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MindFi, a Singapore-based corporate mental health and wellness platform, announced raising $2 million in its Seed funding round backed by existing investors M Venture Partners and Global Founders Capital.
Also joining the round were Carousell co-founder Marcus Tan, Carro executive Kenji Narushima, Spin co-founder Derrick Ko, and other prominent angel investors in the US and Asia.
The startup said the fresh funding allows it to accelerate its AI-driven product development, localize in key markets, and further pursue its vision of “culturally competent” wellness in the region.
MindFi delivers 24/7 guided self-care programs, community forums and group therapy, and intelligent matching with diverse coaches and therapists — all in a single mobile app. HR leaders and corporate clients can access anonymized analytics to measure and support their employees’ health and productivity.
The app’s personalized recommendations are based on a user’s unique Human Wellbeing Profile (HWP), which aggregates mental health data from MindFi app usage, such as moods and stress levels, with physical health data from wearables, such as sleep, heart rates, and daily activity.
Since completing the Y Combinator program in September 2021, MindFi has tripled its employee headcount and recorded 5x annual revenue growth. The platform now operates in 20 markets across APAC, where its services can be accessed in 16 languages.
Its corporate clients include Fortune 500 companies and high-growth startups, such as Visa, Willis Towers Watson, and Patsnap, and to date, usage of MindFi’s app-based mental health and wellness programs is 10 times higher than traditional teletherapy services.
“Wellbeing is multi-dimensional, and we seek to build a localised understanding of wellbeing that takes physical and cultural differences into account. To achieve this, we leverage self-reported assessments, wearable data, guidance from culturally-intelligent care providers, and so much more,” said Bjorn Lee, CEO of MindFi.
Professor Kua Ee Heok of the Yong Loo Lin School of Medicine, NUS, and MindFi’s Medical Advisor, explains, “While there is a scramble for new health solutions in Asia, the region is very diverse in culture, language, and illness behavior”.
“Technology products need to account for the unique cultural beliefs, mores, nuances and feelings of their users in order to deliver the best types of utility value on a regular basis. I am glad that MindFi is committed to this vision,” Kua said.