Singapore-based mental health wellness app MindFi has raised $750,000 (S$1 million) in pre-seed funding.
Venture capital firm iGlobe Partners, M Venture Partners (MVP), and angel investors such as Koh Boon Hwee, Patsnap founder and CEO Jeffrey Tiong, Zopim co-founder Lim Qing Ru, Natasha Foong, Aakash Degwekar, and Shadab Farooqui were among the investors, the startup announced in a press statement.
The funding comes close on the heels of MindFi’s selection in Y Combinator’s (YC) Summer 2021 programme, according to the statement.
MindFi will use the fresh funds to accelerate its product development and also to localise its product for key markets in Asia. It also has plans to build its team of mental health experts, innovators, and researchers.
Launched in 2017 by Bjorn Lee, MindFi delivers personalised recommendations, 24/7 guided self-care programmes, and intelligent matching with coaches and therapists through its mobile app. Recommendations are powered by a proprietary AI algorithm that creates a user’s unique psychometric profile, with accuracy enhanced by the user’s daily steps, sleep, mood, breathing, and heart rates.
A report by Transparency Market Research (TMR) expects the Asia Pacific corporate wellness market to grow from $3.4 billion in 2015 to $7.4 billion by 2024.
In recent months, several mental health wellness firms have bagged funding.
This month, Singapore- and San Francisco-based company Revery raised $2 million in a pre-seed funding round led by Surge, a rapid scale-up programme by Sequoia Capital India for startups in Southeast Asia and India. The round also saw participation from Pascal Capital, GGV Capital, Razer’s early-stage venture capital arm zVentures, and Patron.
In May, India’s AI-based mental health platform Wysa raised $5.5 million as a part of its Series A financing round led by Boston-based digital health investor, W Health Ventures. The funds will go towards supporting its offering to employers who want to expand their mental health benefits, as well as scale up Wysa’s sales team and therapist network.