Singapore-based Intellect has raised a further $10 million in a Collection A extension led by Tiger Global, doubling the full for the funding spherical to $20 million, which might be used to help the psychological well being startup’s enlargement plans throughout the Asia-Pacific area.
K3 Ventures, the enterprise capital agency based by Kuok Meng Xiong, a grandson of Malaysia’s richest particular person Robert Kuok, additionally joined the funding spherical together with new traders JAFCO Asia, Singtel Innov8 and PERSOL Holdings. Present traders Insignia Ventures Companions and HOF Capital additionally participated.
Theodoric Chew—who was featured on this 12 months’s Forbes 30 Below 30 checklist for Asia—based Mind in 2019 as a digital platform for psychological wellness that connects individuals to therapists on-line. The timing was prescient as demand for the app skyrocketed throughout the Covid-19 pandemic. The corporate now has over 3 million customers and counts Foodpanda, Merck, Philips and telecom large Singtel amongst its key company clients, offering Mind’s companies as a part of their worker profit packages.
“Mind’s mission is normalize psychological well being and shift the tradition in direction of extra open conversations about private wellbeing, in the end eradicating the stigma connected,” Chew, 26, who dropped out of Raffles Establishment, one among Singapore’s high junior faculties, a decade in the past after battling nervousness, mentioned in an announcement. “We’re lucky Mind is ready to not simply defend, however closely double down on our work to vary how psychological healthcare is finished for all of Asia Pacific. Our objective is play a number one position in fixing the area’s psychological well being disaster and we’re actually excited to be on the forefront of driving this alteration.”
There was an elevated incidence of burnout amongst employees in Asia Pacific previously two years following the widespread disruptions introduced on by lockdowns and different restrictions aimed toward battling the pandemic. A survey carried out by Mind on the peak of the pandemic final 12 months confirmed 84% of employees throughout the Asia Pacific mentioned they skilled excessive ranges of exhaustion and 88% had been disengaged from work.
“With its tech-empowered, end-to-end holistic method, Mind is poised to change into a frontrunner in providing entry to psychological healthcare throughout Asia,” mentioned Jay Chen, accomplice at New York-based Tiger International. “We’re excited to accomplice with the Mind staff because it builds a versatile, responsive and fashionable system for a crucial part of healthcare.”