Wellin5 Closes $2M Oversubscribed Seed Funding Round to Accelerate Its Growth and Global Expansion
The company is set to expand its team by 300% by 2023 and further roll out its services in the U.S., further improving patient access to mental health therapy.
CARLSBAD, Calif., Nov. 1, 2022 /PRNewswire/ -- Wellin5, the one-stop solution to virtual counseling and therapist tools to significantly improve the effectiveness of therapy, today announced it has closed a $2 million seed funding round. The round was mostly raised through an oversubscription of accredited investors.
By 2030 the telehealth market is projected to reach over $309 billion while the mental health market is targeted to reach over $537 billion. The pandemic accelerated Wellin5's revenue growth and expansion in the U.S. market. As a result, Wellin5 has emerged as a category leader in mental health therapy.
As Millennials and Gen Z are going through significant life transitions or are beginning to experience the major life stressors of adulthood, many are seeking healthy coping mechanisms to manage their anxiety, depression, or relationships. By making appointments as simple as a Facetime call with a friend, Wellin5 has managed to seamlessly integrate mental health therapy into one's lifestyle without compromising the confidentiality of a secure healthcare platform or the care of a highly qualified clinician.
"We are thrilled to announce our recent funding as we position ourselves for exponential growth over the next three to five years," says William Masih, Founder and CEO of Wellin5. "Our goal is to reach profitability while maximizing returns for all our shareholders. The pandemic fueled our recent growth, and as a result, we have reinvented ourselves and our offerings to meet the needs of our clients and therapists. As we move forward, we are working on a number of initiatives driven by AI and machine learning. In early 2023 we will bring to market new technologies and capabilities that will change how we approach mental health and will improve patient outcomes."
In addition to Wellin5's heart-first philosophy and impact-driven culture, Wellin5 is dismantling the industry's status quo by providing patients with interactive, engaging tools for self-help. The counselors of Wellin5 deliver customized therapy plans that cater to different needs (e.g., video therapy, email, or text chat). For patients that are ready to get care on their own terms with lifestyle-based therapy, sessions and subscription options are available at https://wellin5.ca/pricing/.
For inquiries on partnerships, investment opportunities, and acquisition inquiries, please contact [email protected]
Wellin5 first went to market at the beginning of 2019. Its founder and CEO William Masih, was inspired to start the virtual counseling company after a life-changing experience from his own counseling journey back when he was in his late 20's. After seeking a counselor, he realized the profound change that can come from therapy. Masih's personal experience led him to notice that society had normalized living with unresolved, deep-seated issues and he wanted to make professional counseling not only available to all—but an accepted, normal part of everyone's lifestyle. Masih is known for his famous saying, "Everyone needs therapy and if someone says they don't need it, then they are either lying or they are not human."
Wellin5 has now earned its reputation as a leader in the mental health industry. By removing the barriers to entry into mental health therapy, Wellin5 has solved the issue of time-consuming, complicated access to treatment, providing clients with a simple, affordable channel to address their mental health struggles. To learn more, visit www.wellin5.com.
Press Contact:
Tribe Builder Media
Kristen Shea
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[email protected]
SOURCE Wellin5
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