown are not available to current fund offerings.
Nothing herein constitutes an offer to sell, or the solicitation of an offer to purchase, any security. Such offers are only made pursuant to the formal offering documents for the respective investment funds.