Theodoric Chew, founder and CEO of mental health app Intellect
Intellectthe Singapore-based mental health startup primarily focused on the Asia-Pacific markets, announced today that it has raised a $10 million Series A. Company services, including self-directed mental wellness programs in 15 languages and online therapy sessions, are available through two channels: as an employee benefit and through Intellect 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 included Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and existing backer Insignia Ventures Partners also returned.
Intellect says its year-over-year revenue grew more than 20x in 2021, due in large part to new enterprise clients like foodpanda, Shopback, Singtel, Kuehne & Nagel, and Schroders. It also partners with insurers and benefit brokers like Mercer.
Co-founder and CEO Theodoric Chew told TechCrunch that Intellect differs from other employee wellness programs because “Intellect’s vision is not simply to be a self-care app or employee benefits platform, but rather a complete employee wellness system. mental health for Asia. That drives a differentiated approach in how we build our platform that caters to everything from the smallest of daily struggles through self-guided programs, to clinical therapy for chronic issues.”
The company, a Y-combiner alum, will use the capital to grow its product, engineering and commercial teams as it continues to expand into new markets. It currently has about 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 the total Intellect raised since its launch in 2020 (when TechCrunch first company profile) to $13 million and also included angel investors such as Shopback co-founder and CEO Henry Chan; Rajive Keshup from Cathay Innovation; former Headspace Vice President of Engineering Neel Palrecha; Forge co-founder Samvit Ramadurgam; Peak co-founder Sagi Shorrer; the director of Snap Inc. for Southeast Asia, Anubhav Nayyar; and the general manager of Tinder and Match Group for Southeast Asia, Gaurav Girotra.
The startup says that among companies that offer it as an employee benefit, adoption rates consistently hover between 20% and 40%, much higher than traditional employee assistance programs.
The startup is involved in 10 clinical studies in collaboration with academic institutions, including the National University of Singapore, King’s College London, the University of Queensland and Singapore General Hospital, and says that some of them have already shown that Intellect improves the stress, anxiety and depression. between users.
In a statement about the investment, HOF Capital partner Victor Wong said: “The need for mental health support is extremely timely today and continues to grow rapidly in demand around the world. Intellect has grown to over 3 million people and businesses in 20 countries in just under 2 years and we are very excited to support them for the long haul as they continue to transform millions of lives by inventing a new mental health system for workers and individuals. . all over Asia.”
