Y Combinator co-leads $2.2m round of Carousell CEO-backed mental health firm

Intellect, a mental health firm based in Singapore, has raised US$2.2 million in its latest round of funding.

More funding details

• Lead investors: Insignia Ventures Partners, Y Combinator, and XA Network
• Other investors: JJ Chai, CEO of Rainforest; Danny Yeung, founder of Prenetics and CircleDNA; Gilberto Gaeta, Google HR operations director; and family office funds
• Stage: Pre-series A

More company updates

• The fresh funds will bankroll Intellect’s expansion plans for its products and operations.
• Intellect has two product suites: a mental health solution for employers that features clinically-based digitized therapy programs along with telehealth services and a consumer app that carries self-guided digitized therapy programs.
• Its corporate clientele includes Avery Dennison and Schroders as well as tech unicorns like Foodpanda, ShopBack, and Carousell. Intellect also provides its services to government agencies.
• As of the beginning of August 2021, Intellect had 2.5 million app users and signed more than 20 enterprise clients to its corporate mental health programs.
• Currently, the company has over 10 clinical studies underway in collaboration with institutions including National University of Singapore, King’s College London, University of Queensland, and the Singapore General Hospital.
• Intellect said that 70% of its users have reported at least a 20% decrease in anxiety and a 10% reduction in stress after using its programs for over four weeks.
• The company is part of Y Combinator’s latest cohort, which has over 3x the number of startups from Southeast Asia compared to the previous batch.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.