Intellect mental health company S’pore raises $ 10 million in Series A. – Wired PR Lifestyle Story

Singapore Headquarters Intelligence today (January 25) announced the closing of a round of the A series, in which he raised $ 10 million.

He led the super-subscription round New York-based HOF Capital and new investor participation include investors such as Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and existing Insignia Ventures Partners.

Other notable angel investors in this round are Henry Chan, founder and CEO of ShopBack, Rajive Keshup of Cathay Innovation, former VP of Headspace Engineering Neel Palrecha, Samvit Ramadurgam founder of US unicorn Forge, founder of Peak Sagi Shorrer, Snap They were the director of Inc. SEA Anubhav Nayyar, SEA Gaurav Girotra Tinder & Match Group GM, along with the family office funds of the billionaire founders.

This brings its total funding to $ 13 million ($ 17.5 million), $ 2.2 million after the previous series and $ 800,000 after the seed funding round.

As the new injection of funds spreads across Asia, its offering and team will be used to scale rapidly.

Intellect is growing its product offering to serve the full spectrum of mental health, from self-care programs to live counseling, coaching and crisis management. As part of this expansion, it is now actively hiring in its product, engineering and trading teams.

High demand for Asian mental health

Founded by Theodoric Chew in 2020, Intellect is the largest and fastest growing start-up mental health company in Asia. In less than two years, it has served more than three million users and offers coverage in 20 countries.

Intellect offers a 24/7 24/7 mental health system in a single application. It has a mental health benefit solution for employers that offers digital digital therapy programs along with telehealth services, and connects staff to a panel of licensed coaches and clinical therapists in minutes.

The company also has a consumer version of the app, which offers an initial mental well-being platform that includes self-guided cognitive behavior therapy programs.

In particular, COVID-19 has exacerbated the global mental health crisis, with one-third of remote workers in Asia acknowledging that the pandemic has exacerbated the burnout at work. According to the World Health Organization (WHO), mental health problems cost $ 1 trillion in lost productivity to the global economy per year.

Aware of the impact of COVID-19 on staffing, Asia Pacific (APAC) employers are redefining employee care, improving health and wellness programs, according to one. Willis Towers Watson survey.

Two out of five APAC employers plan to improve mental health services and stress or resilience management, and a quarter will prioritize access to cheap, high-quality mental health services. More than 80 percent of organizations have promoted EAP and online mental health services for staff during the pandemic.

Last year, Intellect saw a 20-fold increase in year-over-year revenue, and corporate customers rose to sign up for a corporate solution for its mental health benefits, such as foodpanda, ShopBack, Singtel, Kuehne & Nagel and Schroders. among others.

Intellect is also partnering with leading insurance companies and benefit brokers around the world to offer mental health solutions on a much larger scale.

“It is very clear that the growing demand for mental health in Asia will be even greater in the new normalcy. At the same time, existing mental health benefits and poor mental health care systems are inadequate to meet this growing need,” Theodoric said.

“Intelligence goes beyond supporting staff, deepening our broader vision of building a completely new mental health system specifically tailored to Asia. We are honored to lead this position with the support of investors and partners.”

Featured Image Credit: Intellect