Workplace wellbeing company Unmind has announced the acquisition of the Dublin-based employee mental healthcare platform Frankie Health for an undisclosed sum.
Launched in 2020, Frankie Health is a mental health app that connects a business’s employees with therapists to deliver personalized exercises to reduce stress and anxiety. The platform is free for therapists to use, with sessions and exercises protected with end-to-end encryption.
Alongside the acquisition, Unmind has also launched Unmind Talk, an offering based on Frankie Health's global network of mental health providers. Unmind Talk offers employees a personalized number of sessions with professional mental health providers along with Unmind's existing digital tools. Employers will have access to anonymized data including analytics on employee turnover, decreased mental health and absenteeism.
"Unmind will always advocate that prevention is better than cure, but in order to fulfill our vision and become the most trusted and effective global partner for transforming organizational and employee mental health, we must do more. From the very first days of Unmind, we knew we could drive change by combining the best of science with scalable digital tools. Extending that further by integrating expert human services allows us to fully support our members through the flow of care, giving them frictionless access to quality practitioners from around the world,” Unmind CEO and cofounder Dr Nick Taylor said in a statement.
Frankie Health's co-founders James McGann and Seb Poole will join Unmind alongside the rest of the company's workforce.
As of 2021, the market for workplace wellness services was valued at more than $48 billion. Mental health and wellbeing apps raised more than $1.3bn by late 2020 amid the pandemic, eclipsing the $1.06bn raised in 2019, as per an analysis by Pitchbook.
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