Mental health insurance platform ifeel raises $20 million Series B

Mental health problems such as stress, depression and anxiety can lead to work-related illness, absence and long-term sick leave. But many companies think that offering a gym membership is enough. ifeel, a European startup that decided mental health should be approached differently and raised $6.6 million in 2021, has now raised a $20 million Series B investment co-led by FinTLV Ventures and Korelya Capital. In total, ifeel has raised $40 million since its inception.

Initially founded in 2017 as a consumer-focused therapy platform, ifeel pivoted to enable businesses to offer staff support during the pandemic and became offered as part of an employer or insurance provider’s healthcare coverage. Compete with companies like Modern Health.

“When you enter our platform, the first part is a digital assessment that co-pilots an AI system that we built,” CEO Amir Kaplan told me. “So we can assess the risk of the person when they enter the platform and predict what the best level of care is.”

“After this evaluation we will give a recommendation for the best treatment ranging from mild cases to high-risk cases and our goal is to identify high-risk cases to prevent them from having a dramatic impact on the person and then on the company. . But we also prevent cases that are starting and companies can help them in a scalable way.”

Poor mental health is a huge business and social problem, costing England alone £300 billion a year, according to research by UK-based think tank the Center for Mental Health.

Gil Arazi, founder and managing partner of FinTLV Ventures, said in a statement: “This investment…supports our thesis that the insurance industry must prioritize prevention and preventative solutions.”

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