09/17/2020

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Friday Fundings: ReliaQuest, MURAL, and Lyra Health



ReliaQuest Responds to Growing Demand for Cybersecurity

ReliaQuest, a cybersecurity services company, secured over $300 million in growth financing. KKR (KKR) led the round through its Next Generation Technology Growth Fund II, a fund focused on technology, which already deployed over $2.7 billion over the past six years. TenEleven Ventures also participated in the round, as did ReliaQuest’s founder and CEO Brian Murphy.

ReliaQuest plans to use the new funding to grow internationally, and to continue developing its products. The Florida based company has seen its revenue grow over 450% over the past three years, and the new funding will help it meet even more demand for its services. As part of its expansion plans, ReliaQuest will add 100 new employees by the end of the year.

MURAL Helps Visual Collaboration Happen Virtually

MURAL, a San Francisco-based startup, created a platform to help people collaborate visually, even if they are working remotely. As work shifted online during the pandemic, visual thinkers and learners across many sectors have missed the ease of drawing ideas out on whiteboards. MURAL provides users with visual tools for research and design collaboration, sales and consulting planning, design-thinking sessions, and more.

Mural added more than 1 million monthly active users so far this year, and just raised $118 million in a Series B funding round led by Insight Partners. Tiger Global Management, Slack Fund, and World Innovation Lab also participated. With the new funding, Mural plans to scale its operations internationally and continue improving its product.

Lyra Health Helps User Access Mental Health Care Benefits

Lyra Health, a company that provides mental health care benefits to over 1.5 million employees and their dependents in the US, just achieved unicorn status. The California based company secured $110 million in a Series D round, which brought its valuation to $1.1 billion. Addition led the round, with participation from Adams Street Partners, Howard Schultz, Casdin Capital, Glynn Capital, Greylock Partners, and others.

Lyra plans to use the new funds to connect with more customers and expand and diversify its network of providers. It also plans to make investments in tech-enhanced mental health therapies. The market for behavioral health is expected to reach $240 billion in six years, and Lyra wants to grow alongside this important sector.


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