MindLabs, a London-based digital mental health app, raised £1.4 million (~$1.8 million) in a pre-seed investment round.
Passion Capital, a venture capital firm based in London, led the funding round with participation from Seedcamp, Alex Chesterman OBE (founder of Cazoo and Zoopla), Neil Hutchinson (founder of the Forward Internet Group), Steve Pankhurst (founder of FriendsReunited), James Hind (founder of Carwow), and Jack Tang (founder of Urban).
MindLabs plans to use the pre-seed investment to grow its engineering, video production, and content teams. The company aims to tackle the growing problem with mental health, under increased pressure due to the Coronavirus pandemic, which has seen depression double in British adults over the last 12 months, it said in a statement.
The MindLabs digital platform was initially available as a mobile app. According to the company, starting from next year, the app will combine live video from professionals in therapy, psychology, and mindfulness with an online community and analytics, allowing users to track their current stress or relaxation levels. By enabling people to track progress using a range of sensors, including EEG, the app aims to help them rewire their minds through neuroplasticity, allowing strengthening the neural pathways associated with being in a calm mental state, the company said.
Gabor Szedlak, co-founder and COO of MindLabs, said: “We believe that the current billion-dollar, first-wave audio solutions are just scratching the surface in solving this problem at scale. COVID-19 has massively accelerated the downward trend we have seen in people’s wellbeing, and the lockdown has only amplified existing problems such as loneliness, anxiety, and social media addiction. We know consumers are looking for living, rich, and personal experiences, and we’re excited to build this solution for millions around the world.”
MindLabs was founded by media duo Adnan Ebrahim and Gabor Szedlak, who previously ran the VC-backed automotive phenomenon Car Throttle. There they grew the brand to more than 12 million followers and 500 million monthly video views with clients including Mercedes-Benz, Red Bull, and eBay. Car Throttle was acquired by Dennis Publishing last year.
According to Mercom data, digital mental care providers have raised almost $1 billion in the past five years. Mindstrong, a digital mental health consultation platform, raised $100 million in Series C funding. Ginger, a mental health app, recently raised $50 million in a Series D funding round.
Learn more about other mental health companies.