22nd November 2023 – London UK: IW Capital, a leading investment house specialising in providing growth capital for life-changing companies, has announced its investment in Plumm, a fast-growing B2B business providing employers with an innovative software platform to deliver mental health support to their employees. IW Capital has invested over £2.2 million in Plumm, leading their Series A round. The investment, which follows IW’s ethos of backing businesses that improve people’s lives, will provide capital to support the growth and further development of the company.

Plumm provides an integrated people-centric software platform where employees can seek personalised therapy and coaching sessions, self-help resources and group learning. Every wellbeing resource available on the Plumm platform is exclusive and produced in-house by accredited therapists, coaches, and mental health specialists.

Plumm is well positioned to support HR priorities in the rapidly expanding mental health sector. Since 2020, mental health issues have increased by 25%, which is estimated to have cost employers £53 billion annually, in the UK alone[1]. The global mental health apps market size is expected to reach USD 17.5 billion by 2030, with 81.5% of experts saying there is an unmet need for employees’ mental health support[2][3].

While addressing the increasing demand for corporate mental health solutions, Plumm has grown circa 347% year-on-year and has attracted a client base including, but not limited to Treatwell, XE, Aster Group, Oyster HR, and Innocent Drinks.

The investment from IW Capital will help in growing Plumm’s Partnerships, Sales and Marketing teams, and expanding operations within the UK and internationally in the EU, Middle East and US.

“We’re pleased to be investing in Plumm as the company continues to grow in the UK and internationally. At IW Capital, we focus on backing businesses that are doing important work in growing markets, and it was clear that Plumm is well poised to expand their offering, having built a great platform to serve the underserved and expanding mental health market. We are thrilled to be working with Plumm on the next stage of their growth journey.”

Says: Alex Petri, Investment Director at IW Capital

“I’m delighted that investors understand and value the vision and mission of Plumm at this exciting stage of expansion for the company. Plumm has attracted a wide corporate client base which means we have been able to help thousands of people through our mental health solutions platform. We’re excited to be partnering with IW Capital as we look ahead to further growing the business.”

Says: Asim Amin, Founder and CEO of Plumm

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[1] Santomauro, D. et al. (2022), ‘Global prevalence and burden of depressive and anxiety disorders in 204 countries and territories in 2020 due to the COVID-19 pandemic’, The Lancet Journal.

2 Grand View Research, Inc. (2022). Mental Health Apps Market Size Worth $17.5 Billion By 2030

3 Hogg, B. et al (2022), ‘Supporting employees with mental illness and reducing mental illness-related stigma in the workplace: an expert survey’, European Archives of Psychiatry and Clinical Neuroscience

About IW Capital

IW Capital is one of the UK’s best-connected private equity and venture capital houses, focusing on providing growth capital to UK small and medium-sized enterprises (SMEs). It invests on behalf of a well-established, network of high-net-worths, ultra-high-net-worths, family offices, institutions and wealth managers who share IW’s passion for supporting entrepreneurs with inquisitive, growth-oriented mindsets and a commitment to doing well by doing good.

About Plumm

Plumm is at the forefront of revolutionising people-centric mental health support in the workplace. Our mission is simple: to nurture thriving employees and businesses. We achieve this by offering sustainable, accessible support for mental health. At the heart of Plumm’s approach is a blend of human-centric solutions and proprietary technology, focusing on employee wellbeing. Our platform helps HR and business leaders by integrating insights and analytics, offering a comprehensive view of workplace performance.

Plumm’s mental health support includes unlimited access to meditations and soundscapes – and provides personal growth tools including online courses, and chat therapy. In addition, video sessions are available with our accredited global network of 150+ therapists and coaches who speak over 30 languages.