Intellect, the mental health startup focused on APAC, raises $10M Series A

Theodoric Chew is the founder and CEO of Intellect.

The company has raised $10 million in a Series A round.

HOF Capital led the round, which is the largest Series A ever raised by a mental health startup in Asia. New investors included Headline, East Venture, and others.

New enterprise clients like foodpanda, Shopback, Singtel, Kuehne & Nagel and Schroders contributed to the growth of Intellect's revenue. Insurers and benefits brokers are partners.

Theodoric Chew, co-founder and CEO of Intellect, said that the company differentiates from other employee wellbeing programs because it is a full mental healthcare system for Asia. That drives a differentiated approach in how we build our platform which caters from the smallest of daily struggles through self-guided programs, all the way to clinical therapy for chronic issues.

The company will use the capital to increase its product, engineering and commercial teams as it expands into new markets. It has three million registered users in 20 countries, with a strong commercial presence in Singapore, Hong Kong and Australia.

The new round brought the total raised by the company to $13 million and included angel investors like Shopback co-founder and CEO Henry Chan.

There are barriers to mental health support in Asia.

Adoption rates vary between 20% and 40%, much higher than traditional employee assistance programs, according to the startup.

The startup is participating in 10 clinical studies in collaboration with academic institutions, including the National University of Singapore, King's College London, University ofQueensland and the Singapore General Hospital, and says some of them have already shown that Intellect improves stress, anxiety and depression among users.

HOF Capital partner Victor Wong said in a statement that the need for mental health support is extremely timely and it continues to rapidly grow in demand across the world. We are very excited to back Intellect for the long term as they continue to transform millions of lives through inventing a new mental healthcare system for workforces and individuals across Asia.

ThoughtFull gets a million dollars to make mental health support more accessible.