Canva & Slack investors led US $2 M raised by mental health platform MindFi
MindFi, a Singapore-based corporate mental health and wellness firm, said today that it has raised $2 million in an oversubscribed seed round.
Global Founders Capital, a supporter of Aussie digital unicorn Canva and NYS-listed Slack, and existing investor M Venture Partners, a Singapore-based early-stage VC company, joined the round.
Carousell co-founder Marcus Tan, Carro CEO Kenji Narushima, and Spin co-founder Derrick Ko, among others in the US and Asia, are among the angel investors.
The new capital will allow MindFi to expand its AI-driven product development as well as cultural localizations in major countries across Asia Pacific, where it now has 20 markets.
Fresh after its acceptance into Y Combinator’s (YC) Summer 2021 programme, MindFi secured US $750,000 in pre-seed capital from a bevvy of investors, including iGlobe Partners and M Venture Partners, in August.
MindFi’s cross-platform mobile app, which was launched in 2017, offers 24/7 guided self-care programmes, community-driven features like forums and group therapy, and intelligent matching with a variety of coaches and therapists.
HR directors and corporate customers may use anonymized information to track and support the health and productivity of their staff. The software also produces individualised suggestions based on a user’s Human Wellbeing Profile (HWP). These profiles combine self-reported evaluations, mental health data from MindFi app usage, such as emotions and stress levels, with physical health data from wearables, such as sleep, heart rates, and daily activities.
Fortune 500 organisations and high-growth startups such as Visa, Willis Towers Watson, and Patsnap are among Mindfi’s corporate clients, and Mindfi’s services are available in 16 languages.
Since finishing the YC programme in September 2021, MindFi has increased its staff headcount and had a 5x yearly sales growth, according to the business.
In APAC, MindFi promotes a concept of “culturally competent” wellness, where cultural values such as interpersonal peace, loss of face, and filial piety have a significant impact on people’s willingness to seek mental health services and assistance.
“A mental health solution for Asia cannot be copy-pasted over from other regions,” explained MindFi CEO Bjorn Lee. “Wellbeing is multi-dimensional, and we seek to build a localised understanding of wellbeing that takes physical and cultural differences into account.”
