To address these stressors, the top coping strategies employed by startup founders are Exercise (54%), Mindfulness (40%), Peer Support (36%), and Family Support (32%). The company now has over 3 million users and counts Foodpanda, Merck, Philips and telecom giant Singtel among its key corporate customers, providing Intellect's services as part of their employee benefit programs. Subscribe to our newsletter to get hand-picked features every fortnight. Family offices back Singapore mental health start-up's $10m - Citywire Syed Haizam Jamalullail, Managing Director of The Hive Southeast Asia shared that, When the Covid-19 pandemic hit, anxiety levels skyrocketed and businesses, including those of mental health professionals, were shut down overnight. The pandemic has also provided tailwinds to employer demand and ThoughtFulls enterprise business has grown more than tenfold since launch. The startup is participating in 10 clinical studies in collaboration with academic institutions, including the National University of Singapore, Kings College London, University of Queensland and the Singapore General Hospital, and says some of them have already shown that Intellect improves stress, anxiety and depression among users. The latest is Thoughtfull, a Singapore-based mental health startup that raised $1.1M in one of the largest seed rounds in the mental health space. . In a statement about the investment, HOF Capital partner Victor Wong said, The need for mental health support is exceedingly timely today and it continues to rapidly grow in demand across the world. The latest investment will be channeled into ThoughtFulls continued growth trajectory, clinical research, and product development, including a focus on deep tech developments. The Action Community for Entrepreneurship (ACE), the national advocate for Singapores startup ecosystem, is partnering with digital mental health platform Safe Space to virtually launch their whitepaper report on the Mental Health of Startup Founders in Singapore. In addition to Singapore and Jakartatwo of Asias most vibrant startup hubsAmi has plans to expand across Asia by offering companies the ability to attract and retain top talent with a concrete mental health support platform, at a time when companies are searching for benefits to provide employees. Healthtech is one of the new kids on the block whos been getting a significant boost after COVID-19. Our goal is play a leading role in solving the regions mental health crisis and were truly excited to be at the forefront of driving this change.. We started this company with the clear intention of building this for pan-Asia, he says. The last thing we want to be is a product or a benefit that a company buys for a PR release and then sticks on the shelf, Kim smiles. In 2019, he was diagnosed with generalized anxiety disorder, which is chronic and excessive worrying. From left to right, CTO Beknazar Abdikamalov, COO Jean Neo, CEO Justin Kim, engineering lead Aziz Mu From left to right, CTO Beknazar Abdikamalov, COO Jean Neo, CEO Justin Kim, engineering lead Aziz Murtazaev. What we consider to be very, very important is the percentage of employees who actually use our solutions, and continue to use our solutions over time., This is a BETA experience. The latest scoop on Southeast Asian tech and business in your inbox. Its SEA-based and available in Singapore, Malaysia and the Philippines. I agree that my submitted data is being collected and stored. Singaporean mental health startup, Thoughtfull raises $1.1M With the insights from the whitepaper, we have structured a startup package to ensure companies of all sizes have access to affordable mental healthcare Says Ms Antoinette Patterson, Founder and CEO of Safe Space. Its focused on personalized end-to-end services, from preventative care to cure. Mental health startup Intellect partners with Asia's largest private Temasek's Sheares Healthcare Makes First Mental Health - Forbes It also partners with insurers and benefits brokers like Mercer. Any insights shared with employers are aggregated and anonymized. ThoughtFull gets $1.1M seed to make mental health support more Given that cities across Asia have different requirements for what constitutes a mental health counselor, Ami works around potential discrepancies by specifying their practitioners are coaches on their platform. Mental health startup Intellect gets $2.2M to expand across Asia And more recently in China, millennials tired of the culture of brutally long work hours, such as the 996 schedule (9 a.m. to 9 p.m., six days a week), are choosing to lie flator tang ping in Chineseand opt out of the rat race. Its team has grown 10x, with healthcare personnel in 14 locations speaking 9 Asian languages. 9:13 AM PDT April 27, 2023. News Summary: Intellect, a Singapore-headquartered mental health startup, has raised an additional US$10 million in a Series A extension led by Tiger Global. ThoughtFull is currently available in Singapore, Malaysia, and the Philippines, with plans to expand further into Southeast Asia. Through its app, ThoughtFull connects its users to trained mental health professionals for personalized support, including video therapy sessions and self-guided exercises. Known as. 