Mental health insurance platform ifeel raises $20M Series B

Mental health issues such as stress, depression and anxiety can lead to work-related illness, absenteeism and long-term sickness, yet many companies believe that offering gym membership is enough. Ifir ifeel, a European startup determined that mental health needs to be tackled differently and which raised $6.6 million in 2021, has now raised $20 million in Series B funding co-led by FinTLV Ventures and Korelya Capital, bringing its total funding to $40 million since inception.
Founded in 2017 originally as a consumer therapy platform, ifeel pivoted to help businesses provide staff support during the pandemic, being offered as part of employer and insurer healthcare coverage. The company competes with companies such as: Modern Health.
“When you enter our platform, the first thing you do is a digital assessment, which is the co-pilot for the AI system that we’ve built,” CEO Amir Kaplan told me, “so we can actually assess the risk of the person entering the platform and predict the optimal level of care.”
“After this assessment, we recommend the best treatment for mild to high-risk cases. Our goal is to identify high-risk cases and prevent them from having a significant impact on individuals and businesses. But we also prevent cases that have already started, allowing businesses to support them in a scalable way.”
Poor mental health is a major issue for business and society. Cost Calculation According to a study by the UK-based think tank, the Centre for Mental Health, it is costing England £300 billion a year.
“This investment validates our thesis that the insurance industry must prioritize prevention and proactive solutions,” Gil Arraji, founder and managing partner at FinTLV Ventures, said in a statement.
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