Intellect mental health app founder and CEO Theodoric Chew
Intellectthe Singapore-based mental health startup primarily focused on Asia-Pacific markets, announced today that it has raised $10 million in Series A. The company’s services, including self-directed mental wellness programs in 15 languages and therapy, are available through two channels: as an employee benefit and through Intellect’s consumer application.
The round, which Intellect claims is the largest Series A ever created by a mental health startup in Asia, was led by HOF Capital. New investors included Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and existing sponsor Insignia Ventures Partners also returned.
Intellect claims that its annual revenue grew more than 20-fold in 2021, due in large part to new corporate customers such as foodpanda, Shopback, Singtel, Kuehne & Nagel and Schroders. It also partners with insurance companies and benefit brokers such as Mercer.
Co-founder and CEO Theodoric Chew told Ploonge that Intellect sets itself apart from other employee wellness programs because “Intellect’s vision is not simply to be a self-care app or employee benefits platform, but a healthcare system. complete mental health for Asia. This drives a differentiated approach in the way we build our platform, which addresses everything from the smallest daily struggles through self-guided programs to clinical therapy for chronic conditions.”
The company, a Y Combinator alum, will use the capital to grow its product, engineering and commercial teams as it continues to expand into new markets. It currently has around three million registered users in a total of 20 countries, with a strong business presence in Singapore, Hong Kong and Australia, Chew said.
The new round brings Intellect’s total raised since its 2020 launch (when Ploonge first profiled the company) to $13 million and also includes angel investors like Shopback co-founder and CEO Henry Chan; Rajive Keshup, from Cathay Innovation; former Vice President of Engineering at Headspace Neel Palrecha; Forge co-founder Samvit Ramadurgam; Peak co-founder Sagi Shorrer; Snap Inc. Southeast Asia Director Anubhav Nayyar; and Southeast Asia Tinder and Match Group General Manager Gaurav Girotra.
The startup says that among companies offering employee benefits, adoption rates consistently range between 20% and 40%, far above 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 the 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, HOF Capital Partner Victor Wong said: “The need for mental health support is extremely timely today and continues to rapidly grow in demand around 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 for the long term as they continue to transform millions of lives through the invention of a new mental health system. for workforces and individuals across Asia”.