Singapore-based mental health startup ThoughtFull has raised $4 million in a pre-Series A round led by Temasek’s Sheares Healthcare Group, according to the company’s LinkedIn post, amid a rise in awareness regarding mental well-being at the workplace.
The oversubscribed round was also participated by existing investors Vulpes Investment Management, The Hive Southeast Asia, global family offices, and founding members of Grab and Zalora, as first reported by TechCrunch on Thursday. The report added that ThoughtFull is Sheares’ first investment in mental healthcare in Asia.
DealStreetAsia has reached out to ThoughtFull and Sheares for comment.
“Amidst one of the toughest economic downturns since 2008, tech layoffs, and infinite startup pivots – ThoughtFull has grown from strength to strength – 30x growth since launch, zero layoffs, on a steadfast mission to bring seamless end-to-end mental healthcare for all,” ThoughtFull founder and CEO Joan Low said on her social media page.
Founded in 2019, ThoughtFull says its aim is to make access to end-to-end mental healthcare affordable in Asia. The company has proprietary architecture on its mobile apps ThoughtFullChat and ThoughtFullChat Pro, opening access to personalised mental healthcare.
ThoughtFull announced its oversubscribed $1.1 million seed round in October 2021, supported by investors such as the first Southeast Asian fund by Silicon Valley-based The Hive, Boston-based VC Flybridge, and Singapore-based Vulpes Investment Management, and a blend of family offices and angel investors.
At the time, the funding will be used to fuel ThoughtFull’s growth trajectory, clinical research, and product development.
Awareness of mental well-being grew during COVID-19 as people grappled with fear and anxiety of an uncertain future. Many employees and startup founders faced intense pressures during this time yet stopped short of seeking help.
Venture capitalists have since jumped on the wagon, backing health techs and mental health-related startups to back research and product developments as part of efforts to improve the way people live which, in turn, will improve productivity and well-being.
For instance, East Ventures, an Indonesia-focused venture capital firm, has so far invested in companies such as Intellect, Mindtera, Riliv, and Bicarakan.id. “We wanted to actively champion startups that would directly be able to help our communities,” Stacy Oentoro, VP of Investment at East Ventures, says in a note on the company’s website.
Intellect raised an additional $10 million in a Series A extension round led by Tiger Global in July 2022, bringing the total funds raised in the round to $20 million.
In February 2023, Thailand’s first mental health platform ooca also closed an undisclosed Series A funding round from Thailand’s biggest hospital group, Bangkok Dusit Medical Services (BDMS).