Intellect, the mental health startup focused on APAC, raises $10M Series A – TechCrunch

Psychological well being app Mind’s founder and CEO Theodoric Chew

Mind, the Singapore-based psychological well being startup centered totally on Asia-Pacific markets, introduced at this time it has raised a $10 million Sequence A. The corporate’s providers, together with self-directed psychological wellness packages in 15 languages and on-line remedy classes, can be found by means of two channels: as an worker profit and thru Mind’s shopper app.

The spherical, which Mind claims is the biggest Sequence A ever raised by a psychological well being startup in Asia, was led by HOF Capital. New traders included Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and present backer Insignia Ventures Companions additionally returned.

Mind claims its year-on-year income grew by over 20x in 2021, due largely to new enterprise purchasers like foodpanda, Shopback, Singtel, Kuehne & Nagel and Schroders. It additionally companions with insurers and advantages brokers like Mercer.

Co-founder and CEO Theodoric Chew instructed TechCrunch that Mind differentiates from different worker wellness packages as a result of “Mind’s imaginative and prescient isn’t merely to be a self-care app or an worker advantages platform solely, however a full psychological healthcare system for Asia. That drives a differentiated method in how we construct our platform which caters from the smallest of day by day struggles by means of self-guided packages, all the best way to scientific remedy for power points.”

The corporate, a Y Combinator alum, will use the capital to extend its product, engineering and business groups because it continues increasing into new markets. It at the moment has about three million registered customers, in a complete of 20 nations, with a robust business presence in Singapore, Hong Kong and Australia, mentioned Chew.

The brand new spherical brings Mind’s whole raised since its launch in 2020 (when TechCrunch first profiled the corporate) to $13 million and in addition included angel traders like Shopback co-founder and CEO Henry Chan; Cathay Innovation’s Rajive Keshup; former Headspace VP of Engineering Neel Palrecha; Forge co-founder Samvit Ramadurgam; Peak co-founder Sagi Shorrer; Snap Inc. Director of Southeast Asia Anubhav Nayyar; and Tinder and Match Group basic supervisor of Southeast Asia Gaurav Girotra.

The startup says that amongst corporations that provide it as an worker profit, adoption charges persistently vary between 20% to 40%, a lot increased than conventional worker help packages.

The startup is collaborating in 10 scientific research in collaboration with educational establishments, together with the Nationwide College of Singapore, King’s Faculty London, College of Queensland and the Singapore Basic Hospital, and says a few of them have already proven that Mind improves stress, anxiousness and despair amongst customers.

In a press release concerning the funding, HOF Capital associate Victor Wong mentioned, “The necessity for psychological well being help is exceedingly well timed at this time and it continues to quickly develop in demand the world over. Mind has grown to over 3 million people and enterprises throughout 20 nations in slightly below 2 years and we’re very excited to again them for the long run as they proceed to remodel thousands and thousands of lives by means of inventing a brand new psychological healthcare system for workforces and people throughout Asia.”