Saverin’s B Capital Group leads $8.1m Series A in Silvercloud Health

Visual of Silvercloud Health homepage. January 2017

SilverCloud Health, a digital health provider for online mental and behavioral healthcare solutions, has secured $8.1 million in Series A funding.

B Capital Group led the round with participation from ACT Venture Capital, Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.

Singapore-based B Capital Group was founded in 2015 by Raj Ganguly and Facebook co-founder Eduardo Saverin.

Targeting growth-stage enterprises, it maintains offices in Los Angeles, San Francisco, and Singapore and is partnered with the Boston Consulting Group, and its incubation arm BCG Digital Ventures. They currently target investments in consumer services & e-commerce, health & wellness, financial services and travel & transportation.

Based in Dublin, SilverCloud Health launched in 2012 and claims to support over 80,000 patients across its global customer base. SilverCloud is a spin-out company from the Technology Enhanced Therapy (TET) project, a four-year joint translational research project (2008 – 2012) undertaken by the NDRC (National Digital Research Centre), Trinity College Dublin’s School of Computer Science & Statistics and Parents Plus, Mater University Hospital.

SilverCloud chief executive and co-founder Ken Cahill said, in a statement,  the company is defining a new healthcare model to meet the demand of the rapidly growing behavioural healthcare market. Its market capitalisation in the US is estimated at $375 billion.

SilverCloud reports a customer base of more than 120 healthcare organizsations across Europe and North America, while also posting growth within the UK National Health Service (NHS) that has seen it grow from supporting 1 per cent of NHS mental health services two years ago to over 45 per cent as at January 2017.

The latest infusion of capital will be used to meet growing demand in North America and Europe, as well as building out it’s commercial, development and clinical teams and drive its strong clinical research and publishing agenda.

To date, SilverCloud Health offers 22 evidence-based programs addressing conditions such as depression, anxiety and stress as well as for long-term chronic conditions (diabetes, COPD, and Cardio Vascular Disease).

“SilverCloud Health’s mission is to make people healthier by providing effective, accessible and affordable behavioral healthcare opportunities, filling a massive void in the market today. B Capital Group is excited to back Ken and the team at SilverCloud Health, as they continue to change the way behavioral healthcare is delivered,” said Saverin.

Also Read:

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Facebook co-founder Saverin’s new fund hits first close at $143.6m; aims to bridge funding gap in Asia

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.