Singapore-headquartered mental health startup Intellect announced raising an additional $10 million in its Series A extension round anchored by global tech investor Tiger Global.
The latest investment brings Intellect’s total Series A funding to $20 million. New investors including K3 Ventures, JAFCO Asia, Singtel Innov8, and PERSOL Holdings also participated in the funding round, along with existing investors Insignia Ventures Partners and HOF Capital, according to the announcement.
The additional capital makes this the largest venture round raised by any mental health company in Asia, cementing Intellect’s market leadership within the fast-growing mental health category. The fresh injection of funds will be used to scale Intellect’s commercial expansion plans and teams across Asia.
Intellect is focused on building the region’s first digitally-enabled, fully-stacked mental healthcare system, ensuring it becomes the employee wellbeing solution of choice for all workforces across Asia Pacific.
Launched just two years ago, Intellect has become Asia’s largest and fastest-growing mental health startup, serving more than 3 million lives in over 60 countries, through its therapists and coaches based in 20 countries, providing localised coverage and self-guided programs in 15 languages.
The startup currently works with a variety of international enterprise companies such as Merck, Philips, foodpanda, Singtel, Shopee, Omnicom Media Group and abrdn, amongst others.
As the current workforce struggles with burnout and the adoption of unhealthy coping mechanisms, a focus on mental health in the workplace is more important than ever. A 2021 APAC workplace health study by Intellect showed 84% of APAC respondents reported high levels of exhaustion, while 88% said they were disengaged from work.
“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 to not just defend, but heavily double down on our work to change how mental health care is done for all of Asia Pacific,” said co-founder and CEO Theodoric Chew.
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