Tiger Global leads Series A extension for Singapore's Intellect
Tiger Global Management has led a USD 10m Series A extension for Singapore-based mental health start-up Intellect, demonstrating its willingness to reach more deeply into early-stage deals in Asia.
K3 Ventures, Jafco Asia, Singtel Innov8, and Persol Holdings, a listed Japanese human resources management business, joined the round as new investors. Existing backers Insignia Ventures Partners and Hof Capital re-upped. The extension takes the overall Series A to USD 20m, which Intellect claims is the largest investment at this stage in a mental health start-up in Asia.
Hof led the first tranche of the Series A in January, supported by Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, and Pioneer Fund. The company previously received around USD 3m in seed funding from Insignia and various angel investors.
Intellect claims to provide corporate customers with a comprehensive approach to evidence-based mental wellbeing services that proactively and cost-effectively supports employees. Its portfolio of services includes self-care apps and skill-building programs, sessions with certified behavioural health coaches and licensed psychologists, and access to round-the-clock support.
Launched two years ago, the company has helped more than 3m people across 60 countries. It has therapists and coaches based in 20 countries and offers self-guided programs in 15 languages. Customers include Merck, Philips, Foodpanda, Singtel, Shopee, and Omnicom Media Group.
“Our goal is to play a leading role in solving the region’s mental health crisis, and we’re truly excited to be at the forefront of driving this charge,” said Theodoric Chew, co-founder and CEO of Intellect. In a 2021 workplace health study by the company, 84% of respondents in Asia Pacific reported high levels of exhaustion, while 88% said they disengaged from work.
Jay Chen, a partner at Tiger Global, added: “With its tech-empowered, end-to-end holistic approach, Intellect is poised to become a leader in offering access to mental healthcare across Asia. We are excited to partner with the Intellect team as it builds a flexible, responsive and modern system for a critical component of healthcare.”
The new capital will go towards commercial expansion and recruitment across Asia, according to a statement.
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