Intellect, a Singapore-based mental health startup with a primary focus on the Asian-Pacific market, has reportedly raised $10 million through a Series A funding round. The company offers self-directed wellness programs in fifteen languages and online therapy sessions, amongst its various services available via its consumer app or employee benefit.
Intellect claims that the round is the largest Series A raised by an Asian mental health startup. The round was led by HOF Capital, with new investors that included East Ventures, DG Daiwa Ventures, Headline, MS&AD Ventures, Pioneer Fund, as well as existing investors Insignia Ventures Partners.
The startup stated that its year-on-year revenue has grown more than 20-fold over the past year, largely due to its new enterprise clients like Shopback, foodpanda, Schroders, Singtel, and Kuehne & Nagel. The company has also partnered with asset management firm Mercer.
Theodoric Chew, co-founder and CEO of Intellect, stated that the startup is different from other employee wellness programs as its vision is to be a full mental healthcare system for the continent of Asia, rather than being a self-care app or an employee benefits platform.
Chew added that Intellect’s differentiated approach in building its platform caters to the smallest of daily struggles with self-guided programs and chronic issues with clinical therapy.
The company will be using the capital raised to increase its product, commercial, and engineering teams, while continuing its expansion to new markets.
Currently, the company has around 3 million registered users across 20 countries, having a strong commercial presence in Australia, Singapore, and Hong Kong, says Chew.
With this round, Intellect has supposedly raised over $13 million since its inception in 2020. The company’s portfolio also includes angel investors such as Henry Chan, co-founder and CEO of Shopback; Neel Palrecha, former VP of Engineering at Headspace; Anubhav Nayyar, Director of Southeast Asia, Snap Inc.; Gaurav Girotra, GM Tinder and Match Group for Southeast Asia amongst many.
The company has also participated in 10 clinical studies by collaborating with academic institutions, such as the National University of Singapore, King’s College London, University of Queensland, and the Singapore General Hospital, with some showing that Intellect effectively addresses stress, anxiety, and depression among users.