Wellin5, which offers virtual counseling and therapy tools for Canadians, scored $2 million in seed funding.
Online counseling and therapy platform Wellin5 connects users with a counselor via video therapy, email or text chat. The therapist then provides customized therapy plans for users.
WHAT IT’S FOR
The new investment will help the company grow its team by 300% by 2023 and expand its reach from the Canadian market into the U.S.
“We are thrilled to announce our recent funding as we position ourselves for exponential growth over the next three to five years,” William Masih, founder and CEO of Wellin5, said in a statement. “Our goal is to reach profitability while maximizing returns for all our shareholders. The pandemic fueled our recent growth, and as a result, we have reinvented ourselves and our offerings to meet the needs of our clients and therapists. As we move forward, we are working on a number of initiatives driven by AI and machine learning. In early 2023, we will bring to market new technologies and capabilities that will change how we approach mental health and will improve patient outcomes.”
MARKET SNAPSHOT
In the first year of the COVID-19 pandemic, the prevalence of anxiety and depression globally increased by 25%, according to the World Health Organization, which highlighted the need for all countries to increase access to mental health providers.
Many U.S.-based companies are aiming to meet the need to connect mental health professions with those who need their services using technology.
In addition to Wellin5, virtual mental health platform Valera Health matches therapists to patients and is tailored for high-acuity patients with serious mental illness and severe depression. The company matches patients to a health coach, who helps them find a therapist or doctor who meets their needs.
Other companies sprouting within the digital mental health space include Calm and Headspace Health.
