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 companies, insurers and healthcare professionals in Asia end-to-end mental health care through its digital platforms.
Its ThoughtFullChat mobile app provides a range of personalized mental health services, including personalized content, progress tracking tools, professional mental health support, and text and video chat coaching.
It also has a provider-facing platform called ThoughtFullChat Pro that provides mental health professionals with access to information and data to advance their practice.
To date, ThoughtFull has users in 95 locations globally, while its network of mental health professionals now spans 57 locations in Asia.
WHAT’S THE POINT
Based on a press release, ThoughtFull plans to use its new funds to further expand in Asia and deepen its offerings across the patient journey. It will also use its new funds to conduct further clinical research in the region to provide more Asia-focused insights for personalized mental health care.
ThoughtFull has helped meet the growing demand for mental health and mental wellness solutions in Asia. Last year he linked up with AIA Malaysia will provide end-to-end online mental health support as part of the insurer’s enterprise solutions portfolio. In late 2022, ThoughtFull entered into a partnership with another insurer, FWD, to provide customers in Hong Kong and Thailand with access to digital mental health solutions.
MARKET OVERVIEW
Other mental health startups across Asia have also attracted investment for their expansions since the start of the new year. Mind Cafe, South Korea’s Atommerce mental health platform, is building its mental health ecosystem using nearly $5 million in strategic investments it received from Lotte Healthcare and Samsung Venture Investment in January. .
Last month, a Thai startup Ooca secured undisclosed funding from Bangkok Dusit Medical Services, one of Thailand’s largest healthcare providers, to expand its online mental health services across the patient journey.
