Intellectuals announced last Tuesday that it had raised another $10 million in a Series A expansion, bringing its Series A total to $20 million after launching two years ago.
Following the funding round led by Tiger Global, the mental health startup said in a press statement that “the additional capital makes this the largest venture round ever raised by any any mental health company in Asia”.
In a statement on its website, it also added that it is looking to expand its commercial and group expansion plans across the region using the fund.
Jay Chen, partner of Tiger Global, said: “With a holistic, end-to-end, technology-empowered approach, Intellectuals is poised to be the leader in providing accessibility mental health services across Asia,” said Jay Chen, partner at Tiger Global.
Besides Tiger Global, new investors including JAFCO Asia, Singtel Innov8, PERSOL Holdings and K3 Ventures participated in this round. Existing investors HOF Capital and Insignia Ventures Partners also participated.
Company in January lift up $10 million in Series A funding, led by HOF Capital.
WHAT IT DOES
Described as “Asia’s largest and fastest-growing mental health startup,” Knowledge has served more than three million people in over 60 countries. The company also has therapists and coaches based in 20 countries, and offers self-guided and insurance programs in 15 languages.
In the same statement, Intellectuals is focused on “building the region’s first fully digitally powered mental health care system, ensuring it becomes the employee wellness solution of choice choice for all workforces across Asia-Pacific”.
It currently works with companies like Merck and Shopee.
With the goal of normalizing mental health discourse in the workplace, the company facilitates “timely intervention by promoting positive behavior change through cognitive behavioral therapy programs.” self-guided”.
WHY IT IMPORTANT
Intellectuals conducted an Asia-Pacific workplace health study in 2021, which found that 84% of respondents in the region reported “high levels of burnout” and 88% reported “on leave”. do”.
“Intellectuals’ mission is to normalize mental health and change the culture towards more open conversations about personal happiness,” said Theodoric Chew, Co-founder and CEO of Intellectuals. , ultimately removing the associated stigma”.
“Our goal is to play a leading role in addressing the region’s mental health crisis, and we’re really excited to be at the forefront of advancing this responsibility.”
SNAPSHOT . MARKET
Meanwhile, other mental health startups have also gained momentum in Asia.
Mental health startup TheShareCo this month launched Its mobile app in Singapore. Available on Android and iOS operating systems, it provides an on-demand online consultation service to users without the need to answer a pre-consultation questionnaire.
In February, Indian mental health startup heyy lift up $555,000 in a pre-seed fund led by Wavemaker Partners. Downloadable on iOS and Android, it provides access to therapists in English, Hindi, and other languages.
