ThoughtFull, a Singapore-based business that provides digital mental health assistance, has raised $1.1 million in an oversubscribed seed round.
The Hive Southeast Asia, Boston-based Flybridge, and Singapore-based Vulpes Investment Management are among the new members.
ThoughtFull will use the to conduct clinical research and product development, with an emphasis on deep-tech innovations. A part of the money will be utilised to expand across Southeast Asia and hire more people.
In addition to Singapore, the company has offices in Malaysia and the Philippines.
ThoughtFullChat & ThoughtFullChat, a digital mental health business founded in 2019, uses its unique architecture to link consumers to licensed mental health specialists for daily discussions and customised best-fit mental healthcare through its mobile apps.
Taking use of data-driven mental health treatment ThoughtFull focuses on improving the management of stress, anxiety, and depression by providing end-to-end solutions ranging from self-serve tools to 1-on-1 bite-sized coaching to insights-driven therapy.
Employers, insurers, pharmaceutical companies, and academic institutions are among its partners, according to the company, which claims to serve consumers in 43 countries through a professional network covering 14 sites.
According to a 2016 Singapore Mental Health Study, despite one in every seven Singaporeans suffering mental health issues at some time in their life, barely a quarter of those seek treatment. Low believes that by guaranteeing anonymity, moving digital will help to reduce the stigma that prevents potential users from interacting with their mental health concerns.
“Mental healthcare is one of the most important yet complex therapeutic areas in the world, requiring global insights but localised delivery,” said Prof. Jeff Bussgang, senior lecturer at Harvard Business School and general partner at Flybridge. “ThoughtFull brings us another step closer to providing equal, seamless access for all.”
ThoughtFull says that it taps into increasing employer demand and has expanded its enterprise company more than tenfold since start, riding on the pandemic’s tailwinds.
“When the COVID-19 pandemic hit, anxiety levels skyrocketed, and businesses, including those of mental health professionals, were shut down overnight,” stated Syed Haizam Jamalullail, MD at The Hive Southeast Asia. “ThoughtFull’s work in not only bringing greater access to mental healthcare for all but also its role in digitising the mental health industry is fundamental to nations the world over.”
Penjana Kapital, a wholly-owned subsidiary of Malaysia’s Ministry of Finance under the Dana Penjana Nasional programme, has collaborated with the firm to future-proof the delivery of mental healthcare in Malaysia and beyond, according to the company.