Southeast Asian mental health startups are getting more investor attention. Last week, Intellect announced a strategic investment from IHH Healthcare, Asia’s largest private healthcare group. Now Thinkfull, another Asia-focused digital mental health platform, has raised $4 million in a pre-series one round led by Shares Healthcare Group. Shears is a wholly owned subsidiary of Temasek.
The round, which Tweetful said was oversubscribed, included participation from returning investors Vulpes Investment Management, The Hive Southeast Asia, Global Family Offices and founding members of companies such as Grab and Zalora. TechCrunch last covered when Thinkfull raised its seed in October 2021.
Thinkfull marks Sheares’ first investment in mental health care in Asia. Shares’ other investments include its recent exit, which was acquired by OneMedical, a US-based healthcare company called Iora Health.
The startup’s platform, called ThoughtfullChat, includes personalized self-directed content and progress monitoring and access to mental health professionals via video calls and text-based coaching.
Since its launch in 2019, it says its revenue has grown a total of 30x. Revenue grew 10x year-over-year despite the recession last year. Its mental health professional network now includes 57 locations in Asia and has users in 95 locations worldwide. Its app is available in 11 languages.
The initiative addresses challenges such as fragmented mental health care systems and lack of coverage in insurance policies, which make it difficult for employers to include mental health programs in their benefits.
Thinkfull In 2022, the first mental health startup in the region partnered with insurers such as AIA Malaysia to provide corporate clients with access to mental health support through the AIA Corporate Solutions portfolio. It has launched a similar partnership with another insurer, FWD, to provide affordable mental health services in Hong Kong and Thailand. One of the reasons he works with insurers is to make mental health care more affordable for both corporate employers and individuals.
“Thotfull aligns with Sherus’ mission to advance seamless, end-to-end mental health care and invest in companies that are creating the future of healthcare through innovation and patience,” said Xu Yi Ping, chief corporate development officer of Sherus Healthcare, in a prepared statement. – Focused care. Their series of award-winning partnerships clearly demonstrates their passion and is a testament to the strength of their team.
In addition to Intellect and Thinkfull, Southeast Asia’s new mental healthcare startup ecosystem includes MindFi, a corporate mental health and wellness platform backed by Canva, Global Founders Capital and M Venture Partners.
