According to TechCrunch, mental health startup Lantern, which raised more than $20 million in funding, is winding down its commercial operations after a couple of acquisition deals fell through.
As part of the wind-down, Lantern is laying off about 25 people, which is the majority of the staff, with a handful of former team members to focus on what’s next for the company. Their last days will be August 1, 2018.
Lantern, which offers tools to deal with stress, anxiety and body image for about $50 a month, will continue to be available for paid customers through the end of the year. However, coaches are no longer available to users.
All of Lantern’s programs were based on cognitive behavioral therapy techniques, which examines the relationship between thoughts, feelings and behaviors. The programs were designed to empower people to learn how to manage their anxiety, stress and/or body images on a daily basis.
Lantern also employed coaches, who were experienced behavioral change professionals trained in CBT to guide patients through the programs, give them feedback and help keep them accountable for reaching their goals.
Since its founding in 2013, Lantern — formerly known as ThriveOn — served hundreds of thousands of people. Lantern’s ultimate goal was to sell to insurers, but in the interim, first sold directly to consumers and then through employers like Facebook and Intuit. But Lantern needed more customers in order to survive, Lantern CEO Alejandro Foung told TechCrunch.
“What we’ve built, I still really believe in the value of it,” Foung told me. “We’re committed to finding a path forward for us.”