Joyable has raised $8 million in Series A funding led by returning investors Thrive Capital and Harrison Metal. The company offers Cognitive Behavioral Therapy (CBT) to people struggling with social anxiety whenever and wherever they need it, and will use the funds to expand the reach of its program to serve more clients in need.
Joyable’s program combines online CBT with support from trained coaches who are dedicated to guiding and motivating clients on each step of their journey. This approach is proving to be working, with 93 percent of Joyable clients seeing their anxiety decline at an average of 39 percent.
“We live in a society where 116 million people — more than a third of the population of the U.S. — don’t have access to quality mental health care, largely due to location or expense,” said Pete Shalek, co-founder and CEO, Joyable. “This funding brings us exponentially closer to our goal of democratizing mental health with an effective, easy-to-access, and affordable solution for people struggling with social anxiety, with a vision towards offering a better life to all.”
A staggering one in eight adult Americans will experience clinical social anxiety in their lifetime. Social anxiety is when people are so worried about being judged by others that important things in their lives become hard. According to the National Institute of Mental Health (NIMH), 85 percent of Americans with social anxiety don’t get adequate help, even though CBT is a proven, effective treatment.