Addressing mental health issues like stress, depression, and anxiety in the workplace is critical, as they can lead to work-related illnesses, absences, and long-term sick leave. Despite this, many companies rely solely on offering gym memberships as a solution. However, ifeel, a European startup, believes mental health should be tackled differently. Having raised $6.6 million in 2021, the company has now secured a $20 million Series B investment, co-led by FinTLV Ventures and Korelya Capital, bringing its total funding to $40 million.
Originally founded in 2017 as a consumer-focused therapy platform, ifeel shifted its focus during the pandemic to provide support for businesses. It now offers its services as part of employers' or insurance providers' healthcare cover, competing with companies like Modern Health.
CEO Amir Kaplan explains that when users enter the platform, they undergo a digital assessment powered by an AI system. This assessment evaluates the individual's risk level and recommends the most suitable treatment, ranging from mild to high-risk cases. The goal is to identify high-risk cases early to prevent significant impacts on individuals and companies, while also addressing emerging cases in a scalable manner.
The importance of addressing mental health in the workplace cannot be overstated, as poor mental health carries significant economic and societal costs. In England alone, it is estimated to cost £300 billion per year, according to research by the Centre for Mental Health think tank.
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