Singapore-based Intellect has increase an additional $10 million in its Series A expansion led by Tiger Global, doubling the total investment round to $20 million to support the expansion plans of mental health startups in Asia -Used in the Pacific Rim.
K3 Ventures, the venture capital firm established by Kuok Meng Xiong. Grandson of Malaysia’s richest man Robert Kuok. Joined in the investment round with new investors JAFCO Asia, Singtel Innov8, also PERSOL Holdings. Existing investors Insignia Ventures Partners also HOF Capital are also involve.
Founded Intellect in 2019 as a digital mental health platform that connects people with therapists online. The timing is predictable given the skyrocketing demand for apps during the Covid-19 pandemic. The company now has over 3 million users. It counts Foodpanda, Merck, Philips, also telecommunications giant Singtel among its top corporate customers. Who offer Intellect services as part of its team member benefits program.
“Intellect’s mission is to normalize mental health also change the culture towards more open conversations. About personal well-being, ultimately removing stigma,” the Chu, 26. Who runs the Raffles Institution, one of Singapore’s top junior colleges, left ten years ago. After struggling with anxiety. Said a statement. “We are delighted that Intellect has not only been able to protect. But also significantly duplicate our work to change how mental health care is deliver across the Asia Pacific region.
Our goal is to play a leading role in solving the region’s mental health crisis. And we are beaming to be at the forefront of driving that change.”
The past two years have seen an increase in fatigue among workers in the Asia-Pacific region. Following the widespread disruption caused by lockdowns and other restrictions imposed to combat the pandemic. A survey conducted by Intellect at the height of last year’s pandemic found. That 84% of Asia Pacific workers said they had experience high levels of burnout, and 88% lost motivation.
“With its technology-enabled end-to-end holistic approach. Intellect is poise to become a leader in providing access to mental health care across Asia,” said Jay Chen, Partner at New York-base Tiger Global. “We are excit to work with the Intellect team as they build flexible, responsive, also modern systems for critical healthcare components.”