Joyable Raises $8M Series A
SAN FRANCISCO, CA, Online program for overcoming social anxiety, today announced $8 million in Series A funding led by returning investors Thrive Capital and Harrison Metal.
Joyable, the leading online program for overcoming social anxiety, today announced $8 million in Series A funding led by returning investors Thrive Capital and Harrison Metal. Since its launch in March 2015, the company has seen tremendous client adoption; with this financing, the company will expand the reach of its program to serve more clients in need. The funds will also be used to develop the company's first-ever native mobile application to offer Cognitive Behavioral Therapy (CBT) to people struggling with social anxiety whenever and wherever they need it.
A Problem Affecting Millions
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.
Joyable's self-paced 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 accessible, affordable and effective, having already helped thousands of clients make social connections easier and live their best lives. Ninety-three percent of Joyable clients see their anxiety decline, and the average decline is 39 percent -- a life-changing difference for those in need.
'Technology has changed the way we do everything, from buying groceries to calling a cab, but we're only just beginning to see what it can do for mental health treatment,' said Dr. Rick Heimberg, Thaddeus L. Bolton professor of psychology and director of the Adult Anxiety Clinic at Temple University and one of the world's foremost authorities on CBT. 'Joyable's program has the power to do what in-office CBT can't: Reach people struggling with social anxiety where they are, and provide them with an evidence-based solution which they would otherwise not be able to access.'
Strength in Numbers
Joyable's growth has created an opportunity for clients to connect with and inspire each other. A new in-product community feature allows the program's clients to share their progress in a safe, anonymous environment, fostering connections between clients and empowering them to support each other as they work to achieve their goals.
The Joyable community represents people from all walks of life. Clients that participate in Joyable's program set and work towards achieving goals designed to help them overcome their social anxiety. Several of these goals are focused on making human connections to have a happier and healthier life, both personally and professionally.
The top five goals clients seek to achieve are:
1. Meeting new people
2. Asking someone out on a date
3. Speaking up in meetings or class
4. Going to parties
5. Spending time in small groups
The top five industries represented by Joyable's clients include:
2. Health Care
3. Arts and Entertainment (Includes Production)
4. Professional Services (Includes Insurance and Legal)
5. Finance (Includes Banking)
Joyable clients include single and partnered or married individuals:
Single - 31 percent
Married - 31 percent
Dating - 30 percent
Engaged - 5 percent
Divorced - 3 percent
An Enormous Opportunity
'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.'
'Every day, 40 million Americans are living without adequate treatment for mental health conditions that deeply affect their quality of life,' said Jared Weinstein, Partner at Thrive Capital. 'We could not be prouder to support Joyable in their efforts to use technology to bring life-altering change and human connection to those struggling and in need.'
To take a Social Anxiety Test and begin your Joyable journey, please visit joyable.com. To see available positions on the Joyable team, see joyable.com/jobs.
Joyable is the leading online program for overcoming social anxiety, a treatable condition that affects more than 15 million Americans. According to the National Institute of Mental Health, 85 percent of people struggling with are not receiving minimally adequate treatment, often because no local help is available or because this type of anxiety is a barrier to seeing a therapist in person. Joyable provides an effective and affordable online solution for overcoming social anxiety, based on Cognitive Behavioral Therapy (CBT) combined with expert coaching to ensure clients are supported and encouraged to achieve their goals. Learn more about Joyable or take our Social Anxiety Test at joyable.com.
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