Singapore-dependent Intellect has raised an added $10 million in a Series A extension led by Tiger World wide, doubling the total for the expenditure round to $20 million, which will be made use of to aid the mental well being startup’s expansion designs across the Asia-Pacific location.
K3 Ventures, the enterprise money organization established by Kuok Meng Xiong, a grandson of Malaysia’s richest man or woman Robert Kuok, also joined the financial commitment round together with new investors JAFCO Asia, Singtel Innov8 and PERSOL Holdings. Existing investors Insignia Ventures Associates and HOF Cash also participated.
Theodoric Chew—who was showcased in this year’s Forbes 30 Below 30 list for Asia—founded Intellect in 2019 as a electronic system for psychological wellness that connects individuals to therapists on the internet. The timing was prescient as demand from customers for the application skyrocketed through the Covid-19 pandemic. The corporation now has in excess of 3 million buyers and counts Foodpanda, Merck, Philips and telecom huge Singtel between its essential company clients, furnishing Intellect’s services as aspect of their staff benefit programs.
“Intellect’s mission is normalize mental health and fitness and change the lifestyle toward more open up conversations about private wellbeing, finally removing the stigma hooked up,” Chew, 26, who dropped out of Raffles Institution, a single of Singapore’s top rated junior schools, a ten years ago just after battling stress, claimed in a assertion. “We are lucky Intellect is ready to not just defend, but greatly double down on our operate to adjust how mental healthcare is carried out for all of Asia Pacific. Our aim is play a main role in solving the region’s mental well being crisis and we’re certainly energized to be at the forefront of driving this change.”
There has been an improved incidence of burnout among the personnel in Asia Pacific in the earlier two decades adhering to the popular disruptions introduced on by lockdowns and other limitations aimed at battling the pandemic. A study carried out by Intellect at the height of the pandemic final 12 months confirmed 84% of personnel across the Asia Pacific said they expert significant degrees of exhaustion and 88% were being disengaged from function.
“With its tech-empowered, finish-to-conclusion holistic method, Intellect is poised to grow to be a leader in providing entry to psychological healthcare across Asia,” said Jay Chen, spouse at New York-based mostly Tiger International. “We are thrilled to lover with the Intellect staff as it builds a adaptable, responsive and present day method for a important ingredient of healthcare.”