Mental health insurance platform ifeel raises $20 million Series B

Mental health issues like stress, depression and anxiety can lead to work-related illness, absences and long-term sick leave. But many companies think that offering a gym membership is enough. Ifeel – a European startup that decided mental health needed to 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-centric therapeutics platform, ifeel evolved to enable businesses to offer support to staff during the pandemic and was later offered as part of an employer’s or company’s health plan. an insurer. It competes with companies like Modern Health.

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

“After this assessment, we will give a recommendation on the best treatment, from mild cases to high-risk cases. Our goal is to identify high-risk cases to prevent them from having a dramatic impact on the person then on the company . But we also avoid the cases that arise and the companies are able to help them in a scalable way.

Poor mental health is a huge business and societal problem, costing England £300 billion a year, according to research by the UK-based think tank 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 should prioritize prevention and preventative solutions. »