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The diverse network of investors include: The Hive SEA (the first Southeast Asian fund by Silicon Valley-based The Hive), Flybridge (a Boston-based VC helmed by Harvard Professors among others) and Singapore-based Vulpes Investment Management, in addition to several family offices and angel investors across Asia Pacific. Mental health app Intellects founder and CEO Theodoric Chew. Intellects mission is normalize mental health and shift the culture towards more open conversations about personal wellbeing, ultimately removing the stigma attached, Chew, 26, who dropped out of Raffles Institution, one of Singapores top junior colleges, a decade ago after battling anxiety, said in a statement. You may opt-out by. The report found a number of interesting research findings and trends some of which are alarming. Members can take the first step forward by signing up for the Startup Mental Wellness Pledge a statement that affirms that your startup is committed to implementing a practical and effective mental wellness policy. Image Credits: Intellect. Intellect, a Singapore-based startup that wants to lower barriers to mental health care in Asia, says it has reached more than one million users just six months after launching. I write about Asia's richest people and up-and-coming entrepreneurs. Prof Jeff Bussgang, Senior Lecturer at Harvard Business School and General Partner at Flybridge added, Mental healthcare is one of the most important yet complex therapeutic areas in the world, requiring global insights but localized delivery. I think Asia will catch up very soon to the trend in the West when it comes to mental healthcare.. Coping with . The extension round was further backed by existing investors including Insignia Ventures Partners and HOF Capital, and new venture capitalists, namely K3 Ventures, JAFCO Asia, and Singtel Innov8, as well as others. We are fortunate Intellect is able to not just defend, but heavily double down on our work to change how mental healthcare is done for all of Asia Pacific. Sheares previously led the $30 million Series C funding round of Singapore-based senior caregiving provider Homage, which was featured on last years Forbes Asia 100 to Watch list. London's Sturgeon Capital launches $35M fund aimed at emerging startups in Central Asia. Providing stigma-free and accessible mental health support across the globe, Intellect, a mental health startup established in Singapore, expanded its Series A funding round to raise a total of US$20 million, after procuring an additional US$10 million, led by Tiger Global. In spite of these strategies, the report found that many founders lack practical strategies for managing stress, and are perhaps unaware that therapy is accessible online, where therapists are increasingly offering more flexible hours for sessions. Another disconcerting finding was that although male founders were twice as likely to agree that running a startup had taken a toll on their mental health, they were twice as likely to confide in no one. A survey conducted by Intellect at the height of the pandemic last year showed 84% of workers across the Asia Pacific said they experienced high levels of exhaustion and 88% were disengaged from work. Copyright 2023 - The Wellness Insider. Amidst the Great Resignation, is HR Tech a panacea? Our investors and stakeholders are a reflection of ThoughtFulls ability to draw on global insights to drive local applications.. Safe Space - Mental Health of Startup Founders in Singapore The company has secured $13m of funding since its launch in . How we think, feel and act is influenced by our mental health. Thoughtfull Thoughts Thoughtfull's. The oversubscribed round was led by New York-based HOF Capital and participation from new investors including Headline . Ami will leverage technology to analyze these responses and offer an extremely frictionless experience for its users, Kim says, though conversation topics wouldnt be limited to any specialty. The average person in South Korea, for example, worked 1,908 hours in 2020, the fourth-most among developed countries, according to data compiled by the Organization for Economic Cooperation and Development (OECD). If one influential person does it, then it catches on., Nahm points out that mental health practices like Buddhist meditation, which has been embraced by the West, originated from Asia. Intellect has grown to over 3 million individuals and enterprises across 20 countries in just under 2 years and were very excited to back them for the long term as they continue to transform millions of lives through inventing a new mental healthcare system for workforces and individuals across Asia., ThoughtFull gets $1.1M seed to make mental health support more accessible in Southeast Asia. Asia is home to some of the worlds most overworked countries. Singapore Mental Health Startup Intellect Secures US$20 Million The pair are no strangers to breakneck corporate culturesKim was previously a product owner at Korean billionaire Lee Seung-guns Viva Republica, which operates the finance superapp Toss, while Abdikamalov worked as a software engineer at Amazon. Singapore-based Intellect