Updated: Sep 30, 2022
Fundraising will accelerate market expansion and the development of ThoughtFull’s robust offerings, making access to end-to-end mental healthcare even more seamless
SINGAPORE, [12 October] — ThoughtFull, a Southeast Asian-based HealthTech startup that enables seamless access to end-to-end mental healthcare services for all, announced today that it has raised USD 1.1 million in a seed fundraise. One of the largest seed rounds for the digital mental health sector in Southeast Asia, the seed round closed oversubscribed and was met with an overwhelmingly positive response from investors across the globe.
The diverse network of strategic investors participating in this round include: The Hive SEA (the first Southeast Asian fund by Silicon Valley-based The Hive that actively works with founders to co-create, fund, and launch startups focused on AI), Flybridge (a Boston-based VC helmed by Harvard Professors and prominent tech operators in the US) and Singapore-based Vulpes Investment Management, in addition to several family offices and angel investors across the Asia Pacific region.
The diversity and depth of investors speaks to ThoughtFull’s ability in bridging best global practices with local applications to drive towards more precise and timely mental healthcare delivery. ThoughtFull’s proprietary architecture on its mobile apps ThoughtFullChat and ThoughtFullChat Pro enables users to access, and mental healthcare professionals to provide, personalized best-fit mental healthcare. With a focus on better stress, anxiety, and depression management, ThoughtFull partners with employers, insurers, and pharmaceuticals to provide solutions across the preventive to curative spectrum – from self-serve tools, 1-on-1 bite-sized coaching, to insights-driven therapy.
Commenting on the funding round, Joan Low, Founder and CEO of ThoughtFull said: “Even before the pandemic, ThoughtFull has always set out to change the conversation around mental health from awareness to action. However, the infrastructure is still nascent and there is much to do to smoothen out the process for people to proactively engage with their mental wellbeing. We are thus thrilled to receive such overwhelming support to build a future where access to end-to-end mental healthcare is not only affordable, but seamless. Our investors and stakeholders are a reflection of ThoughtFull’s ability to draw on global insights to drive local applications.”
Prof. Jeff Bussgang, Senior Lecturer at Harvard Business School and General Partner at Flybridge added, “Mental healthcare is one of the most important yet complex therapeutic areas in the world, requiring global insights but localized delivery. As a VC sitting in the heart of digital healthcare innovation in Boston, we are very excited to invest in ThoughtFull. The company draws from the best in research, data, and healthcare in the US with an ability to localize and provide personalized mental healthcare in Asia. ThoughtFull brings us another step closer to providing equal, seamless access for all.”
Since its inception in 2019, ThoughtFull has grown exponentially to serve users across 43 countries with a professional network spanning 14 locations. Aligned with its core mission of enabling timely, personalized end-to-end mental healthcare access, the company has partnered with corporates, insurers and academic institutions to not only bring the service to a wider audience, but to drive its product validation through clinical research. The pandemic has also provided tailwinds to employer demand and ThoughtFull’s enterprise business has grown more than tenfold since launch.
Syed Haizam Jamalullail, Managing Director of The Hive Southeast Asia shared that, “When the Covid19 pandemic hit, anxiety levels skyrocketed and businesses, including those of mental health professionals, were shut down overnight. ThoughtFull's work in not only bringing greater access to mental healthcare for all, but also its role in digitizing the mental health industry is fundamental to nations the world over. In view of this, The Hive Southeast Asia, along with Penjana Kapital - a wholly owned subsidiary of Malaysia’s Ministry of Finance - through the latter’s Dana Penjana Nasional programme, is proud to partner with ThoughtFull to future proof the delivery of mental healthcare in Malaysia and beyond.”
The latest investment will be channeled into ThoughtFull’s continued growth trajectory, clinical research, and product development, including a focus on deep tech developments. As the team continues to innovate and forge new ways to deliver insights-driven mental healthcare, ThoughtFull will deepen its offering across the end-to-end spectrum of preventive to curative solutions. Not surprisingly, ThoughtFull will be rapidly expanding its talent bench across various verticals in the coming months to meet the growing demand for its services.
ThoughtFull is currently available in Singapore, Malaysia, and the Philippines, with plans to expand further into Southeast Asia.