Funding profile · Workplace mental health

Modern Health

The company reports raising more than $170 million at a $1.17 billion valuation. Three Form D filings sit on EDGAR, covering $14.05 million, and nothing has been filed since January 2020.

$170M+Total raised, company-reported
$1.17BValuation, company-reported, Feb 2021
$14.05MSold across the Form D filings on record
0Form D filings since January 31, 2020

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

Rounds at a glance

When Round Amount Investors Source
Winter 2017 Y Combinator Not disclosed Y Combinator Reporting
Dec 2017 to 2018 Seed $2,379,994 sold of $2,500,000 offered 13 investors; Jared Leto an early backer Form D
Feb 2019 Series A $9M reported; $11,673,567 sold per the amended filing Led by Kleiner Perkins; valuation reported at $35M Form D differs
Jan 2020 Series B $31M; total then $42M Founders Fund and John Doerr, with Kleiner Perkins and Afore Capital Reporting
Oct 2020 Series C $51M; total then over $95M at $500M to $1B Led by Battery Ventures, with Felicis, Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital and Frederic Kerrest Company release
Feb 2021 Series D $74M at $1.17B Led by Founders Fund; Lachy Groom Company release
Feb 2021 Kip acquisition Undisclosed Analytics tooling Company release
Aug 2024 Anvil Health AI technology Undisclosed Technology plus an executive hire Company release

What the filings show

Modern Healthcare, Inc. · Form D · filed Jul 12, 2018

First sale
Dec 18, 2017
Offered
$2,500,000 equity
Sold
$2,379,994 · $120,006 remaining
Investors
13 · average about $183,076
Exemption
Rule 506(b)
Related persons
Alyson Friedensohn (executive officer, director); Erica Johnson (director)
Filing
SEC EDGAR, CIK 0001744840, signed by Hans Kim, attorney-in-fact

Modern Healthcare Inc. · Form D · filed Feb 14, 2019

First sale
Feb 4, 2019
Offered
$11,454,987 equity
Sold
$11,293,580 · $161,407 remaining
Investors
17 · average about $664,328
Exemption
Rule 506(b)
Related persons
Alyson Friedensohn (executive officer, director); Erica Johnson (director); Mamoon Hamid (director)
Filing
SEC EDGAR, CIK 0001744840, signed by Nicole Hatcher

Modern Life Inc. · Form D/A · filed Jan 31, 2020

Amends
The February 2019 filing
First sale
Feb 4, 2019
Offered
$11,673,567 equity
Sold
$11,673,567 · $0 remaining
Investors
28 · average about $416,913
Minimum accepted
$4,998, up from $0
Related persons
Alyson Friedensohn (executive officer, director); Mamoon Hamid (director). Erica Johnson no longer listed.
Filing
SEC EDGAR, CIK 0001744840, signed by Alyson Friedensohn, President and CEO

Reading the filings

  1. Roughly 8 percent of the reported total is documented.The two offerings on record total $14,053,561 sold against a reported total above $170 million. No Form D covers the Series B, C or D. Issuers raising under Section 4(a)(2) rather than Regulation D file no Form D, so the gap does not mean the money did not move. It means EDGAR stops being a check on the announcements after January 2020.
  2. The Series A filing is larger than the Series A story.Business Insider reported a $9 million Series A led by Kleiner Perkins at a $35 million valuation. The amended Form D for the offering whose first sale was February 4, 2019 reports $11,673,567 sold: $2,673,567 more, about 30 percent above the reported figure.
  3. A board seat vanishes between two filings.Erica Johnson appears as a director on the July 2018 and February 2019 filings and is absent from the January 2020 amendment, which lists only Alyson Friedensohn and Mamoon Hamid. Reporting places her firing in September 2019, between those dates. The amendment is also the first filing the founder signed herself.
  4. The last money in was small money.Between the original February 2019 filing and the January 2020 amendment the investor count went from 17 to 28 and the amount sold from $11,293,580 to $11,673,567. Eleven more investors put in $379,987, about $34,545 each, and the minimum accepted moved from $0 to $4,998: a small-check allocation opened after the lead was set.
  5. The issuer changed its name, not its identity.The 2018 filing names the issuer Modern Healthcare, Inc. The 2020 amendment names it Modern Life Inc., at a different San Francisco address, CIK unchanged at 0001744840. The court docket carries the same pairing.
  6. The unicorn release does not agree with itself.The February 11, 2021 announcement headlines total investment of over $172 million, says in the body that the round brings total funding to over $170 million, then repeats $172 million in the boilerplate. The $170 million figure is the one the company has carried since.

