Given the prevalence of mental health issues in Asia, it is no surprise that startups arefocused on digital platforms that provide easy access to information and support. Thoughtfull is one such platform, and its recent investment demonstrates the seriousness with which investors are taking these businesses seriously. Southeast Asian mental health startups are poised to domination the region’s market in the coming years.
The round of funding caught the eye of both tech veterans and early-stage investors alike, as it demonstrated Thoughtful’s ability to appeal to a range of potential backers. With offices in Singapore and Manila, Thoughtfull is positioned to expand rapidly across Southeast Asia.
Thoughtfull marks Sheares’ first investment in mental healthcare in Asia as a way to help connect those living with mental illness and their families around the region. The company’s other investments include its latest exit, a U.S.-based senior care company called Iora Health that was acquired by One Medical. This shows how Thoughtfull is looking to invest in both traditional and new business sectors in order to expand its reach and improve the quality of life for people all over the world.
ThoughtfullChat is a platform that provides users with personalized self-guided content and progress tracking, as well as access to mental health professionals through video calls and text-based coaching. This allows people of all ages to get the support they need to overcome any obstacle in their lives.
In light of recent criticisms, Thoughtful has decided to release its financials for 2019. According to the company’s latest report, revenue grew by an astronomic 30x in total since its launch one year ago. Additionally, despite tumultuous economic times throughout 2018, the company’s mental health professional network now spans 57 locations in Asia and 95 locations around the world! Its app is available in 11 languages, demonstrating continued international expansion fueled by demand from patients and providers alike.
One of the biggest challenges that mental health therapy companies face is the fragmentation of mental healthcare systems. This means that many people do not have access to quality mental healthcare, which can make it difficult for employers to include programs in their benefits packages. Additionally, insurance policies and government benefits tend not to cover mental health therapies as much as they do traditional medical treatments. This makes it difficult for employers to effectively provide on-the-job support for employees who are struggling with mental health issues.
Thoughtfull is changing the way mental health care is provided in South-East Asia. By partnering with insurers, they are able to make mental healthcare more affordable for both corporate employers and individuals. This helps to break down any barriers to accessing mental health care and opens up new opportunities for people who need it.
This announcement is significant for two reasons. Firstly, it’s confirmation that Sheares Healthcare believes in the potential of Thoughtfull’s platform and sees great value in what they are doing. Secondly, it shows just how quickly Thoughtfull have been able to gain acceptance from some of the biggest names in healthcare – this is a testament to their team’s brilliance and innovation.
Medical professionals in emerging economies have long been at a disadvantage when it comes to accessing mental healthcare. Southeast Asia’s nascent mental healthcare startup ecosystem is aimed at changing that. MindFi is a corporate mental health and wellness platform that uses design as its tool to reach people who need help. Canva is a platform for creating graphics and videos, and Global Founders Capital and M Ventures Partners are investors in MindFi. With the help of these providers, the region’s burgeoning mental health industry looks set to make significant strides forward in helping millions of people get the support they need to live healthy, productive lives.