has raised an additional $10 million in a Series A extension led by Tiger Global, doubling the total for the investment round to $20 million, which will be used to. A 2020 academic review of stigma against mental illness in China, Hong Kong, Japan, Singapore, Korea and Thailand found that these illnesses were viewed as personal weaknesses and therefore were less socially acceptable, among other issues. *. We, TechCrunch, are part of the Yahoo family of brands. From left: Joan Low, ThoughtFull founder and CEO; and Khoo Ee Ping, chief corporate development officer of Sheares Healthcare. In early March, Singapore-based Intellect also featured on last years Forbes Asia 100 to Watch list secured an undisclosed strategic investment from Asias largest private healthcare group, IHH Healthcare. Headspace and Ginger are merging to form Headspace Health, Mental health startups are raising spirits and venture capital. This field is for validation purposes and should be left unchanged. Cofounder and CEO Justin Kim, a Forbes 30 Under 30 Asia alum from 2020, developed the idea for Ami alongside CTO Beknazar Abdikamalov. Intellect offered two main product suites: a consumer app with self-guided programs based on cognitive behavioral therapy techniques, and a mental health benefits solution for employers with online therapy programs and telehealth services. Singapore-based mental health app Intellect reaches one million users Working at a startup can be more stressful because of the breakneck growth, and retaining top talent is a growing priority for startups, he adds. Theodoric Chewwho was featured in this years Forbes 30 Under 30 list for Asiafounded Intellect in 2019 as a digital platform for mental wellness that connects people to therapists online. The startup claims its user base spans 95 provinces, towns and cities worldwide, while its provider network spans 57 such locations across Asia. ThoughtFull's approach to scaling seamless, end-to-end mental healthcare aligns with Sheares' mission to invest in companies that are shaping the future of healthcare through innovative and patient-focused care, said Khoo Ee Ping, chief corporate development officer of Sheares Healthcare, in a statement. K3 Ventures, the venture capital firm founded by Kuok Meng Xiong, a grandson of Malaysias richest person Robert Kuok, also joined the investment round along with new investors JAFCO Asia, Singtel Innov8 and PERSOL Holdings. Our goal is to make mental healthcare as easy as checking the weather and as comfortable as talking to a friend.. Founded in January, the Singapore and Jakarta-based startup aims to make mental healthcare more accessible for employees in Asia, through counseling sessions that take place on messaging platforms like WhatsApp. Providing stigma-free and accessible mental health support across the globe, Intellect, a mental health startup established in Singapore, expanded its Series A funding round to raise a total of US$20 million, after procuring an additional US$10 million, led by Tiger Global. Wishing everybody a blessed and happy Easter! Intellect, the Singapore-based mental health startup focused primarily on Asia-Pacific markets, announced today it has raised a $10 million Series A. Kim launches Ami amid rising demand for online mental healthcare, as pandemic-related lockdowns and social distancing took a toll on peoples wellbeing. Under 30 Asia Alum Launches Digital Mental Healthcare Startup - Forbes A businessman sleeping on a bench at a Tokyo train station. Effectively breaking stigma in Asian communities, it has served more than 3 million people from over 60 countries, with the help of expert therapists and coaches who are based in over 20 countries, and currently offers its service support in 15 languages. Singapore-based mental health startup ThoughtFull announced Thursday it raised $4 million in a pre-Series A funding round led by Sheares Healthcare Group, owned by the city-states sovereign-wealth fund Temasek. Intellect, a Singapore-based startup that wants to make mental health care more accessible in Asia, announced it has raised $2.2 million in pre-Series A funding. Founder and chief executive officer Theodoric Chew told TechCrunch that Intellects usage rate is higher than traditional EAP helpline solutions. Reaching out for mental health support remains an issue in a region where the very concept of mental illness is repeatedly undermined. That drives a differentiated approach in how we build our platform which caters from the smallest of daily struggles through self-guided programs, all the way to clinical therapy for chronic issues.. With a focus on better stress, anxiety, and depression management, ThoughtFull partners with employers, insurers, and pharmaceuticals to provide solutions across the preventive to curative spectrum from self-serve tools, 1-on-1 bite-sized coaching, to insights-driven therapy. Chew said the company is also compliant with major data privacy regulations like ISO, HIPAA and GDPR. The round was led by returning investor Insignia Venture Partners and included participation from Y Combinator, XA Network and angel investors like Rainforest co-founder J.J. Chai; Prenetics and CircleDNA founder Danny Yeung; and Gilberto