Digital health funding for mental health startups has dropped significantly this year, according to a quarterly report from Rock Health.
In the first three quarters, mental health startups have raised $1.7 billion, compared to $4.8 billion last year. However, through three quarters mental health startups have already beat 2019 funding, which hit $1.08 billion.
Alma, a mental health provider support toolkit, was one of two digital healthcare megadeals in the third quarter, raising $130 million. The report also noted digital mental health startups drive investment activity in the therapeutic arena.
Overall, digital health funding slowed this year with companies raising just $12.6 billion in 458 deals this year to date. Last year, digital health companies raised more than $29 billion in 736 deals.