SG mental health startup Intellect secures $10m in Series A extension led by Tiger Global

Intellect chief executive and co-founder Theodoric Chew. Photo: Intellect.

Singapore-headquartered mental health startup Intellect has raised an additional $10 million in a Series A extension led by Tiger Global, per its announcement on Tuesday.

This brings the total funds raised by Intellect in its Series A round to $20 million.

The round also saw participation from existing investors Insignia Ventures Partners and HOF Capital as well as new investors K3 Ventures, JAFCO Asia, Singtel Innov8 and PERSOL Holdings.

Intellect will use the additional capital towards scaling its commercial expansion plans and teams across Asia. The company is also looking to build a digitally-enabled, fully-stacked mental healthcare system for employees across Asia.

This comes as 84% of respondents in a 2021 workplace study conducted by Intellect in APAC reported high levels of exhaustion; 88% said they were disengaged from work.

The company is now looking to normalise mental well-being conversations at the workplace. It seeks to provide support for behavioural and mental health concerns through interventions and self-guided cognitive behaviour therapy programmes.

The platform had raised initially raised $10 million in its Series A round in January, which was led by New York-based venture capital firm HOF Capital.

According to the company’s filings with the Accounting and Corporate Regulatory Authority (ACRA), HOF Capital invested $3 million in the round.

Existing investor Insignia Ventures Partners also participated, contributing $1.9 million, while MS&AD Ventures and Headline (formerly known as Infinity Ventures) offered $1 million each.

Other investors include East Ventures ($500,000), Pioneer Fund ($100,000), and DG Daiwa Ventures ($200,000), angel investors including ShopBack co-founder Henry Chan and Cathay Innovation investment director Rajive Keshup, and family offices.

Prior to this, the company had raised $2.2 million in a pre-Series A in August 2021 and $800,000 in seed funding in December 2020.

Launched in 2020, Intellect serves over 3 million people across more than 60 countries. Its therapists and coaches are based in 20 countries. The platform stays relevant to users through localised coverage and self-guided programmes in 15 languages.

Intellect counts international enterprise companies such as Merck, Philips, foodpanda, Singtel, Shopee, and Omnicom Media Group as its partners.

Tiger Global partner Jay Chen said, “with its tech-empowered, end-to-end holistic approach, Intellect is poised to become a leader in offering access to mental healthcare across Asia”.

“We are excited to partner with the Intellect team as it builds a flexible, responsive and modern system for a critical component of healthcare,” he added.

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