ThoughtFull, a Singapore-based digital mental health company, announced Thursday that it has raised $4 million in an oversubscribed pre-series A funding round, led by Sheares Healthcare Group, a wholly-owned healthcare entity of global investment firm, Temasek.
Joining Sheares Healthcare in this round are returning investors, Vulpes Investment Management, The Hive Southeast Asia, as well as founding members of technology giants such as Grab, Zalora, and global private family offices, ThoughtFull said in a statement.
ThoughtFull plans to use the funds to further scale its business across Asia and deepen its product offering across the end-to-end spectrum.
The company also plans to conduct further clinical research around the region to provide more Asia-focused insights for personalized mental healthcare.
“Sheares Healthcare is one of the leading healthcare investors globally and we are excited to be partnering with them to advance Asia’s mental health ecosystem to the next level,
“Building on the work we do with healthcare professionals, employers, and insurers, we are yet another step closer to realizing our vision to empower everyone to make mental health a priority everyday by bringing seamless end-to-end care to all,” said Joan Low, Founder and Chief Executive Officer of ThoughtFull.
According to the statement, awareness around mental health and mental wellness solutions have increased. Employers are now prioritising mental and physical health as well as work-life balance initiatives as integral components of their return-to-worksite strategy following the pandemic.
However, systemic barriers such as disjointed mental health resources and a lack of mental health coverage in insurance policies across Asia inhibit employers’ ability to evolve their well-being programs to meet employee needs.
ThoughtFull’s digital platform, ThoughtFullChat, was developed in collaboration with global leading industry experts as well as local mental health professionals to address the challenges faced by traditional mental health systems which are struggling to meet the rise in demand across Asia.
It is designed to meet the user’s needs regardless of where they are in their mental wellbeing journey, offering self-care resources such as personalized content and progress tracking tools to professional support provided through video calls and text-based mental health coaching, which ThoughtFullChat pioneered in Asia.
Each wellness tool on ThoughtFullChat is curated and verified by mental health professionals or global experts in these fields.
To address the gaps at a systemic level, ThoughtFull was the first in the region to partner with insurers such as AIA Malaysia in 2022 to provide their corporate customers with end-to-end mental health support as part of AIA’s Corporate Solutions portfolio.
This ground-breaking policy covers corporate employees’ mental wellbeing needs across the spectrum from self-directed tools to 1-on-1 virtual as well as in-person therapy and treatments with mental health professionals.
They have since launched similar propositions with FWD, to scale affordable mental healthcare across Hong Kong and Thailand.
ThoughtFull has seen 30 times of revenue growth since launch. The platform’s mental health professional network has grown to 57 locations across Asia, and its user base now covers 95 locations worldwide.
“ThoughtFull’s approach to scaling seamless, end-to-end mental healthcare aligns with Sheares’ mission to invest in companies that are shaping the future of healthcare through innovative and patient-focused care,
“Their successive payor partnerships clearly indicate the demand for their proposition and attest to the strength of their team. ThoughtFull is taking meaningful steps to close the gaps in today’s mental health ecosystem and we are excited to partner them on their journey,” said Khoo Ee Ping, Chief Corporate Development Officer of Sheares Healthcare.