Unmind, the maker of a self-guided workplace mental health platform, has wrapped up a $47 million series B funding round headed by EQT Ventures.
The London-based startup is the latest mental health platform to boast new investors and a major uptick in business during COVID-19 lockdowns.
Over the last 12 months, Unmind said that it more than tripled its revenue and is available to 2 million-plus employees across 110 countries. It also names companies like Uber, British Airways, Virgin Media and Samsung among its clients.
Unmind launched in 2016 on the back of a mental health wellness program developed by CEO, co-founder and clinical psychologist Nick Taylor to support front-line National Health Services staff.
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Today’s iteration of the platform delivers proactive and reactive digital programs, exercises and self-assessment tools directly to employees. The resources tackle a range of mental health topics such as stress, anxiety, sleep and relationships. Employers, meanwhile, can use a provided dashboard to monitor organization-wide trends and engagement.
With the new money, Unmind said that it plans to grow its team to a total of 200 employees across its London, New York and Sydney offices by the end of 2021. The startup also wants to speed up international growth and flesh out the platform’s content, features and integrations.
“Thanks to the support from our investors, this round of funding gives us the opportunity to scale our team while further developing the product with clinically backed insights and research,” Taylor said in a statement. “In turn, this will help us to meet growing global demand from employers looking to drive positive cultural change around mental health in the workplace.”
Sapphire Ventures joined EQT Ventures as a new backer of the platform. The oversubscribed round also saw participation from returning investors Project A, True and Felix Capital, the latter of which led Unmind’s $10 million series A raise back in February 2020.
“We invest in companies of consequence, companies with the power to improve the lives of individuals,” Sapphire Ventures co-founder and managing director Andreas Weiskam said in a statement. “Unmind is doing exactly that, and we are thrilled to partner with founder and CEO Dr. Nick Taylor and the entire team.”
There’s little shortage of data suggesting behavioral health issues have increased over the course of the pandemic. At the same time, more individuals are turning to digital tools or virtual care services to find support as opposed to in-person services.
Digital mental health startups have been the clear beneficiary of these trends—and platforms targeting employers and their teams are no exception.
Modern Health, Ginger and Lyra Health all reached unicorn or double-unicorn statuses this year on the backs of hefty late-stage funding rounds. Vida Health banked a $110 million series D just last week for its virtual health coaching platform that supports both mental and physical chronic health conditions.
Alongside the funding support for these platforms has come new deals with major industry players—Cigna, for instance, announced it would begin offering Ginger’s services to its 14 million members as an in-network benefit at the tail-end of April.
On the other hand, the rise of digital mental health tools and their torrent of funding has left some stakeholders concerned that certain players are not putting enough focus on clinical validation of their products. Bad experiences with poorly designed tools are missed opportunities and could cause individuals to put off appropriate care, experts recently told Fierce Healthcare.