Singapore-based digital mental health company ThoughtFull has raised $4 million in a pre-Series A funding round led by Sheares Healthcare Group, a healthcare-focused investment entity under Temasek. The round was also joined by Vulpes Investment Management, The Hive Southeast Asia, and founding members of tech giants, such as Grab and Zalora.
The company offers corporations, insurers, and healthcare professionals around Asia end-to-end mental healthcare through its digital platforms.
Its mobile app ThoughtFullChat provides a range of personalised mental healthcare services including personalised content, progress tracking tools, professional mental health support and coaching via text and video chat.
It also has a provider-facing platform called ThoughtFullChat Pro which provides mental health professionals with access to insights and data to scale their practice.
To date, ThoughtFull has users in 95 locations worldwide while its network of mental health professionals now spans 57 locations across Asia.
WHAT IT’S FOR
Based on a press statement, ThoughtFull plans to use its fresh funds to further expand across Asia and deepen its offerings across the entire patient journey. It will also use its new funds to conduct further clinical research in the region to provide more Asia-focused insights for personalised mental healthcare.
ThoughtFull has been helping address the rising demand for mental health and mental wellness solutions across Asia. Last year, it tied up with AIA Malaysia to provide end-to-end online mental health support as part of the insurer’s Corporate Solutions portfolio. By the end of 2022, ThoughtFull secured a partnership with another insurer, FWD, to provide its clients in Hong Kong and Thailand with access to digital mental health solutions.
MARKET SNAPSHOT
Other mental health startups across Asia have also attracted investments for their expansions since the start of the new year. Mind Cafe, the mental healthcare platform of Atommerce from South Korea, is now building its mental health ecosystem using almost $5 million in strategic investments it received from Lotte Healthcare and Samsung Venture Investment in January.
Just last month, Thai startup Ooca obtained undisclosed funding from Bangkok Dusit Medical Services, one of Thailand’s largest healthcare providers, to expand its online mental health services across the entire patient journey.
