Singapore-based digital mental health platform ThoughtFull has raised US$1.1 million in a seed funding round led by Flybridge– the US Venture Capital firm, The Hive SEA, and Singapore’s Vulpes Investment Management.
ThoughtFull will be using the fresh funds to boost its growth as well as fund its product development and clinical research.
According to CEO & co-founder Joan Low, “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.”
The funding round is being considered as one of the largest seed rounds in the digital mental healthcare category in South East Asia. A growing list of mental healthcare and support startups have come up in the region as depression and anxiety issues have become common and are taking a serious toll on the mental well-being of people. The ongoing pandemic has prompted further interest in this space. Now more attention is being given to emotional wellness across the globe.
Founded in 2019 by Joan Low and Zhenwei Ku, ThoughtFull main operating markets are Singapore, Malaysia, and the Philippines. ThoughtFull Chat, ThoughtFull Chat Pro, and the mobile app enable the users to get personalized mental healthcare.
Low said, “Healthcare systems are inherently complex given the various stakeholders, structures and outcomes that are involved. That said, healthcare in Asia is particularly intricate because of the diversity in not just culture, but also systems—from care delivery to payor and research models.” He added, “This is why you see less of the foreign players coming into Asian healthcare in a big way as barriers to entry are high.”
The digital mental health platform focuses on better anxiety, stress, and depression management, its chat option is the first contact point for the users for a seamless access to end-to-end mental healthcare. The app offers curative solutions such as therapy, preventive solutions such as self-serve tools, one-on-one daily coaching with mental health professionals.
The Chat Pro option is a one-stop platform for mental health professionals to develop a digital practice that is data-driven, insights-based, and scalable.
ThoughtFull has users in 43 countries and is available in five languages- English, Mandarin, Bahasa Indonesia, Bahasa Malaysia, and Cantonese. The coaches from ThoughtFull are also fluent in Thai, Vietnamese, Tamil, and Tagalog.