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Illustration: Aïda Amer/Axios

Most venture capitalists aim to be "value-add" for their founders, providing advice and services beyond their primary role as financiers.

Why it matters: Freestyle Capital today is pushing this trend into mental health treatment.

  • The San Francisco-based firm will begin by offering two programs to all of its portfolio founders, free of charge.
  • One is a three-month digital program for treating depression, anxiety and burnout ⁠— provided by Freestyle portfolio company Meru Health.
  • The other is a one-week, intensive on-site program offered by a nonprofit called The Hoffman Institute.

What they're saying: Freestyle partner Josh Felser, who previously co-founded companies, tells Axios that he's publicly announcing the initiative in order to persuade other venture firms to follow suit:

"Founders say that they often don't have the money for therapy or have the time. And even if they had both, they wouldn't know where to go. I do think there's a growing realization that it's OK for a founder to get help, but the only two therapists I know are fully booked, so when founders do ask, I can't even recommend someone. ... So we did research to find two catalytic change options that address the time factor and we're taking care of the cost factor."

The big picture: This is different from executive "coaching" (which also is underutilized, as we discussed in the context of Away).

  • Instead, it's a recognition that while founders are in positions of power, many of them also are under exceptional stress that can metastasize into everything from physical ailments to poor decision-making — things that can put an entire company, and its employees, at risk.

The bottom line: This is one of those times when being a "copycat investor" would be celebrated, not criticized.

Go deeper: Corporate America opens up on silencing mental health stigma

Go deeper

49 mins ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.

Updated 2 hours ago - Health

Texas to end all coronavirus restrictions

Texas Gov. Greg Abbott speaking at the White House in December 2020. Photo: Al Drago/Bloomberg via Getty Images

Texas will end its coronavirus restrictions next week with an upcoming executive order, Gov. Greg Abbott (R) announced Tuesday during a press conference in Lubbock.

Why it matters: After Abbott signs the new order, which rescinds previous orders, all businesses can open to 100% capacity and the statewide mask mandate will be over, though large parts of the state will remain under mask local ordinances.

Senate confirms Rhode Island Gov. Gina Raimondo as commerce secretary

Rhode Island Gov. Gina Raimondo (D). Photo: David L. Ryan/The Boston Globe via Getty Images

The Senate voted 84-15 on Tuesday to confirm Rhode Island Gov. Gina Raimondo to lead the Commerce Department.

Why it matters: The agency promotes U.S. industry, oversees the Census Bureau, plays a key role in the government's study of climate change through the National Oceanic and Atmospheric Administration, and evaluates emerging technology through the National Institute of Standards and Technology.