Mental health startup Intellect raises US$10m led by HOF Capital
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INTELLECT, which operates a digital platform to manage workers' and individuals' mental health, has raised US$10 million in a Series A round led by New York-based HOF Capital.
New investors include East Ventures, Headline, MS&AD Ventures, DG Daiwa Ventures and Pioneer Fund. Insignia Ventures Partners again invested in Intellect.
The Singapore-based startup was a part of Silicon Valley accelerator Y Combinator, and has seen traction on the back of renewed focus on mental health globally.
"The need for mental health support is exceedingly timely today, and it continues to rapidly grow in demand across the world," said Victor Wang, partner at HOF Capital.
Intellect has a mental health benefits solution for employers that features clinical-based digital therapy programmes along with telehealth services, connecting employees to a panel of licensed coaches and clinical therapists within minutes.
The company also has a consumer version of the app. It offers an introductory mental wellbeing platform, carrying self-guided cognitive behaviour therapy programmes.
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Intellect has over 3 million registered users, and its app is available in 15 languages. It works with live therapists and behavioural health coaches in 20 countries.
Angel investors in the startup's latest funding round include ShopBack co-founder Henry Chan, Cathay Innovation's Rajive Keshup, former Headspace executive Neel Palrecha, co-founder of US-based unicorn Forge Samvit Ramadurgam, Peak co-founder Sagi Shorrer, Snap's director of South-east Asia Anubhav Nayyar, Tinder & Match Group general manager Gaurav Girotra, along with the family office funds of unnamed billionaire founders.
Intellect's enterprise clients include foodpanda, Shopback, Singtel, Kuehne & Nagel and Schroders.
Intellect said its employee adoption rate consistently ranges from 20 to 40 per cent, 10 times higher than traditional employee assistance programmes and 2 to 3 times higher than other mental health platforms.
The startup has over 10 clinical studies underway in collaboration with universities and institutions, namely the National University of Singapore (NUS), King's College London, University of Queensland and Singapore General Hospital.
The clinical team is headed by newly appointed clinical director Oliver Suendermann, formerly the director of clinical psychology at NUS.
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