Mental health matters, just ask investors

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Hello readers,

Stigma. The word brings to mind quite a few social issues, and mental health is definitely one of them. Luckily enough, thanks to the gradual progression of time and the almost Herculean effort from countless activists, we find ourselves at the dawn of a significant shift in mindsets across Southeast Asia and the globe.

Once seen as taboo almost everywhere, mental health came to the forefront amid the Covid-19 pandemic. People are starting to realize that going to therapy is no different from consulting a physician. And, for obvious reasons, the business opportunity this creates has caught investors’ attention. Talking about investors, if you are an entrepreneur looking for funding, fill in this form to get your company featured on our list of fundraising startups.

Today we look at,

• The rise of mental health startups in Southeast Asia.
• Hong Kong-based WeLab enters Indonesia’s digibank space via the acquisition of Bank Jasa Jakarta
• Other newsy highlights such as VNG mulling a new US$300 million fundraise and One Championship hitting a valuation of US$1.2 billion

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Plunge into uncharted waters

Image credit: Timmy Loen

The fear of the unknown almost always reminds me of my first swimming lesson: As I dove head first into the pool, I never expected to be furiously waving my arms, trying to stay afloat – thank god for inflatable swimming arm bands. This drew a chuckle from my instructor. I had wrongly assumed that swimming would be second nature to human beings. Nonetheless, with practice, the furious movements soon turned to structured ones, and soon enough the uncharted waters seemed more familiar.

Some Southeast Asian mental health startups are embarking on a journey that’s not too different and are hoping for a similar outcome. Rather than competing in the saturated B2C space – where apps like Calm and Headspace dominate – companies such as Naluri and MindFi are diving into the blue ocean that is the B2B market.

• WHO?.. a “what? why? and how?” seems more appropriate: According to the World Health Organization’s 2020 Mental Health Atlas, there are 13 mental health workers for every 100,000 people globally. This number can go as low as 1.4 workers per 100,000 people in low-income countries. Additionally, countries in Southeast Asia spend just under 1% of their healthcare budgets on mental health. This makes the rise of these mental health startups even more significant.

• Circle of wellness: Malaysia-based Naluri gives clients access to psychologists, dieticians, career coaches, financial planners, and even specialists in women’s health. The idea is that users are likely to get lasting results if they look at wellness from all angles.Singapore-based Intellect’s app also offers self-guided courses on topics such as self-esteem, productivity, anxiety, and relationships, as well as a space for activities such as journaling.

• MindFi and chill: Much like a “Netflix for wellness” – as founder and CEO Bjorn Lee puts it – MindFi aims to build a habit loop through a “learn-act-track” approach. It helps users learn by watching on-demand videos that focus on breathing techniques, mindfulness, productivity, and parenting, among other topics.

Read more: Mental health startups reach tipping point in SEA

Squeezing in Indonesia’s crammed digibank space