Southeast Asia’s mental health startups are getting more investor attention.
Last week, Intellect announced a strategic investment from IHH Healthcare, Asia’s largest private healthcare group. Now Thoughtfull, another digital mental health platform focused on Asia, has raised $4 million in a pre-Series A round led by Sheares Healthcare Group. Sheares is a wholly-owned subsidiary of Temasek.
The round, which Thoughtfull said was oversubscribed, also saw participation from returning investors Vulpes Investment Management, The Hive Southeast Asia, global family offices and founding members of companies like Grab and Zalora. TechCrunch last covered Thoughtfull in October 2021, when it raised its seed round.
Thoughtfull marks Sheares’ first investment in mental healthcare in Asia. Sheares recently exited from a U.S.-based senior care company called Iora Health that was acquired by One Medical.
Called ThoughtfullChat, the startup’s platform includes personalized self-guided content and progress tracking, and access to mental health professionals through video calls and text-based coaching.
Thoughtfull claims that since its launch in 2019, its revenue has grown 30 times in total. Over the past year, revenue rose 10 times year-over-year despite economic downturns. Its mental health professional network now includes 57 locations in Asia and it has users in 95 locations around the world. Its app is available in 11 languages.