Funding profile · Digital mental health

Meru Health

Four Form D filings between 2019 and 2021 account for $42.4 million sold. Nothing has been filed since.

$51.3MTotal raised since 2016, company-reported (Sep 2021)
$42.4MSold across four Form D filings, 2019 to 2021
$25.7MEquity sold in the Series B filing, Aug 2021
$749,689NIMH SBIR Phase II award, FY2022

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Apr 2019 Series Seed $4.2M announced; $3,726,602 sold of $4,460,206 offered Freestyle Capital (lead), Bonit Capital, Y Combinator, Lifeline Ventures, IT-Farm Form D + release
Mar 2020 Series A Preferred $8,099,974 of $8,099,994 offered 10, not named in the filing Form D
Nov 2020 Convertible notes $4,800,000 of $5,000,000 offered 4, not named in the filing Form D
Jul to Sep 2021 Series B $38M announced, being $30M equity and $8M debt; Form D shows $25,733,985 equity sold Industry Ventures (lead), Bold Capital, Foundry Group, Freestyle VC, FMZ Ventures, Leksell Social Ventures; J.P. Morgan debt Form D + release
FY2022 NIMH SBIR Phase II $749,689 National Institute of Mental Health NIH record
Since Aug 2021 No further filing None on file None announced Not found

What the filings show

Meru Health Holding Inc. · Form D · filed Apr 24, 2019

First sale
Apr 11, 2019
Offered
$4,460,206 equity
Sold
$3,726,602 · $733,604 remaining
Investors
26 · average about $143,300
Exemption
Rule 506(b)
Related persons
Kristian Ranta (executive officer, director); Timo Ahopelto, Riku Lindholm, Joshua Felser, Albert Nazander (directors)
Filing
SEC EDGAR, CIK 0001774666

Meru Health Holding Inc. · Form D · filed Mar 23, 2020

First sale
Mar 9, 2020
Offered
$8,099,994 Series A Preferred
Sold
$8,099,974 · $20 remaining
Investors
10 · average about $810,000
Exemption
Rule 506(b)
Related persons
Ranta and Ahopelto (executive officers, directors); Felser, Nazander (directors)
Filing
SEC EDGAR, CIK 0001774666

Meru Health Holding Inc. · Form D · filed Dec 1, 2020

First sale
Nov 17, 2020
Type
Convertible promissory notes
Offered
$5,000,000
Sold
$4,800,000 · $200,000 remaining
Investors
4 · average $1,200,000
Exemption
Rule 506(b)
Related persons
Ranta (executive officer, director); Ahopelto, Lindholm, Nazander, Jaclyn Hester (directors)
Filing
SEC EDGAR, CIK 0001774666

Meru Health Holding Inc. · Form D · filed Aug 2, 2021

First sale
Jul 23, 2021
Offered
$25,733,985 preferred equity
Sold
$25,733,985 · nothing remaining
Investors
11 · average about $2,339,500
Exemption
Rule 506(b)
Related persons
Ranta and Lindholm (executive officers, directors); Nazander, Yinne Yu (directors)
Filing
SEC EDGAR, CIK 0001774666

Reading the filings

  1. The announced seed is not the filed seed.The filing reports $3,726,602 sold from 26 investors, about $143,300 each, against $4,460,206 offered. The release the next day said $4.2 million, a figure sitting between the two. No amendment followed.
  2. The Series A closed almost to the dollar.$8,099,974 of $8,099,994, leaving $20 open, from 10 investors averaging about $810,000. That is a priced institutional round, not an angel roll up.
  3. The $30 million equity claim reconciles through the notes.November 2020: $4,800,000 of convertible notes from 4 investors, $1.2 million each. August 2021: $25,733,985 of preferred from 11 investors. Together, $30,533,985, within 2 percent of the $30 million announced. Notes converting into the priced round is the ordinary explanation.
  4. The filing landed seven weeks before the press release.First sale July 23, 2021, filed August 2, announced September 23 with a company-reported $51.3 million raised since 2016.
  5. The board turned over with every round.2019 lists Ranta, Ahopelto, Lindholm, Felser and Nazander. December 2020 adds Hester. By August 2021 only Ranta, Lindholm, Nazander and Yu remain.
  6. Nothing has been filed for five years.An EDGAR full text search for Meru Health returns four documents, all under CIK 0001774666, the last dated August 2, 2021. No investment vehicle was formed around the company. Issuers raising under Section 4(a)(2) file no Form D, so silence is not proof that no money moved.

Commercial signals

Signal Detail Source type
Payers Cigna and Aetna named in 2024; BlueCross BlueShield of North Carolina and of South Carolina, plus Highmark, by May 2026. Company-stated
Pricing 100 percent fees at risk announced March 2024. In June 2025 the CEO said most payers find it difficult to administer. Interview
Medical cost Accorded actuarial study, 1,306 engaged members against matched controls, 2021 to 2023. No published version found. Company-stated
Clinical record Four registered company sponsored trials, one withdrawn with zero enrolled. 15 PubMed indexed papers. No FDA clearance record. Public record
Non-dilutive NIMH R44MH126836, $749,689, awarded to Meru Health Medical, P.A., a different entity from the Delaware issuer on the Form Ds. Public record

What to watch

  • A Form D covering any financing since August 2021. None is on file.
  • Whether the $8 million of J.P. Morgan debt has been repaid or refinanced.
  • Coverage decisions for Meru Health Advanced, launched May 6, 2026.
  • Any change of control. No acquisition appears in SEC records or in the reporting reviewed.

The Meru Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Curebase: Shared investor: Bold Capital. A clinical trial company that turned drive-through testing lines into research sites, then closed its services arm and became a software vendor
  • CareRev: Shared investor: Industry Ventures. A per diem shift marketplace that let hospitals book local nurses by the day
  • Koko: Also in Consumer Health and Wellness. A nonprofit that embeds brief mental health support inside the social platforms young people already use, routing those who signal distress toward tested self guided
  • Flowly: Also in Consumer Health and Wellness. A Los Angeles company that mails subscribers a VR headset and a heart rate sensor, then teaches them to calm their own nervous system to manage chronic pain

Sources

  1. Public recordForm D filings, Meru Health Holding Inc., CIK 0001774666SEC · 2019 to 2021
  2. Public recordEDGAR full text search and submissions indexSEC · Sep 22, 2026
  3. Public recordNIH RePORTER 1R44MH126836-01A1NIMH · FY2022
  4. Public recordClinicalTrials.gov, four registered studiesAccessed Sep 22, 2026
  5. IndependentMeru Health secures $38M in equity and debtTechCrunch · Sep 23, 2021
  6. IndependentDigital mental health startup Meru Health bags $38MMobiHealthNews · Sep 23, 2021
  7. InterviewCigna, Meru Health Tackle Behavioral Health’s Quality ConundrumBehavioral Health Business · Jun 5, 2025
  8. CompanyMeru Health raises $4.2M in FundingPR Newswire · Apr 25, 2019
  9. CompanyMeru Health Launches Meru Health AdvancedPR Newswire · May 6, 2026

Compiled from SEC, NIH and ClinicalTrials.gov public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Meru Health. This page is not an offer to sell or a recommendation to buy any security.