Gaeta, Googles director of global HR operations. The round, which Intellect claims is the largest Series A ever raised by a mental health startup in Asia, was led by HOF Capital. Its not just traditional healthcare seeing their growth go even mental health startups have been seeing funding rush in and growth skyrocket. So they can kind of deal with the stress that inevitably happens on a day-to-day basis, but also could prevent issues from becoming larger than they need to be.. How Covid prompted Singapore startups to use tech in - CNN The timing was prescient as demand for the app skyrocketed during the Covid-19 pandemic. We interviewed over 150 startup founders and have assembled the most comprehensive 360 degree view of mental health in startups. Mental wellness is essential to leading a healthy, balanced and happy life. He is a clear example of a very good use case and a user [of mental health services like Ami], says Jin Oh, a partner at Goodwater Capital who led the firms investment in Ami. However, the infrastructure is still nascent and there is much to do to smoothen out the process for people to proactively engage with their mental wellbeing. We have a lot of homogeneous cultures [in Asia], notes Nahm, who led his firms investment in Ami. How Covid prompted Singapore startups to use tech in revolutionizing mental health support | CNN Business How Covid prompted Asian startups to use tech in revolutionizing mental. We reported last year on the launch of a $225 million VC . K3 Ventures, JAFCO Asia, Singtel Innov8, and PERSOL Holdings, with participation from existing investors Insignia Ventures Partners, and HOF Capital, also joined the round. In the aftermath of the pandemic, Asian mental health startups have piqued the interest of investors. Take your pledge for change here. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Share your body positivity story with the community here. ThoughtFull brings us another step closer to providing equal, seamless access for all.. The startup operates an online platform that matches employees with mental health coaches. Images: ACE & SafeSpace, and Envato (header). That was something that built a lot of conviction for methat he really understands the market that hes tackling., While mental healthcare is still nascent in much of Asia, John Nahm, cofounder and managing partner of Strong Ventures, believes that seeking mental healthcare can quickly become destigmatized in the region. The company draws from the best in research, data, and healthcare in the US with an ability to localize and provide personalized mental healthcare in Asia. The two previously worked together at Miso, a Seoul-based home services platform backed by famed Silicon Valley accelerator Y Combinator (which nurtured startups such as Airbnb, Coinbase and DoorDash) and an honoree of last years Forbes Asia 100 to Watch. In Japan, long working hours are so pervasive that death by overworkcalled karoshi in Japanesehas been legally recognized as a cause of death since the 1980s. You can change your choices at any time by clicking on the 'Privacy & cookie settings' or 'Privacy dashboard' links on our sites and apps. ThoughtFull World Pte Ltd, which operates as ThoughtFull, a Southeast Asian-based (SEA) healthtech startup with end-to-end mental healthcare services for all, announced today that it has raised US$1.1 million in a seed round. It isnt plug-and-play, so startups have to adapt to launch in each country. Thoughtfulls CEO, Joan Low, says healthcare in Asia is tricky. On average, its mental health benefits solution sees about 20% to 45% engagement within three months after being adopted by companies with more than 5,000 employees. Our coaches are going to be able to empathize with you, at least in my personal experience, much more than certain traditional clinical solutions might be able to offer, says Kim, who was diagnosed with generalized anxiety disorder (GAD) in 2019. Singapore's Mental Health Startup Intellect Raises $10 Million In As a startup ourselves, we understand the challenges faced by our fellow startup founders to upkeep their mental health whilst building a business. After working at some of the fastest-growing startups in South Korea, Justin Kim, a Forbes 30 Under 30 Asia alum from 2020, launched his own startup that aims to make mental healthcare more accessible for the overworked and stressed-out workers in Asia. Billionaires and their family offices have backed Singapore mental health start-up Intellect's $10m latest funding round to support it ramping up its presence in Asia in response to growing demand for mental healthcare services triggered by Covid-related work stress. The startup now claims more than 2.5 million app users, and 20 enterprise clients, including FoodPanda, Shopback, Carousell, Avery Dennison, Schroders and government agencies. Jun 1, 2023, 9:00 PM SGT SINGAPORE - A new app that allows people facing mental health issues to support one another has been gaining popularity since its launch a week ago. A fter working at some of the fastest-growing startups in South Korea, Justin Kim, a Forbes 30 Under 30 Asia alum from 2020, launched his own startup that aims to make mental healthcare more . In