Singapore mental health platform MindFi bags $750k from iGlobe Partners, others

Bjorn Lee, founder of MindFi

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.