Unmind Closes $47m Series B to Nurture and Improve the Mental Health of Organisations Around the World
Unmind, the leading workplace mental health platform, has closed a $47 million oversubscribed Series B funding round as it gathers global momentum partnering with some of the world’s top employers.
This latest round of funding – led by EQT Ventures – follows a year where demand for Unmind’s proactive and preventative approach to mental health increased substantially in the wake of COVID-19, with the company growing revenues more than 3x in the last 12 months. The investment – supported by Sapphire Ventures, as well as existing investors Project A, Felix Capital, and True – now makes Unmind Europe’s best-funded workplace mental health startup.
Over the past year, COVID-19, lockdowns and their impact on work-life balance, have taken an enormous toll on the wellbeing of employees around the world, with 78.5% of employers reporting an increase in requests for mental health support and 90% concerned that their employees are experiencing burnout. However, the pandemic has also catalysed positive change as organisations look to rethink the way they support their people. A majority of employers (about 70%) report they plan to invest in mental health resources by starting, continuing, or expanding benefits in 2021, with 88% of large employers expecting to provide access to online mental health support this year.
Dr Nick Taylor, Clinical Psychologist, Co-founder and CEO, Unmind said: “Unmind was built on the belief that everyone has the right to a healthy mind. Thanks to the support from our investors, this round of funding gives us the opportunity to scale our team while further developing the product with clinically-backed insights and research. In turn, this will help us to meet growing global demand from employers looking to drive positive cultural change around mental health in the workplace. At Unmind, we see the future of mental healthcare rooted in prevention. After all, we all have mental health, all of the time, and just like physical health or dental health, there’s a range of ways we can proactively nurture and improve it.”
Going beyond the traditional – often stigmatised – approach of providing support only to those experiencing signs of mental ill-health, Unmind’s scalable platform complements reactive services – like EAPs or teletherapy – by providing access to proactive, self-guided tools which empower all employees to measure, understand, and nurture their mental wellbeing. Supporting a diverse range of topics, from sleep to connection, calmness to coping, Unmind is available to more than 2 million employees in 110 countries, and is used by some of the world’s top employers, including Uber, British Airways, Marks & Spencer, and Samsung.
Alastair Mitchell, Partner at EQT Ventures 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. 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. Unmind is the leading mental health app for the enterprise and we are so excited to work with Dr Nick and the team to support their scaling globally. Along with our investment EQT Ventures is delighted to announce the rollout of Unmind across the whole EQT group and look forward to rolling it out across our many hundreds of portfolio companies in the near future.”
Unmind will use the new capital to accelerate its international growth and continue to develop the breadth and diversity of its content, features, and integrations. This will be enabled by increasing headcount to 200 people by the end of 2021, across their offices in London, New York, and Sydney.
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