The Y Combinator-backed mental health platform aims to enhance daily work-life routines with a culturally competent and wearable-friendly mind training solution
15 February 2022, Singapore – MindFi, Asiaโs leading corporate mental health and wellness platform, today announced an oversubscribed US$2 million seed funding round that saw participation from existing investor M Venture Partners and Global Founders Capital fund, a backer of Canva and Slack. Carousell co-founder Marcus Tan, Carro executive Kenji Narushima and Spin co-founder Derrick Ko also joined the round, among other prominent angel investors in US and Asia.
The fresh funding allows MindFi to accelerate its AI-driven product development, localize in key markets, and further pursue its vision of โculturally competentโ wellness in a region where cultural values such as interpersonal harmony, loss of face, and filial piety strongly influence people’s receptivity to mental health services and support.
Mayank Parekh, Partner at M Venture Partners, remarks, โMental health has been traditionally overlooked in most countries, but more so in fast-growthAsia. We feel the market is currently poorly served, and as founder-first investors, we are thrilled to work with the MindFi team, who together bring complementary skills and insight to solve a significant problem.โ
MindFi delivers 24/7 guided self-care programs, community forums and group therapy, and intelligent matching with diverse coaches and therapists โ all in a single mobile app. HR leaders and corporate clients can access anonymized analytics to measure and support their employeesโ health and productivity. The appโs personalized recommendations are based on a userโs unique Human Wellbeing Profile (HWP), which aggregates mental health data from MindFi app usage, such as moods and stress levels, with physical health data from wearables, such as sleep, heart rates and daily activity.
Since completing the Y Combinator program in September 2021, MindFi has tripled its employee headcount and recorded 5x annual revenue growth. The platform now operates in 20 markets across APAC, where its services can be accessed in 16 languages. Corporate clients include Fortune 500 companies and high-growth startups, such as Visa, Willis Towers Watson and Patsnap, and to date, usage of MindFiโs app-based mental health and wellness programs is 10 times higher than traditional teletherapy services.
โA mental health solution for Asia cannot be copy-pasted over from other regions,โ explains Bjorn Lee, Chief Executive Officer of MindFi. โWellbeing is multi-dimensional, and we seek to build a localised understanding of wellbeing that takes physical and cultural differences into account. To achieve this, we leverage self-reported assessments, wearable data, guidance from culturally-intelligent care providers and so much more. Ultimately our goal is to drive the #MindFitness movement and champion a future where people are empowered to take charge of their mental wellbeing.โ
โMindFi addresses great interethnic differences by combining a unique community-based approach with native data insights, clinical and technological understanding, and lived experiencesโ, says Erica Johnson, founder of Modern Health and Strategic Advisor to MindFi.
Professor Kua Ee Heok of the Yong Loo Lin School of Medicine, NUS, and MindFiโs Medical Advisor, explains, โWhile there is a scramble for new health solutions in Asia, the region is very diverse in culture, language and illness behavior. Technology products need to account for the unique cultural beliefs, mores, nuances and feelings of their users in order to deliver the best types of utility value on a regular basis. I am glad that MindFi is committed to this vision.โ
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About MindFi
At MindFi, we believe that health is an individual and a joint endeavour. Community and culture play a large part in mental wellbeing. With that in mind, our mission is simple: to make mental wellness culturally-relevant and accessible to all of Asia.
The MindFi platform delivers a complete spectrum of mental health and wellbeing support to corporate clients and individual users. Anyone can access 24/7 self-care tools and resources, intelligent matching with therapists and coaches, and community-driven features like forums and group therapy in a single cross-platform mobile app. Employer insights are completely anonymized, and app activity is confidential (and encrypted!) so that users can enjoy a completely safe space of their own.
Headquartered in Singapore, MindFi is the mental health and wellness provider of choice for Fortune 500 companies, fast-growing startups, and corporations in APAC. To become a part of the #MindFitness movement, visit mindfi.co or download the app on App Store or Google Play.
NOTES TO EDITORS:
1.MindFi Founder Bjorn Lee is open for interviews.
2.Photos can be accessed here.
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