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

Theodoric Chew, founder and CEO of mental health app Intellect

Theodoric Chew, founder and CEO of mental health app Intellect

Intellect, the Singapore-based mental health startup with a primary focus on Asia-Pacific markets, today announced that it has raised $10 million in Series A. The company’s services, including including self-managed mental wellness programs in 15 languages ​​and online therapy sessions, are available through two channels: as an employee benefit and through Intellect’s consumer app.

The round, which Intellect says is the largest Series A ever raised by a mental health startup in Asia, was led by HOF Capital. New investors including Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and existing backer Insignia Ventures Partners have also returned.

Intellect says its year-over-year revenue grew more than 20-fold in 2021, largely driven by new enterprise customers like foodpanda, Shopback, Singtel, Kuehne & Nagel and Schroders. It also partners with insurers and benefits brokers like Mercer.

Co-founder and CEO Theodoric Chew told TechCrunch that Intellect differentiates itself from other employee wellness programs because “Intellect’s vision is not just to be a self-care app or a benefits platform only, but a comprehensive mental health system for Asia. This leads to a differentiated approach in how we build our platform that addresses the smallest day-to-day challenges through self-guided programs, all the way to clinical therapy for chronic issues.

The company, a Y Combinator alumnus, will use the capital to grow its product, engineering and sales teams while continuing to expand into new markets. It currently has around three million registered users, in a total of 20 countries, with a strong commercial presence in Singapore, Hong Kong and Australia, Chew said.

The new round brings the total Intellect raised since its launch in 2020 (when TechCrunch first introduced the company) to $13 million and also included angel investors like Shopback co-founder and CEO Henry Chan. ; Rajive Keshup of Cathay Innovation; former Headspace Vice President of Engineering Neel Palrecha; Forge co-founder Samvit Ramadurgam; Sagi Shorer, co-founder of Peak; Anubhav Nayyar, director of Snap Inc. for Southeast Asia; and Tinder and Match Group’s general manager for Southeast Asia, Gaurav Girotra.

The startup says that among companies that offer it as a benefits, adoption rates consistently range between 20% and 40%, far higher than traditional employee assistance programs.

The startup is participating in 10 clinical studies in collaboration with academic institutions, including the National University of Singapore, King’s College London, University of Queensland and Singapore General Hospital, and says some of them have already shown that Intellect improves stress, anxiety and depression. among users.

In a statement on the investment, Victor Wong, partner at HOF Capital, said: “The need for mental health support is extremely timely today and demand continues to grow rapidly across the world. Intellect has grown to over 3 million individuals and businesses in 20 countries in just under 2 years and we are very excited to support them long term as they continue to transform millions of lives by inventing a new mental health system for workers and individuals. across Asia.


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