January, Intellect secured $10 million in a Series A funding round, which it will use to rapidly scale across the region. Cultivating mental wellbeing is key to a fulfilling and meaningful life. In view of this, The Hive Southeast Asia, along with Penjana Kapital - a wholly owned subsidiary of Malaysias Ministry of Finance - through the latters Dana Penjana Nasional programme, is proud to partner with ThoughtFull to future proof the delivery of mental healthcare in Malaysia and beyond.. While we do have those licenses and certifications, thats not the only thing that constitutes a good experience, Kim says. Kim, together with cofounder Beknazar Abdikamalov, launched Ami in beta mode earlier this month. Were choosing to focus on fast-growing startups because the employee base is younger and theyre much more open to wellness and emotional health, says Kim. ThoughtFull is taking meaningful steps to close the gaps in today's mental health ecosystem and we are excited to partner them on their journey.. This brings Intellect's total Series A capital raise to US . I write about startups and financial inclusion. As part of the virtual launch, ACE and Safe Space hosted a panel discussion earlier this morning, focusing on Rethinking Mental Wellness in Workplaces. Monthly subscriptions for individuals start at $169 SGD ($127.5), based on a six-month term. Ami: The Corporate Wellness Solution Destigmatising Mental Health in Asian Workplaces, Social Impact Startup Tethr is Tackling the Mens Mental Health Crisis, Funding Societies to Acquire Payments Solution Platform CardUp. There has been an increased incidence of burnout among workers in Asia Pacific in the past two years following the widespread disruptions brought on by lockdowns and other restrictions aimed at battling the pandemic. In many Asian cultures, there is still a lot of stigma around mental health issues, but that has changed over the last year and a half as people continue to cope with the emotional impact of the COVID-19 pandemic, Chew said. MindFi is another Singapore-based start-up that has seen a boom in demand, as COVID-19 drew greater attention to mental health issues and also spurred the digitisation of healthcare. The following month, corporate mental health and wellness platform MindFi scored $2 . At the end of the day, Ami seeks to make tangible improvements to employee well-being, where other wellness solutions provided by companies are underutilized or miss the mark. Distinguished panelists include Mr Edward Chia, Member of Parliament for HollandBukit Timah GRC, Ms Antoinette Patterson, Co-Founder & CEO of Safe Space, Ms Ngo Lee Yian, Executive Director of Singapore Association for Mental Health and Mr Jeff Yeo, Co-Founder of Big Tiny. Ami, a rising mental health platform, is bringing companies on board. Launched in 2020, the startup offers a modern-day solution, making mental healthcare and wellbeing support accessible and inclusive for everyone in Asia. First, its the diversity across the region that causes varying preferences and norms. In a nutshell, stakeholders, systems and outcomes are totally different. I write about startups and financial inclusion. Based on their trial runs, Ami found on average at least 40% of employees used the platform after two months, while Kim says existing solutions in the mental health space rank in the low single digits in terms of employee adoption. Intellect protects user privacy with zero-knowledge encryption, so the startup and employers dont have access to peoples records or communications with their coaches and counsellors. With support from Ami, employees can discuss anything on their minds, which can lower the perceived difficulty of seeking support. NUS Giving Run Big Is Back With a *HOT* New Category. For startups that may require immediate help, please reach out to Safe Space at https://safespace.sg/corporate/. Analysing findings from over 70 pieces of expert insights and answers from clinical therapists, and over 150 founders from entrepreneur networks the whitepaper focuses on the perception of mental health among startup founders and improvements that can be made in the industry going forward. Singapore-based Intellect wants to lower barriers to mental health support in Asia. We are impressed by the Ami teams passion and talent and look forward to supporting them as they build on WhatsApp to give people in Asia another way to support their mental health, says Sunita Parasuraman, who leads NPEs investments at Meta, which owns the ubiquitous messaging app, in a statement provided to Forbes. Yet reaching out for mental health support remains an issue in Asia, where the very concept of mental illness is repeatedly undermined. Intellect is currently collaborating in 10 studies with institutions like the National University of Singapore, Kings College London, University of Queensland and the Singapore General Hospital. Our Safe Space mission is to ensure everyone has fast, affordable and discreet mental healthcare. Our flagship report on the mental health of startup founders in Singapore has shone a light on the mental health impact that starting up a company has on founders and their teams.
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