Singapore-headquartered Intellect raises additional $10M in Series A extension
Intellect announced past Tuesday that it has lifted another $10 million in a Series A extension, bringing the Series A full to $20 million following its launch two a long time ago.
Following a funding spherical led by Tiger Global, the psychological well being startup said in a press assertion that “the further capital helps make this the major enterprise spherical elevated by any mental wellness enterprise in Asia”.
In a statement on its web page, it also additional that it seeks to scale its commercial growth ideas and teams throughout the location using the money.
“With its tech-empowered, stop-to-close holistic approach, Intellect is poised to develop into a chief in providing access to psychological healthcare across Asia,” reported Jay Chen, husband or wife at Tiger Global.
Apart from Tiger International, new traders together with JAFCO Asia, Singtel Innov8, PERSOL Holdings and K3 Ventures joined this funding spherical. Existing traders HOF Funds and Insignia Ventures Associates also took portion.
The company in January lifted $10 million in Sequence A funding, led by HOF Cash.
WHAT IT DOES
Explained to be “Asia’s premier and speediest-expanding mental health and fitness startup”, Intellect has served additional than 3 million people today in a lot more than 60 international locations. The firm also has therapists and coaches based in 20 international locations, when giving self-guided and coverage programmes in 15 languages.
In the same statement, Intellect focuses on “setting up the region’s very first digitally-enabled, thoroughly-stacked mental health care procedure, making certain it gets to be the staff wellbeing option of selection for all workforces throughout Asia-Pacific”.
It at present functions with corporations these as Merck and Shopee.
Aiming to normalise psychological wellbeing discourse at do the job, the firm facilitates “well timed interventions by fostering favourable behavioural shifts by means of self-guided cognitive behaviour treatment programmes”.
WHY IT Issues
Intellect performed a 2021 Asia-Pacific workplace overall health study, which showed that 84 % of respondents in the region cited “substantial amounts of exhaustion” and 88 per cent noted being “disengaged from function”.
“Intellect’s mission is to normalise mental health and fitness and shift the society in the direction of far more open up discussions about personal wellbeing, in the end removing the stigma connected,” explained Theodoric Chew, Intellect’s co-founder and CEO.
“Our goal is to play a foremost job in resolving the region’s mental wellness crisis, and we’re really thrilled to be at the forefront of driving this demand.”
Current market SNAPSHOT
In the meantime, other psychological overall health startups have also gained momentum in Asia.
Mental wellbeing startup TheShareCo this month introduced its cellular application in Singapore. Obtainable on Android and iOS working devices, it gives on the internet on-demand counselling for its consumers devoid of having to answer pre-consultation questionnaires.
In February, Indian psychological well being startup heyy raised $555,000 in pre-seed funding led by Wavemaker Companions. Downloadable on iOS and Android, it offers accessibility to therapists in English, Hindi and other languages.
