Former JP Morgan exec’s mental health startup nets $1.1m in seed round

ThoughtFull, a Southeast Asia-based healthtech startup, has raised US$1.1 million in a seed round from The Hive Southeast Asia, Flybridge, and Vulpes Investment Management, as well as several family offices and angel investors.

ThoughtFull founder and CEO Joan Low / Photo credit: ThoughtFull

Founded in 2019 by Joan Low, a former analyst and associate banker at JP Morgan, ThoughtFull focuses on mental health and wellness. Through its mobile apps, ThoughtFull Chat and ThoughtFullChat Pro, the company aims to help people connect with healthcare professionals who give them personalized solutions. It also works with employers, insurers, and pharmaceuticals to offer services, such as one-on-one coaching and insights-driven therapy.

Currently available in Singapore, Malaysia, and the Philippines, the firm has onboarded users across 43 countries. The number of active users on the platform has grown 69x since the launch of its app in May 2020, the company told Tech in Asia, though it did not disclose the exact figures. Since ThoughtFull’s launch, its professional network has grown tenfold, having healthcare personnel across 14 locations and offering services in nine Asian languages. Further, the number of enterprise clients it serves has grown 10x, while its pilot conversion rate and retention rate are both at 100%, the company added.

The startup will use the latest funds for product development and to hire more talents in the coming months, among other things. The company also plans to expand further into Southeast Asia.

“Even before the pandemic, ThoughtFull has always set out to change the conversation around mental health from awareness to action. However, the infrastructure is still nascent and there is much to do to smoothen out the process for people to proactively engage with their mental wellbeing,” ThoughtFull CEO and founder Low said in a statement.