Intellect closes US$10m Series A funding

This is the largest Series A raised by a mental health startup in Asia.

Intellect announced the closing of its US$10m ($13.43m) in Series A funding, bringing the total funding to US$13m ($17.46m) since launching in 2020.

New York-based HOF Capital led the oversubscribed round. It also welcomed new investors Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund, and existing investor Insignia Ventures Partners.

Other notable angel investors this round included Shopback Co-founder and CEO Henry Chan, Cathay Innovation's Rajive Keshup, former Headspace VP of Engineering Neel Palrecha, Forge Samvit Ramadurgam Co-founder, Peak Co-founder Sagi Shorrer, Snap director of SEA Anubhav Nayyar, and Tinder & Match Group GM of SEA Gaurav Girotra, along with family office funds of billionaire founders.

"It is clear that there is a growing demand for mental healthcare in Asia that will surge even higher in the new normal. At the same time, existing mental health benefits and mental healthcare systems are under-equipped to service this surging need at scale," stated CEO Theodoric Chew.

"Intellect goes beyond supporting workforces, going deeper into our broader vision of building an entirely new mental healthcare system tailored specifically for Asia. We're honoured to be leading this charge with the support of investors and partners."

Intellect offers an end-to-end, 24/7 mental healthcare system in a single app. It has a mental health benefits solution for employers that features clinical-based digital therapy programs along with telehealth services, connecting employees to a panel of licensed coaches and clinical therapists within minutes. It also has a consumer version of the app, which offers an introductory mental wellbeing platform.

(US$1 = SG$1.34)