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MindFi makes into Y Combinator with US $750K round

MindFi, a Singapore-based corporate mental health and wellness business, has raised $750,000 in pre-seed investment from a number of investors, including iGlobe Partners and M Venture Partners.

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 were among the prominent angel investors.

The firm will use the additional funding to speed up product development and localization for major Asian countries, as well as expand its staff of mental health specialists, inventors, and researchers.

The funding came after MindFi was accepted into the Y Combinator Summer 2021 programme.

In addition, Erica Johnson, co-founder of unicorn firm Modern Health (YC Winter 2018), has joined MindFi as an executive adviser. She has established and advised numerous unicorns in the United States as a startup industry veteran.

All in one mobile app, MindFi’s revolutionary technology provides customised suggestions, 24/7 guided self-care programmes, and intelligent matching with coaches and therapists.

The suggestions are based on an AI system that generates a user’s unique psychometric profile, with daily steps, sleep, mood, breathing, and heart rates helping to improve accuracy. All employee data is anonymized and aggregated to provide team-level analytics reports that allow HR directors to make data-driven choices about workforce health and performance in an ever-changing working environment.

Furthermore, the company guarantees data confidentiality as well as cultural relevance.

Employees choose mental health above physical health as the most significant effect on their overall wellbeing, according to Cigna’s 360 Well-Being Survey in 2021.

The global epidemic of COVID-19 has added to the uncertainty. Anxiety at work, loneliness, financial stress, and health concerns about family and loved ones are all issues that employees face. These problems have resulted in decreased productivity, increased absenteeism, and presenteeism, underlining the need for business leaders to update their mental health policies.

According to MindFi, 68 percent of employees saw an improvement in their mental health after just one month of using the programme. Furthermore, third-party study has found that using MindFi on a daily basis might lessen depression symptoms by up to 30%.

“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.

MindFi has quadrupled its staff headcount and customer base in the last six months, with over 30 business 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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