Asia's largest and fastest growing mental health startup, Intellect, announced the closing of US $ 10 million in Series A funding, bringing total funding to US $ 13 million since launching in 2020. This is the largest Series A ever raised by a mental health startup in Asia.

The oversubscribed round was led by New York-based HOF Capital and welcomed new investors including Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund, as well as existing investor Insignia Ventures Partners.

Other notable angel investors this round included Shopback Co-founder & CEO Henry Chan, Cathay Innovation's Rajive Keshup, former Headspace VP of Engineering Neel Palrecha, Co-founder of US unicorn Forge Samvit Ramadurgam, Peak Co-founder Sagi Shorrer, Snap Inc. Director of SEA Anubhav Nayyar, Tinder & Match Group GM of SEA Gaurav Girotra, along with family office funds of billionaire founders.

"It is very clear that there is growing demand for mental healthcare in Asia that will surge even higher in the new normal. At the same time, existing mental health benefits and mental healthcare systems are under equipped to service this surging need at scale," states Theodoric Chew, Co-founder & CEO of Intellect. "Intellect goes beyond supporting workforces, going deeper into our broader vision of building an entirely new mental healthcare system tailored specifically for Asia. We're honoured to be leading this charge with the support of investors and partners."

"To massively scale our offerings across Asia, we're now hiring across our product, engineering, and commercial teams, as well as building our presence in key markets."
The latest funds will be used to rapidly scale its offerings, team and expand across Asia, growing Intellect's customers, and network of behavioural health coaches and clinical therapists. Intellect has over three million users, provider coverage in 20 countries, and is available in 15 languages. The funding will also be used to grow the company's product offering to serve the entire spectrum of mental healthcare, from self-care programs to live counselling, coaching, and crisis management care.
Intellect also saw its year-on-year revenue surge by over 20 fold in 2021, with a major uptick in enterprise clients signing on to its corporate mental health benefits solution - such as foodpanda, Shopback, Singtel, Kuehne & Nagel, and Schroders, amongst others - cementing itself as one of the largest and fastest growing mental health startups in Asia.
The company also has a consumer version of the app which offers an introductory mental wellbeing platform, carrying self-guided cognitive behaviour therapy programs.