Singapore, 12 July 2022 – Intellect, a Singapore-headquartered mental health startup, has raised an additional US$10 million in a Series A extension, led by Tiger Global, bringing Intellect to a Series A total of US$20M (SGD$27.8M). This round was led by Tiger Global and joined by new investors including K3 Ventures, JAFCO Asia, Singtel Innov8, and PERSOL Holdings, with participation from existing investors Insignia Ventures Partners, and HOF Capital.
The additional capital makes this the largest venture round raised by any mental health company in Asia, cementing Intellect’s market leadership within the fast-growing mental health category. The fresh injection of funds will be used to scale Intellect’s commercial expansion plans and teams across Asia. The business is focused on building the region’s first digitally-enabled, fully-stacked mental healthcare system, ensuring it becomes the employee wellbeing solution of choice for all workforces across Asia Pacific.
Launched just two years ago, Intellect has become Asia’s largest and fastest-growing mental health startup, serving more than 3 million lives in over 60 countries, through its therapists and coaches based in 20 countries, providing localised coverage and self-guided programs in 15 languages. It currently works with a variety of international enterprise companies such as Merck, Philips, foodpanda, Singtel, Shopee, Omnicom Media Group and abrdn, amongst others.
As the current workforce struggles with burnout and the adoption of unhealthy coping mechanisms, a focus on mental health in the workplace is more important than ever. A 2021 APAC workplace health study by Intellect showed 84% of APAC respondents reported high levels of exhaustion, while 88% said they were disengaged from work.
Theodoric Chew, Co-founder and CEO, said “Intellect’s mission is to normalise mental health and shift the culture towards more open conversations about personal wellbeing, ultimately removing the stigma attached. We are fortunate that Intellect is able to not just defend, but heavily double down on our work to change how mental health care is done for all of Asia Pacific. Our goal is to play a leading role in solving the region’s mental health crisis, and we’re truly excited to be at the forefront of driving this charge.”
Jay Chen, Partner, Tiger Global, 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.”
As we experience a paradigm shift in addressing personal and employee wellbeing in the workplace, Intellect is driving discourse by normalising mental wellbeing conversations at the workplace, elevating employee-employer communication to the next level. By providing accessible support for behavioural and mental health concerns, Intellect has facilitated timely interventions by fostering positive behavioural shifts via self-guided cognitive behaviour therapy programs.
