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MindFi raises US$2m for Asia Pacific expansion

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MindFi, the Singapore-based corporate mental health and wellness app, has completed an oversubscribed US$2m seed funding round.

The funding will enable the firm to accelerate its AI-driven product development, localise in key markets, and further pursue its vision of “culturally competent” wellness in a region where cultural values such as interpersonal harmony, loss of face, and filial piety strongly influence people’s receptivity to mental health services and support, it said.

MindFi delivers 24/7 guided self-care programmes, community forums and group therapy, and intelligent matching with diverse coaches and therapists via an app.

HR leaders and corporate clients can access anonymised analytics to measure and support their employees’ health and productivity.

The app’s personalised recommendations are based on a user’s unique human wellbeing profile (HWP), which aggregates mental health data from MindFi app usage, such as moods and stress levels, with physical health data from wearables, such as sleep, heart rates and daily activity.

Since completing the Y Combinator program in September 2021, MindFi has tripled its employee headcount and recorded 5x annual revenue growth.

The platform now operates in 20 markets across APAC, where its services can be accessed in 16 languages.

Corporate clients include Fortune 500 companies and high-growth startups, such as Visa, Willis Towers Watson and Patsnap, and to date, usage of MindFi’s app-based mental health and wellness programs is 10 times higher than traditional teletherapy services.

CEO Bjorn Lee said: “A mental health solution for Asia cannot be copy-pasted over from other regions. Wellbeing is multi-dimensional, and we seek to build a localised understanding of wellbeing that takes physical and cultural differences into account.

“To achieve this, we leverage self-reported assessments, wearable data, guidance from culturally-intelligent care providers and so much more. Ultimately our goal is to drive the #MindFitness movement and champion a future where people are empowered to take charge of their mental wellbeing.

 MindFi’s medical advisor Professor Kua Ee Heok said: “While there is a scramble for new health solutions in Asia, the region is very diverse in culture, language and illness behaviour. Technology products need to account for the unique cultural beliefs, mores, nuances and feelings of their users in order to deliver the best types of utility value on a regular basis. I am glad that MindFi is committed to this vision.”

The new funding round saw participation from existing investor M Venture Partners and Global Founders Capital fund, a backer of Canva and Slack.

Carousell co-founder Marcus Tan, Carro executive Kenji Narushima and Spin co-founder Derrick Ko also joined the round, among other prominent angel investors in US and Asia.

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