Singapore-based mental healthcare startup Intellect raises USD 10M in Series A

Intellect, a Singaporean mental health startup focused primarily on Asia-Pacific markets, has raised USD 10 million in a Series A round led by HOF Capital on 25 January 2022. 

Investors: HOF Capital led the latest funding round with participation from Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures and Pioneer Fund. Many prominent angels such as Shopback co-founder and CEO Henry Chan; former Headspace VP of Engineering Neel Palrecha; Cathay Innovation’s Rajive Keshup; Forge co-founder Samvit Ramadurgam; Snap Inc. Director of Southeast Asia Anubhav Nayyar; Peak co-founder Sagi Shorrer; and Tinder and Match Group, general manager of Southeast Asia Gaurav Girotra, contributed to the round. In addition, Insignia Ventures Partners, an existing investor, has also returned. 

The Objectives behind the funding: The company plans to deploy the current proceeds to grow its product, engineering and commercial teams as it continues expanding into new markets.

About Intellect

Founded in 2020 by Anurag Chutani and Theodoric Chew, Intellect is a modern-day mental health company with a mission to make mental healthcare & wellbeing support accessible for everyone. The company presently has about three million registered users in 20 countries, with a robust commercial presence in Hong Kong, Singapore, and Australia, said Theodoric Chew. Its services, including self-directed mental wellness programs in 15 languages and online therapy sessions, are available through two channels: as an employee benefit and through Intellect’s consumer application. The startup also claims its YOY revenue grew by more than 20x in 2021, primarily due to new enterprise clients like foodpanda, Schroders, Shopback, Kuehne & Nagel and Singtel. It also partners with insurers and benefits brokers like Mercer.

What the Founder has to say:

Theodoric Chew, Co-founder and CEO of Intellect, said, “Intellect’s vision isn’t simply to be a self-care app or an employee benefits platform solely, but a full mental healthcare system for Asia. That drives a differentiated approach in how we build our platform which caters from the smallest of daily struggles through self-guided programs, all the way to clinical therapy for chronic issues.”

What the Investor has to say:

In a statement about the investment, HOF Capital partner Victor Wong said, “The need for mental health support is exceedingly timely today, and it continues to rapidly grow in demand across the world. Intellect has grown to over 3 million individuals and enterprises across 20 countries in just under two years, and we’re very excited to back them for the long term as they continue to transform millions of lives through inventing a new mental healthcare system for workforces and individuals across Asia.”

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

We try our 2022 best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Next Article