Theodoric Chew, Founder and CEO of Intellect’s mental health app
intellectthe Singapore-based mental health startup primarily focused on Asia-Pacific markets, announced today that it has raised $10 million in Series A channels: as an employee benefit and through Intellect’s consumer app.
The round, which Intellect claims is the largest Series A ever raised by a mental health startup in Asia, was led by HOF Capital. New investors included Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and existing backer Insignia Ventures Partners also returned.
Intellect claims its revenue grew more than 20x year-over-year in 2021, thanks in large part to new enterprise customers like foodpanda, Shopback, Singtel, Kuehne & Nagel, and Schroders. It also works with insurers and benefit brokers like Mercer.
Co-founder and CEO Theodoric Chew told TechCrunch that Intellect is different from other employee wellness programs because “Intellect’s vision is not just to be just a self-care app or an employee benefits platform, but a complete mental health care system for Asia. This drives a differentiated approach in building our platform, ranging from the smallest of daily struggles to self-directed programs to clinical therapy for chronic issues.”
The company, a Y Combinator Alum, will use the capital to strengthen its product, engineering and commercial teams as it continues its expansion into new markets. It currently has about three million registered users across 20 countries, with a strong commercial presence in Singapore, Hong Kong and Australia, Chew said.
The new round brings Intellect’s overall increase since its launch in 2020 (as TechCrunch first create a profile of the company) to $13 million and also included angel investors like Shopback co-founder and CEO Henry Chan; Rajive Keshup of Cathay Innovation; former Headspace VP of Engineering Neel Palrecha; Forge co-founder Samvit Ramadurgam; Peak co-founder Sagi Shorerer; Anubhav Nayyar, Snap Inc. Director for Southeast Asia; and Gaurav Girotra, Tinder and Match Group general manager for Southeast Asia.
The startup says that for companies that offer it as a benefit, acceptance rates consistently range from 20% to 40%, much higher than traditional employee assistance programs.
The startup is involved in 10 clinical trials in partnership with academic institutions including the National University of Singapore, King’s College London, the University of Queensland and Singapore General Hospital, and says some of them have already shown that intellect stress , anxiety and depression improved among users.
In a statement about the investment, Victor Wong, Partner at HOF Capital, said: “The need for mental health support is all-important today and demand continues to grow rapidly around the world. Intellect has grown to over 3 million individuals and businesses in 20 countries in just under two years, and we are thrilled to support them over the long term as they continue to transform millions of lives by inventing a new system of mental health care for workers and individuals across Asia.”
