Theodoric Chew, the creator and CEO of the mental health app Intellect
Intellect, a Singapore-based mental health firm with a focus on Asia-Pacific markets, said today that it has secured $10 million in a Series A funding round. Intellect’s services, which include self-directed mental health programmes in 15 languages and online counselling sessions, are offered in two ways: as an employee perk and via the company’s consumer app.
HOF Capital led the deal, which Intellect believes is the biggest Series A ever funded by a mental health business in Asia. Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund, and Insignia Ventures Partners were among the new investors.
Intellect says that its sales increased by more than 20 times year over year in 2021, thanks in part to new corporate customers such as foodpanda, Shopback, Singtel, Kuehne & Nagel, and Schroders. It also collaborates with insurance companies and benefit brokers like as Mercer.
Intellect differs from existing employee wellness programmes, according to co-founder and CEO Theodoric Chew, since “Intellect’s ambition isn’t only to be a self-care app or an employee benefits platform exclusively, but a whole mental healthcare system for Asia.” That drives a unique approach to how we construct our platform, which caters to anything from minor everyday challenges to professional treatment for chronic disorders via self-guided programmes.”
The Y Combinator alumnus plans to utilise the funds to grow its product, engineering, and commercial teams as it expands into new markets. According to Chew, the company presently has almost three million registered users across 20 countries, with a significant commercial presence in Singapore, Hong Kong, and Australia.
The current round takes Intellect’s total funding to $13 million since its founding in 2020 (when TechCrunch first reported the firm). Angel investors included 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
According to the company, acceptance rates among employers that offer it as an employee perk routinely vary between 20% and 40%, which is much higher than standard employee assistance programmes.
The business is collaborating on ten clinical studies with academic institutions such as the National University of Singapore, King’s College London, University of Queensland, and Singapore General Hospital, and claims that some of these have already proved that Intellect reduces stress, anxiety, and depression among users.
“The need for mental health care is very urgent today, and it continues to quickly rise in demand throughout the globe,” HOF Capital partner Victor Wong said in a statement regarding the investment. In little under two years, Intellect has expanded to over 3 million people and businesses across 20 countries, and we’re thrilled to be investing in them for the long haul as they continue to change millions of lives by establishing a new mental healthcare system for Asian workforces and individuals.”
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