Yahoo Finance Unmind raises $47m to improve employee mental health amid COVID
Unmind, a workplace mental health platform, raised $47m (£33.2m) in an oversubscribed Series B funding round.
Founded in 2016, Unmind helps employees measure, understand and nurture their mental health across seven "core areas" of wellbeing, fulfilment, coping, calmness, happiness, connection, health and sleep.
The British startup will use the capital to accelerate its international growth and develop its content, features, and integrations. It plans to hire 200 people by the end of 2021, across offices in London, New York and Sydney.
The round was led by EQT Ventures, which will also roll out the platform for its employees and supported by Sapphire Ventures, as well as existing investors Project A, Felix Capital, and True. Unmind said it is now "Europe’s best-funded workplace mental health startup."
The funding comes as a growing number of UK employees are experiencing increased worries about their mental health during the pandemic.
That's according to new research by Close Brothers, which found that more than half (51%) had expressed concerns, up from 41% in May 2020. This represents a percentage increase of 24% over the time period.
Read More: Mental health concerns spike among half of UK employees as prolonged lockdowns bite
Unmind said demand for its product grew "substantially" in the wake of COVID-19, with revenues growing more than three times over in the last 12 months.
"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... However, the pandemic has also catalysed positive change as organisations look to rethink the way they support their people," the company said.
Nick Taylor, clinical psychologist, co-founder and CEO of Unmind, said “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."
Unmind is available to more than two million employees in 110 countries, and has been adopted by some big names like Uber (UBER), British Airways (owned by IAG), Marks & Spencer (MKS.L), and Samsung (005930.KS).
It added that it allows company bosses to access aggregated and anonymised insights into the wellbeing of their employees and drive positive cultural change across their organisation.
It believes in an approach that "goes beyond" providing support only to those experiencing signs of mental ill-health. Its platform complements reactive services, like employee assistance programmes and teletherapy, by providing access to self-guided tools.
Watch: How to save money on a low income
