Investing in Research and Development
The London-based company said it would use the new capital to make business investments in product research and development (R&D) and expand its business reach. The startup developed an app based on a series of questions to help employees gain a better understanding of their own mental health states, which sometimes include depression, anxiety, insomnia, among other manifestations.
The startup also offers advice exercises, podcasts, links, and other types of content to help its users address mental health concerns. Unmind also provides business services to employers and shares anonymized data it gathers to help them come up with a response to their employees’ needs.
"Unmind was built on the belief that everyone has the right to a healthy mind. Thanks to the support from our investors, this round of funding gives us the opportunity to scale our team while further developing the product with clinically backed insights and research,” said Dr. Nick Taylor, co-founder and CEO of Unmind.
“At Unmind, we see the future of mental healthcare rooted in prevention. After all, we all have mental health, all of the time, and just like physical health or dental health, there's a range of ways we can proactively nurture and improve it."
The adoption of the app ranges between 15% and 60% of a company’s workforce, the startup company said. It also claims that 88% of those who used the app have improved their mental wellbeing, while 92% said they better understand their mental state and have gained more confidence.
Business revenue at the startup company surged by more than threefold in the last 12 months, according to an Unmind press release. The company serves major retailers, including John Lewis and M&S, as well as other major companies such as Uber, Samsung, Virgin Media, British Airways, and Asos.
Taylor, a psychologist with years of experience in the mental health care industry, believes it is important to connect with our mental health in the same way we do with healthcare. Similarly, mental health is considered as important as our physical health, but it hasn’t been that way for a long time, notes Alastair Mitchell, a partner at EQT Ventures.
That’s one of the reasons behind the massive surge in the popularity of consumer mental health apps, Mitchell added. Hence, it comes as no surprise that Unmind is not the only startup trying to leverage the demand for such apps.
San Francisco-based Ginger is also a popular startup company that has developed a platform that partners with employers, healthcare providers, and stakeholders to help consumers explore and manage their mental health.
Other similar apps include New York-based Welbot, Spill, and meditation apps Calm and Headspace. Yesterday, Startup Savant reported that mental health startup company MentalHappy raised $1.1 million in seed business funding.
Unmind, a mental health startup from London, announced it raised $47 billion in a Series B round led by EQT Ventures. The company said it would use the business proceeds to continue investing in product R&D and broaden its business reach.