MindFi raises $2M in seed funding

Singapore-based mental health and wellness business platform MindFi has raised $2 million from an oversubscribed seed funding round that was joined by Canva and Slack financier Global Founders Capital and M Venture Partners.

The investment round was also joined by angel investors, including Carousell co-founder Marcus Tan, Carro executive Kenji Narushima and Spin co-founder Derrick Ko.

MindFi, launched in 2017, offers guided self-care programs and smart matching with coaches and therapists. It also hosts community forums and group therapy on its mobile app, which is available on both iOS and Android devices. The platform provides HR managers with anonymized analytics to measure and support the health and productivity of their employees.

Personalized recommendations are also offered. These are based on a person’s well-being profile, which combines mental health data from using the MindFi app, such as moods and stress levels, with physical health data from wearable devices, such as sleep, heart rate, and daily activities.

WHY IT MATTER

According to a press statement, MindFi will leverage its seed fund to drive product development and localize offerings in its key markets. “Well-being is multidimensional and we are trying to build a localized understanding of wellbeing that takes into account physical and cultural differences,” said CEO Bjorn Lee, who also shared that their ultimate goal is to promote a mental fitness movement and self-management of mental health.

The company now operates in 20 markets in Asia-Pacific, where it is accessible in 16 languages. The list of corporate clients includes Visa, Willis Towers Watson and Patsnap.

THE BIGGER TREND

Last August, MindFi SG scored $1 million ($750,000) in a pre-seed financing round initially used to accelerate product development and localization in key Asian markets.

A report from Transparency Market Research predicted that the The corporate wellness market in APAC is set to reach $8.6 billion by 2028, growing at a CAGR of 7.6% from last year. The main growth driver is the increasing cases of chronic conditions in the region, along with a rising senior population.

ON THE REGISTRATION

“MindFi addresses major interethnic differences by combining a unique community-based approach with native data insights, clinical and technology understanding, and lived experiences,” said Erica Johnson, founder of Modern Health.

Kua Ee Heok, professor at the Yong Loo Lin School of Medicine at the National University of Singapore, said: “While there is a race for new health solutions in Asia, the region is very diverse in culture, language and disease behaviour. Technological products must take into account keep in mind their users’ unique cultural beliefs, mores, nuances, and feelings to regularly deliver the best kinds of use-value. I’m thrilled MindFi is committed to this vision.”

“Mental health has traditionally been overlooked in most countries, but even more so in fast-growing Asia. We feel the market is being badly served right now, and as founder-first investors, we’re excited to partner with the MindFi- team, bringing together complementary skills and insight to solve an important problem,” noted Mayank Parekh, a partner at M Venture Partners.