YC-backed mental health firm bags $10m

Intellect, a Singapore-based mental health startup, has raised US$10 million in a series A round led by HOF Capital.

Intellect co-founder and CEO Theodoric Chew / Photo credit: Intellect

The funding is the largest-ever series A round raised by a mental health startup in Asia, according to Intellect. It also saw the onboarding of new investors: Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, and Pioneer Fund.

Intellect offers a wide range of mental health-focused solutions through a mobile platform that’s available to end consumers and employers. It has more than 3 million users across 20 countries and is available in 15 languages.

The startup said that its year-on-year revenue grew 20x in 2021. More enterprise clients have also joined the Intellect platform, including top brands such as Foodpanda, ShopBack, and Singtel.

Intellect was founded by Theodoric Chew and Anurag Chutani in 2020.

The company, which is backed by the likes of Insignia Ventures Partners and Y Combinator, plans to use the fresh capital to develop products that cover the entire spectrum of mental healthcare and to expand its presence across Asia.

Intellect has raised US$13 million in total funding since its launch.

See also: Mental health startups reach tipping point in SEA

Other investors in this round include:

• Insignia Ventures Partners
• Henry Chan, co-founder of ShopBack
• Rajive Keshup, investor at Cathay Innovation
• Neel Palrecha, former vice president of engineering at Headspace
• Samvit Ramadurgam, co-founder of Forge
• Sagi Shorrer, co-founder of Peak
• Anubhav Nayyar, director of Southeast Asia at Snap
• Gaurav Girotra, Tinder and Match group general manager for Southeast Asia