Singapore mental health startup Intellect raises US$10M to extend Series A round to US$20M

Intellect, a Singapore-headquartered mental health startup, has raised an additional US$10 million in a Series A extension led by Tiger Global.

K3 Ventures, JAFCO Asia, Singtel Innov8, and PERSOL Holdings, with participation from existing investors Insignia Ventures Partners, and HOF Capital, also joined the round.

This brings Intellect’s total Series A capital raise to US$20 million. Early this year, the mental health startup secured US$10 million in a Series A financing round led by US-based HOF Capital.

The fresh injection will be used to scale the startup’s commercial expansion plans and teams across Asia. The business is focused on building the region’s first digitally-enabled, fully-stacked mental healthcare system.

Intellect is a modern-day mental health company aiming to make mental healthcare and wellbeing support accessible for everyone. Launched two years ago, it claims to serve more than three million lives in over 60 countries through its therapists and coaches based in 20 countries, providing localised coverage and self-guided programmes in 15 languages.

Also read: How to tackle employee mental health to build a resilient workforce

The company currently works with various international enterprises such as Merck, Philips, foodpanda, Singtel, Shopee, Omnicom Media Group, and abrdn.

In August 2021, the firm announced the closing of its US2.2 million pre-Series A round led by Insignia Ventures Partners, alongside new investors Y Combinator and XA Network.

Theodoric Chew, Co-Founder and CEO, said: “Intellect’s mission is to normalise mental health and shift the culture towards more open conversations about personal wellbeing, ultimately removing the stigma attached. We are fortunate that Intellect is able not just to defend but heavily double down on our work to change how mental health care is done for all of Asia Pacific.”

As the current workforce struggles with burnout and adopting unhealthy coping mechanisms, focusing on mental health in the workplace is more important than ever. A 2021 APAC workplace health study by Intellect showed that 84 per cent of APAC respondents reported high levels of exhaustion, while 88% said they were disengaged from work.

—

The post Singapore mental health startup Intellect raises US$10M to extend Series A round to US$20M appeared first on e27.