MindLabs Raises $3.5 Million Seed Funding To Launch Its Live Mental Health Platform
MindLabs, a digital mental health company founded by two experienced media entrepreneurs, has raised a $3.5 million investment round to build the world’s first live mental health platform.
7th October 2021, London: MindLabs, the digital live mental health company, has raised a $3.5 million seed investment round led by PROfounders Capital, with participation from Slack Fund, Jeremy Darroch, Executive Chairman and ex-CEO of Sky, and existing investors Passion Capital and Seedcamp.
This is the company’s second round of funding in less than a year as it seeks to create a new category supporting the 792 million people globally who have problems with their mental health, a rapidly rising figure in the wake of the Coronavirus pandemic, which has seen cases of anxiety and depression double in the last 12 months.
The platform, currently in beta and launching publicly in Q1 2022, serves daily live video classes hosted by qualified professionals in mental wellness, psychology, and neuroscience as well as analytics which allow users to track their progress. The app also has over 100 classes available to watch on-demand from professionals like Richie Bostock, the internationally-recognised breathwork expert. The app aims to help those seeking a new, preventative type of mental health solution with the ability to rewire their minds through neuroplasticity, enabling the strengthening of the neural pathways associated with being in a calm mental state.
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 successfully acquired by Dennis Publishing in 2019.
Adnan Ebrahim, co-founder and CEO of MindLabs, said:
“We’re now seeing a huge rise in demand for preventative mental health solutions, especially as work from home isolation becomes the norm, and we’re drawing a lot of parallels with what happened in the digital fitness market. We’re excited to have the minds behind some of the biggest consumer and media businesses in the world helping us build the next big consumer brand in the mental health space. Our mission remains unchanged: we want to make the world a happier place by making looking after your mental health as normal as going to the gym.”
The company is in an exciting space with global consumer spend on the top 10 earning meditation apps growing from $8 million in 2015 to $195 million last year.
This seed investment, marking World Mental Health Day 2021 which will be celebrated on 10th October, is being led by PROfounders Capital, the first investors in consumer juggernauts, MADE.com and GetYourGuide. Also participating in the round are Slack Fund, investors in unicorns Notion, Loom and Lattice, and Jeremy Darroch, Executive Chairman and ex-CEO of Sky, which he sold to Comcast in 2018 for $39 billion.
This seed investment comes only 11 months after the company’s pre-seed funding round led by Passion Capital, first investors in Monzo, with participation by Seedcamp, and Alex Chesterman, founder of recently-listed Cazoo.
Sean Seton-Rogers, Partner at PROfounders Capital, said:
“We back great teams solving massive consumer pain points. Mental health problems are unfortunately growing fast for this generation, but there’s also increased awareness of the problem. We believe that MindLabs can make a meaningful impact on helping train the mind.”
Jason Spinell, Head of Slack Fund, said:
“At the Slack Fund, we’re wholly committed to investing in founders who are driving the future of work and building solutions that make work life simpler, more pleasant, and more productive for people everywhere. MindLabs directly addresses this by providing a means for people increasingly affected by changes to working patterns and hybrid or remote working to look after their mental wellness with leading experts and quantitative analysis to track wellness over time.”
Jeremy Darroch, Executive Chairman at Sky, said:
“The team at MindLabs has impressed me with its ambition and commitment to building a leading brand which prioritises its users’ and broader community’s mental health. As the world constantly evolves and there is more and more pressure for all of us to contend with, the experience delivered by MindLabs will prove invaluable for helping society manage mental wellness.”
The company plans to double down on its investment in product, and is actively hiring for roles in Engineering, Product, Marketing and Content in both London and Berlin. To learn more about the company and to read more about available roles, please visit careers.wearemindlabs.com.
Other related links:
Website – wearemindlabs.com
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