Singapore-based mental health startup Intellect has raised US$10 million Series A funding in a round led by New York-based HOF Capital and with the participation of existing investor Insignia Ventures Partners. A number of new investors including Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, and Pioneer Fund also participated in the round.
This is the largest Series A ever raised by a mental health startup in Asia, according to the company. It brings Intellect's total funding to US$13 million since its launch in 2020. Intellect plans to use the new funding to develop its product offerings, expand its team, and increase its and geographical reach, with a focus on Asia. The startup currently has a presence in 20 countries and boasts some 3 million users.
“We witnessed how impeccably fast Theodoric and the Intellect team managed to successfully execute their vision to build and scale their clinically-backed mental health platform across Asia at breakneck speed, through an extremely in-depth understanding of the space and region’s nuances," said Victor Wang, Partner at HOF Capital. He added that HOF Capital plans to back Intellect for the long term.
Intellect's revenue shot up 20x during 2021, due to adoption by a number of large enterprise clients including Singtel, Shopback, foodpanda, Kuehne & Nagel, and Schroders, among others.