Tiger Global-backed Intellect Provides Culturally Competent Mental Health Care Solutions in Asia

Intellect, a mental health startup, has ambitious plans to become available across the Asia-Pacific region. However, it recognizes the importance of providing localized and culturally competent care in each market it serves.

Recent Funding and Growth

In a significant development, Intellect announced that it has added $10 million to its war chest in a Series A extension led by Tiger Global. This brings the total funding for the round to $20 million. The initial half of the Series A was announced in January 2022.

Investors and Total Funding

The extension round included new backers such as K3 Ventures, JAFCO Asia, Singtel Innov8, and PERSOL Holdings, with participation from returning investors Insignia Ventures Partners and HOF Capital. This capital brings Intellect’s total funding since its founding in 2019 to $23 million.

Goals and Objectives

Intellect plans to use the additional funding to launch commercially in more markets, expand its operations, and build out its mental health care system. The company’s coverage and self-guided programs are currently available in 15 languages.

Business Model and Clients

Intellect primarily takes a B2B2C model, with companies offering it as an employee benefit. Its clients include Merck, Philips, Foodpanda, Singtel, Shopee, Omnicom Media Group, and abrdn. The company currently serves 3 million users in more than 60 countries and has therapists and coaches based in 20 countries.

Founding Story

Founder and CEO Theodoric Chew explained that the company decided to raise an extension instead of moving on to a Series B because it is in a strong position and making revenue. "With the current economic climate, we wanted to put it in a better position for the next two years and beyond, so we have a strong war chest and are not distracted," he said.

Culturally Competent Care

Intellect recognizes that providing culturally competent care is crucial to its success. Chew stated, "We understand that mental health needs vary across cultures and regions, and we’re committed to providing care that’s tailored to each community."

Market Opportunity

The demand for mental health services in the Asia-Pacific region is growing rapidly. Intellect aims to capitalize on this opportunity by expanding its reach and providing high-quality care to those who need it most.

Key Quotes

• "We’re excited to partner with the Intellect team as they build a flexible, responsive, and modern system for mental healthcare," said a representative from Tiger Global.
• "Intellect’s commitment to culturally competent care is a game-changer in this region. We believe they have the potential to become a leader in offering access to mental healthcare across Asia."

Recent Developments

• Intellect has recently launched its services in several new markets, including Japan and South Korea.
• The company has also partnered with several major employers to offer its services as an employee benefit.

Conclusion

Intellect’s plans to expand across the Asia-Pacific region are a testament to its commitment to providing high-quality mental health care to those who need it most. With its focus on culturally competent care and its dedication to building a flexible, responsive system for mental healthcare, Intellect is well-positioned to become a leader in this market.

Stay Tuned for More Updates

We will continue to monitor Intellect’s progress and provide updates as more information becomes available.