MindFi, a corporate mental health and wellness startup based in Singapore, announced today it has secured US$750,000 in pre-seed funding from a slew of investors, including iGlobe Partners and M Venture Partners.
Prominent angels, including Koh Boon Hwee, Patsnap CEO Jeffrey Tiong, Zopim co-founder Lim Qing Ru, Natasha Foong (co-founder of IncuVest), Aakash Degwekar (Sr. Director – Corporate at Visa), and Shadab Farooqui, also co-invested.
With the new funds, the startup will accelerate product development and localisation for key markets in Asia and further build a team of mental health experts, innovators and researchers.
The funding comes on the heels of MindFi’s selection into Y Combinator’s (YC) Summer 2021 programme.
Alongside this, MindFi is also bringing on board Erica Johnson, co-founder of unicorn startup Modern Health (YC Winter 2018) as an executive adviser. As a startup industry veteran, she has founded and advised multiple unicorns in the US.
MindFi’s innovative technology delivers personalised recommendations, 24/7 guided self-care programmes and intelligent matching with coaches and therapists — all in one mobile app.
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The recommendations are powered by an AI algorithm that creates a user’s unique psychometric profile, with accuracy enhanced by daily steps, sleep, mood, breathing and heart rates. All employee data are anonymised and aggregated to generate team-level analytics reports that enable HR leaders to make data-driven decisions on workforce health and performance in an evolving workplace environment.
In addition, the firm assures data confidentiality and cultural relevance.
According to Cigna’s 360 Well-Being Survey in 2021, employees prioritise mental health, above physical health, as the most critical influence on their overall wellbeing.
The global COVID-19 pandemic has exacerbated uncertainty. Employees deal with anxiety at work, isolation, financial stress, health worries about family and loved ones. These issues have led to reduced productivity, increased absenteeism, and presenteeism, highlighting the need for company leaders to modernise their approach towards mental wellbeing.
MindFi claims that 68 per cent of employees experience an improvement in mental wellbeing within a month of using the app. In addition, third-party research has observed that regular usage of MindFi reduces up to 30 per cent of their depressive symptoms.
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“The future of work is mental fitness. I started this company because I spent ten years struggling with late nights, anxiety attacks and chest pains from work stress, which are all symptoms of an unfit mind or poor mental health. You shouldn’t need a PhD in psychology or neuroscience to know how to de-stress. MindFi is the first product that takes the guesswork out of daily lifestyle choices with personalised and objective data,” Bjorn Lee, founder and CEO of MindFi.
Over the past six months, MindFi has tripled its employee headcount and customer base with over 30 enterprise clients across Asia.
“This pandemic has shown how critical mental wellness is in maintaining high-performance teams. MindFi is ready to disrupt the corporate wellness space with a digital wellbeing platform that makes “mind fitness” easily accessible to all employees. With the growing emphasis on mental wellness in recent years, we see MindFi as a promising player in propelling this movement starting in Asia,” Soo Boon Koh, founder and Managing Partner of iGlobe Partners, said.
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Image Credit: MindFi
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