Unmind closes $47 million Series B to nurture and improve the mental health of organizations around the world
NEW YORK and LONDON, May 12, 2021 /PRNewswire/ -- 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 one of the best-funded workplace mental health startups.
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 support1 and 90% concerned that their employees are experiencing burnout.2 However, the pandemic has also catalyzed positive change as organizations 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 2021,3 with 88% of large employers expecting to provide access to online mental health support this year.4
Dr. Nick Taylor, Clinical Psychologist, Co-founder, and CEO of 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 — and often stigmatized — 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 that 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 to some of our portfolio companies in the near future."
Andreas Weiskam, Co-founder and Managing Director of Sapphire Ventures, said: "Mental health and wellness is an incredibly important topic in society and the workplace. Too often, employees let their feelings of stress, anxiety, loneliness, and work-life balance fall by the wayside. And when they do prioritize taking care of themselves, the issues are often compounded and they don't know where to begin. Unmind addresses this critical challenge, enabling employees to proactively and preventatively measure and manage their mental wellness so that they can lead more fulfilling and balanced lives. At Sapphire, we invest in companies of consequence, companies with the power to improve the lives of individuals. Unmind is doing exactly that, and we are thrilled to partner with founder and CEO Dr. Nick Taylor and the entire team."
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.
- Unmind + REBA, COVID-19 and Employee Mental Health Research, May 2020
- Unmind + WELCOA, 2021 Workplace Resilience Survey Report, March 2021
- McKinsey & Company, National Surveys Reveal Disconnect Between Employees and Employers Around Mental Health Need, April 2021
- Mercer, Digital Tools for Mental Health, 2020
About Unmind - unmind.com
Founded in 2016, Unmind is the leading workplace mental health platform, empowering more than 2 million employees around the world to live more fulfilling and balanced lives. Underpinned by clinical psychology and powered by technology, the platform helps employees proactively measure, understand, and nurture their own mental health across seven core areas of wellbeing — fulfilment, coping, calmness, happiness, connection, health, and sleep.
With Unmind, leaders are empowered to drive positive cultural change across their organization by accessing aggregated and anonymised insights into the wellbeing of their people. Uber, Virgin Media, The John Lewis Partnership, Gymshark, and Standard Chartered are some of the many organizations that have partnered with Unmind to create a world where mental health is universally understood, nurtured, and celebrated.
Further information about Unmind is available at: https://unmind.com/
SOURCE Unmind
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