Commercial signals

Signal Detail Source type
Scale More than 800 customers and 1.9 million members, stated August 2024, against 190 enterprises in Dec 2020 and 220 in Feb 2021. Company-stated
Named accounts Pixar, SoFi, Okta, Carta, Electronic Arts, Rakuten, Lyft and Zendesk in company releases. No SEC annual report naming Modern Health as a vendor was found. Company-stated
Growth Inc. 5000 entry for 2024 on four-year revenue growth of 600 percent, self-reported. Company-stated
Pricing Per employee per month, or usage-based. Company-stated
Clinical evidence At least ten peer-reviewed papers with a company affiliation since 2021, all observational. No registered trial, FDA record or federal grant. Public record
Governance Matt Levin appointed CEO April 4, 2025; founder Alyson Watson moved to executive chair. Directors named in releases include Mamoon Hamid, Dick Costolo, Roger Lee and Penny Herscher. Company-stated
Litigation Cofounder suit filed November 22, 2019 in San Francisco Superior Court, denied in full by the company. The docket shows summary judgment orders in January 2024 and appeals dismissed that May, with no outcome or settlement terms stated. Public record

What to watch

  • A Form D for any round after the Series D. None in more than six years.
  • Whether a new priced round resets the February 2021 valuation, set at the top of the digital health market.
  • Disclosure of the analysis behind the stated $2.39 return per dollar.
  • Consolidation in employer mental health, where Lyra Health, Spring Health and Headspace chase the same budget.
  • Any filing or reporting that settles the cofounder litigation on the public record.

The Modern Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Scanwell Health: Shared investor: Founders Fund. A Los Angeles company that turned a phone camera into a urinalysis reader and sold the first over-the-counter urine testing app in the United States
  • Pair Team: Shared investor: Kleiner Perkins. A California medical group delivering Medicaid Enhanced Care Management to people living in shelters, cars and encampments
  • Triomics: Shared investor: Battery Ventures. An oncology-tuned language model that reads the whole cancer chart and hands research coordinators a cited worklist before clinic opens
  • HealthSherpa: Shared investor: Founders Fund. A Sacramento company that rebuilt the front end of HealthCare.gov for agents and carriers

Sources

  1. Public recordForm D, Modern Healthcare, Inc.SEC · Jul 12, 2018
  2. Public recordForm D, Modern Healthcare Inc.SEC · Feb 14, 2019
  3. Public recordForm D/A, Modern Life Inc.SEC · Jan 31, 2020
  4. Public recordErica Johnson v. Alyson Friedensohn et al, CGC-19-580960, docketSan Francisco County Superior Court · filed Nov 22, 2019
  5. IndependentOn the heels of cofounder lawsuit, a $31 million roundForbes, Alexandra Wilson · Jan 15, 2020
  6. IndependentThey launched a $1 billion startup together. Then they broke up.Business Insider, Melia Robinson · Feb 23, 2021
  7. IndependentModern Health valued at $1.17B after series DFierce Healthcare, Heather Landi · Feb 12, 2021
  8. IndependentModern Health co-founder sues companyAxios · Jan 9, 2020
  9. CompanySeries D and unicorn status releaseGlobeNewswire · Feb 11, 2021
  10. CompanySeries C releaseGlobeNewswire · Dec 15, 2020
  11. CompanyModern Health appoints Matt Levin as CEOBusiness Wire · Apr 4, 2025

Compiled from SEC and court records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Allegations described here are allegations, denied by the company, and are not findings of fact. Healthcare Venture Capital Fund holds no position in Modern Health. This page is not an offer to sell or a recommendation to buy any security.