We got an exclusive look at the pitch deck mental health startup Unmind used to raise $47 million
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- London-based employee mental health platform Unmind has raised fresh funding.
- The $47 million Series B round was led by EQT Ventures after a strong year of growth for Unmind.
- Uber, British Airways, and Samsung are among Unmind’s high-profile users.
Workplace mental health startup Unmind has just raised a $47 million Series B funding round.
Unmind’s premise is that prevention is better than cure. The startup’s tech platform focuses on helping employees get the most from their personal and professional life. It offers bite-sized mental health courses for employees to help improve sleep, relationships, and alleviate stress. Employees can also access exercises ranging from mindfulness meditations, to health recipes, and yoga.
The impact of the COVID-19 pandemic has seen a spike in employers seeking solutions for issues like burnout and other serious mental health issues. The impact of lockdowns and employees’ work-life balance has seen 78.5% of employers reporting an increase in requests for mental health support.
The company’s CEO is a trained clinical psychologist who has worked with mental health charities in the past. London-based Unmind, founded in 2016, is accessible by more than 2.5 million employees in 110 countries currently.
“There are major macro trends driving a shift toward digital mental health solutions,” Unmind CEO Nick Taylor told Insider in an interview. “COVID-19 lockdowns have increased the prevalence of mental health issues and also forced digital solutions to front of mind as previous stigma has fallen away.”
Funding for mental health startups is now at record levels. Unmind’s latest funding round was led by EQT Ventures with participation from Sapphire Ventures and existing investors Felix Capital and Project A Ventures who were involved on the company’s $10 million Series A last year.
Mental health costs are estimated at $650 million in Europe according to the OECD while in England alone, the Department of Health estimates that the cost of mental illness to employers is £105 billion ($136 billion). And that’s not including the human cost of mental illness.
“We want build a best-in-class digital mental health platform,” Taylor added. “The negative connotations around digital have fallen away so we have an incredibly scalable offering which has been accelerated by COVID-19.”
Unmind is used by businesses such as Uber, Samsung, and British Airways and will use the fresh funding to continue investing in its platform and scaling its sales and customer services teams. The startup will look to increase headcount to more than 200 people by the end of 2021, having recently opened offices in New York and Sydney, the company’s global expansion is also accelerating, Taylor said.
“It is now universally recognized that our mental health is as important if not more important than our physical health – but has long been neglected,” Alastair Mitchell, Partner at EQT said in a release. “That is now changing rapidly. As a result there has been a massive rise in the popularity of consumer mental health apps which is now being matched by surging demand from employers and employees for the same in the workplace.”