Singapore-primarily based Intellect has raised an more $10 million in a Collection A extension led by Tiger International, doubling the full for the financial investment spherical to $20 million, which will be made use of to support the mental health and fitness startup’s enlargement designs throughout the Asia-Pacific area.
K3 Ventures, the undertaking money organization founded by Kuok Meng Xiong, a grandson of Malaysia’s richest particular person Robert Kuok, also joined the financial investment spherical alongside with new traders JAFCO Asia, Singtel Innov8 and PERSOL Holdings. Existing traders Insignia Ventures Partners and HOF Funds also participated.
Theodoric Chew—who was highlighted in this year’s Forbes 30 Beneath 30 checklist for Asia—founded Intellect in 2019 as a digital system for psychological wellness that connects individuals to therapists on the net. The timing was prescient as desire for the application skyrocketed all through the Covid-19 pandemic. The organization now has in excess of 3 million users and counts Foodpanda, Merck, Philips and telecom huge Singtel amongst its essential corporate shoppers, providing Intellect’s expert services as component of their personnel reward courses.
“Intellect’s mission is normalize mental wellness and change the society toward much more open up discussions about own wellbeing, in the long run eliminating the stigma hooked up,” Chew, 26, who dropped out of Raffles Establishment, just one of Singapore’s leading junior faculties, a ten years ago soon after battling stress and anxiety, explained in a assertion. “We are lucky Intellect is able to not just defend, but intensely double down on our perform to adjust how mental healthcare is completed for all of Asia Pacific. Our aim is perform a primary job in fixing the region’s psychological health crisis and we’re genuinely psyched to be at the forefront of driving this transform.”
There has been an greater incidence of burnout between workers in Asia Pacific in the earlier two several years subsequent the prevalent disruptions introduced on by lockdowns and other limitations aimed at battling the pandemic. A survey done by Intellect at the peak of the pandemic last year confirmed 84% of staff throughout the Asia Pacific claimed they seasoned high stages of exhaustion and 88% were being disengaged from work.
“With its tech-empowered, conclude-to-finish holistic solution, Intellect is poised to turn into a chief in offering obtain to mental healthcare across Asia,” stated Jay Chen, associate at New York-based Tiger World wide. “We are energized to associate with the Intellect crew as it builds a adaptable, responsive and modern system for a critical element of healthcare.”