Psychological wellness startup MindFi operates all through APAC, however desires to ship “culturally competent” care in every of its markets. To do this, it develops applications for its app, obtainable as an worker profit, with native suppliers that take into consideration faith, gender stereotypes, racial illustration, communication model and values, co-founder and CEO Bjorn Lee advised TechCrunch.
Right this moment the Singapore-based firm introduced it has closed an oversubscribed $2 million seed spherical, with participation from returning traders M Enterprise Companions and International Founders Capital. Angel traders included Carousell co-founder Marcus Tan, Carro govt Kenji Narushima and Spin co-founder Derrick Ko.
MindFi (brief for Thoughts Health) took half in Y Combinator’s summer time 2021 cohort. It at the moment operates throughout the Asia-Pacific area, together with Sinagpore, Hong Kong and Australia, and presents its providers in 16 languages. Its company purchasers embody Visa, Willis Towers Watson and Patsnap. In whole, MindFi’s merchandise serve 100,000 staff throughout 35 employers in 15 markets.
Whereas psychological well being startups have gained so much funding in the US, particularly through the pandemic, it’s nonetheless a nascent house in a lot of Asia. MindFi is amongst a cluster of startups working to alter that. Others which have just lately raised funding embody Mind (one other Y Combinator alum) and Thoughtfull.
The MindFi app comprises self-directed psychological wellness applications, neighborhood boards, group remedy and an AI-based matching system for coaches and therapists. Customers’ profiles combination information from MindFi with info from their health wearables, together with sleep, coronary heart charge and each day exercise.
Lee advised TechCrunch that its seed funding might be used to speed up the event of its AI engine, advance the combination of physiological information from wearables to MindFi’s psychological well being information and work with native specialists to create in-app applications in its key APAC markets. Although Lee stated there’s a comparatively low availability of licensed psychological well being professionals in APAC in comparison with the USA or Europe, it’s vital to verify its applications match into numerous cultural contexts so customers really feel snug about getting assist.
In a press release, M Ventures companion Mayank Parekh stated, “Psychological well being has been historically ignored in most international locations, extra so in fast-growth Asia. We really feel the market is at the moment poorly served, and as founder-first traders, we’re thrilled to work with the MindFi workforce, who collectively carry complementary expertise and perception to unravel a big drawback.”