ifeel Raises $20 Million Series B to Revolutionize Workplace Mental Health
Founded in 2017, ifeel has secured a $20 million Series B investment, co-led by FinTLV Ventures and Korelya Capital. This brings ifeel’s total funding to $40 million since its inception. The startup initially began as a consumer-focused therapy platform but pivoted to a business model during the pandemic. Now, it offers mental health support as part of an employer’s or insurance provider’s healthcare cover, competing with companies like Modern Health.
The Role of AI
The core of ifeel’s platform is its digital assessment, a co-pilot of an AI system built to evaluate the risk of users and predict the best level of care. “We actually can evaluate the risk of the person when they come into the platform and predict what is the best level of care,” says CEO Amir Kaplan. This assessment helps in providing a tailored recommendation, ranging from mild to high-risk cases, aiming to identify high-risk cases early to prevent dramatic impacts on individuals and companies.
A Growing Market
Poor mental health is a significant business and societal issue, costing England alone £300 billion annually, according to the Centre for Mental Health think tank. Gil Arazi, founder and managing partner of FinTLV Ventures, highlights the importance of prevention, stating:
“This investment … supports our thesis that the insurance industry should prioritize prevention and preventative solutions.”
Gil Arazi, founder and managing partner of FinTLV Ventures
Expanding Reach
With the new funding, ifeel plans to expand its business into new markets, introduce new products, and increase sales capabilities. The startup’s platform combines data analytics and clinical research by psychologists to provide employees with a new way to manage their emotional wellbeing, from self-care to therapy sessions. Leveraging over 10 million data points, the platform efficiently screens, triages, and prioritizes user profiles, offering personalized recommendations.
Innovative Tools
ifeel’s platform offers various resources such as articles on health-related topics, an emotions diary, audio guides, and tools for relaxation or meditation. Users can also speak directly to professional psychologists or initiate online therapy sessions. One of the latest tools is the Monthly Check-up or Ryff’s Emotional Wellbeing Index, developed in collaboration with University of Wisconsin-Madison, Professor Carol Ryff. This tool uses an 18-question scale to gauge emotional health, with results helping individuals track their progress and HR managers to understand the psychological wellbeing of their employees.
Future Outlook
ifeel has added companies like AXA Partners, SCOR SE, Glovo, and Travelperk to its roster, supporting them with psychological prevention and intervention if necessary. With over 600 psychologists in 23 countries and a service available in 21 languages, ifeel has already been used by more than 800,000 employees worldwide. In the past financial year, the startup recorded a growth rate of 200%.
This additional funding will help ifeel continue its mission to integrate mental wellbeing into corporate culture, ensuring that work becomes a space where employees can thrive at different levels.
