Mental health issues such as stress, depression, and anxiety can result in work-related illnesses, absences, and extended sick leave. Despite this, many companies assume that providing a gym membership is sufficient. Ifeel, a European startup with a different approach to mental health, raised $6.6 million in 2021 and has now secured a $20 million Series B investment, co-led by FinTLV Ventures and Korelya Capital. In total, ifeel has amassed $40 million since its creation.
Initially established in 2017 as a consumer-focused therapy platform, ifeel shifted its focus during the pandemic to support businesses in providing staff assistance. It is now integrated as part of healthcare coverage by employers or insurance providers, competing with companies such as Modern Health.
“When you enter into our platform, the first part is a digital assessment that is a co-pilot of an AI system that we built,” CEO Amir Kaplan explained. “We can evaluate the risk of the person upon entry into the platform and predict the best level of care.”
“Following this assessment, we provide a recommendation for the best treatment, ranging from mild to high-risk cases. Our goal is to identify high-risk cases to prevent significant impacts on the individual and, subsequently, the company. We also identify emerging issues, allowing companies to assist in a scalable manner.”
Poor mental health is a significant business and societal problem, costing England alone £300 billion annually, according to research by the U.K.-based Centre for Mental Health think tank.
Gil Arazi, founder and managing partner of FinTLV Ventures, stated: “This investment … supports our thesis that the insurance industry should prioritize prevention and preventative solutions.”
