MindFi snaps up $2M in seed funding

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Singapore-based company psychological well being and wellness platform MindFi has raised $2 million from an oversubscribed seed funding spherical participated by Canva and Slack backer World Founders Capital and M Enterprise Companions. 

The investing spherical was additionally joined by angel buyers, together with Carousell co-founder Marcus Tan, Carro government Kenji Narushima, and Spin co-founder Derrick Ko. 

Launched in 2017, MindFi provides guided self-care programmes and good matching with coaches and therapists. It additionally hosts group boards and group remedy on its cellular app, which is obtainable on each iOS and Android gadgets. The platform gives human useful resource leaders with anonymised analytics to measure and help their workers’ well being and productiveness. 

Personalised suggestions are additionally provided. These are based mostly on an individual’s wellbeing profile, which mixes their psychological well being knowledge from utilizing the MindFi app, reminiscent of moods and stress ranges, and bodily well being knowledge from wearable gadgets, reminiscent of sleep, coronary heart charges, and each day actions.

WHY IT MATTERS

In keeping with a press assertion, MindFi will deploy its seed fund to drive product growth and localise choices in its key markets. “Wellbeing is multi-dimensional and we search to construct a localised understanding of wellbeing that takes bodily and cultural variations into consideration,” stated CEO Bjorn Lee, who additionally shared that their final objective is to spur a thoughts health motion and self-management of psychological wellbeing.

The corporate now operates in 20 markets throughout Asia-Pacific the place it’s accessible in 16 languages. Its record of company shoppers contains Visa, Willis Towers Watson, and Patsnap.  

THE LARGER TREND

In August final yr, MindFi scored SG$1 million ($750,000) in a pre-seed funding spherical which was initially used to hasten its product growth and localisation in main Asian markets.

A report by Transparency Market Analysis projected that the company wellness market in APAC will hit $8.6 billion by 2028, rising at a 7.6% CAGR from final yr. Its main progress driver is the rising instances of power problems within the area, together with a rising senior inhabitants. 

ON THE RECORD

“MindFi addresses nice inter-ethnic variations by combining a novel community-based method with native knowledge insights, scientific and technological understanding, and lived experiences”, stated Erica Johnson, founding father of Trendy Well being.

Kua Ee Heok, professor on the Yong Lavatory Lin Faculty of Drugs of the Nationwide College of Singapore stated: “Whereas there’s a scramble for brand new well being options in Asia, the area may be very numerous in tradition, language, and sickness behaviour. Know-how merchandise must account for the distinctive cultural beliefs, mores, nuances and emotions of their customers in an effort to ship the most effective kinds of utility worth frequently. I’m glad that MindFi is dedicated to this imaginative and prescient.”

“Psychological well being has been historically neglected in most nations, however extra so in fast-growth Asia. We really feel the market is presently poorly served and as founder-first buyers, we’re thrilled to work with the MindFi group, who collectively deliver complementary abilities and perception to resolve a big downside,” Mayank Parekh, a associate at M Enterprise Companions, additionally commented.



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