The Briefing: Modern Health Gets Its Horn, Labelbox Lands $40M, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Modern Health gains unicorn status following $74M Series D

Mental health and wellness platform Modern Health is now valued at $1.17 billion after closing a $74 million Series D raise, led by Founders Fund, with participation from Lachy Groom. Including this round, the San Francisco-based company raised more than $170 million in less than two years.

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The new round comes less than four months after its $51 million Series C raise, led by Battery Ventures. Modern Health works with more than 200 enterprises, and earlier this month, acquired San Francisco-based mental health startup Kip.

Modern Health joins other mental health startups attracting attention lately from investors. In a list of U.S. startups working in mental health, 141 deals were venture-backed within the past five years. In fact, investors pumped $1.3 billion into these companies during that time frame, according to Crunchbase data.

— Christine Hall

Enterprise software

Labelbox raises $40M: Data training startup Labelbox raised $40 million in a Series C funding round, bringing total capital raised to date for the San Francisco-based company to $79 million.

— Joanna Glasner

Fintech

• PayZen inks $5M: Health care fintech startup PayZen came out of stealth mode Thursday with more than $5 million seed financing to provide interest-free payment plans via hundreds of U.S. hospital systems. PayZen was incubated with Viola Ventures in 2019, with more recent investments coming from Picus Capital and TWO39 Ventures, according to the company.
• Capitalize, Human Interest raise rounds: Capitalize, a platform enabling consumers to transfer their retirement assets, closed on a $12.5 million Series A round, led by Canapi Ventures, and included existing investors Bling Capital, Greycroft, RRE Ventures and Walkabout Ventures. This comes five months after the New York-based company raised $2 million in seed funding led by Bling. Capitalize’s platform brings automation to the $500 billion of 401k-to-IRA rollovers that take place each year. Since its launch in September, the company facilitated $10 million in retirement asset transfers. Meanwhile, Human Interest, a 401(k)provider to small and medium businesses, secured $55 million in follow-on Series C funding, led by Glynn Capital Management, which was joined by new investor NewView Capital. The new tranche gives San Francisco-based Human Interest $105 million in the Series C and boosts its total funding to $136.7 million, according to Crunchbase data. The company said it saw 10 times growth of monthly customer acquisition over the past 18 months. The funding will go toward doubling its engineering team, as well as technology development.

— Christine Hall

New Funds

Eurazeo lands  €80 million for smart city fund: Investment firm Eurazeo has reportedly raised  80 million euros ($97 million) toward a first close of its second smart city fund, which will focus on startups addressing societal shifts such as work from home, shared mobility, food delivery and renewable energy adoption.

— Joanna Glasner

Thrive Capital closes $2B fund seven: Thrive Capital announced in a blog post the close of Thrive VII totaling $2 billion. Within the new fund will be two buckets: $500 million designated for early-stage investments and $1.5 billion for late-stage investments, the firm said. In total, Thrive manages $9 billion across multiple funds. The firm most recently invested in doctor recommendation platform Garner Health’s $12.5 million Series A round on Feb. 3.

— Christine Hall

Illustration: Dom Guzman