In order to ensure culturally competent care in each of the many markets it serves, the startup wants to be available across the Asia- Pacific. It added $10 million to its war chest in a Series A extension led by Tiger Global. The first half of Series A was announced.
Other investors in the extension round include new backers and returning investors.
This is the biggest venture round raised by a mental health company in Asia. The capital will be used to launch the company in more markets, expand its operations and build out its mental healthcare system.
Coverage and self-guided programs can be found in 15 languages. The company mainly uses a B2B2C model with companies offering it as an employee benefit. It has clients like Singtel, Shopee, and abrdn. 3 million users are served in more than 60 countries and there are therapists and coaches in 20 countries.
According to Theodoric Chew, the company decided to raise an extension instead of moving onto a Series B because it was in a good position and making money. With the current economic climate, we wanted to put it in a better position for the next two years and beyond, so we have a strong warchest.
Most of the time, Intellect sells to regional hubs. Core markets include Singapore, Hong Kong, Japan, Australia and New Zealand. Most of the company's clients are from Singapore, Hong Kong and New Zealand.
The platform is made up of two parts. The first product is a tech product. There is a clinical team of coaches, therapists, psychologists and psychiatrists.
The company works with professionals to make sure they are culturally competent.
He said that they had thought about that from the beginning. What makes sense in each area. It is about having a product that is hyper-localized for each culture and region. When someone struggles in Thailand or in Hong Kong, it is different from Singapore in terms of stress levels.
The goal isn't just to translate the same material.
He said that they work with providers in every market to make sure that they are not just translation, but also have examples and scenarios for the local context. Beyond the app, we have a whole network of local, native, on-the- ground professionals.
When someone logs in for the first time, they are prompted to talk to a provider. It's important because it results in the most retained users. Most people in Asia have never seen a therapist or coach, so this is a new experience for them.
Over the last few years, the mental wellbeing tech space in Southeast Asia has grown. There are a number of new examples, including Meta-backed Ami, MindFi, and Thoughtfull.
More and more players are coming to this space. There is more awareness and push to expand the category. We are building for a huge cultural shift. It isn't going to be a zero sum game from the beginning.
The main goal of the platform is to be an end-to-end platform for mental health care.
Jay Chen of Tiger Global said that Intellect is poised to become a leader in offering access to mental healthcare across Asia. We are excited to work with the Intellect team to build a modern system for healthcare.
For mental health startups, happiness is in niches
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