The world’s first live mental health platform based in London, MindLabs, has raised $3.5 million (nearly £2.5 million) in a seed funding round. The investment came from PROfounders Capital, Slack Fund, the executive chairman and ex-CEO of Sky Jeremy Darroch, and existing investors Seedcamp and Passion Capital.
Second investment round
This seed investment is the second financing round raised by MindLabs and it comes ahead of World Mental Health Day 2021, which is celebrated on October 10 led by PROfounders Capital, the first investors in GetYourGuide and MADE.com. This round comes 11 months after the pre-seed funding round led by Passion Capital along with Seedcamp, and Cazoo founder Alex Chesterman.
MindLabs intends to use the funds to double its investment in product and is actively hiring roles across Engineering, Product, Marketing and Content teams in London and Berlin.
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.”
Q1 2022 launch
MindLabs was founded by media duo Adnan Ebrahim and Gabor Szedlak behind Car Throttle. They created the digital mental health company as there is an increased global consumer spend on the top 10 earning meditation apps. Last year, it surged to $195 million while it was $8 million in 2015. The category supports a whopping 792 million people worldwide as they suffer from mental health issues during the pandemic. It is estimated that the number of anxiety and depression cases has doubled in the past 12 months.
Currently, the MindLabs app is in beta and it will be available for all in Q1 2022. The app has daily live video classes hosted by qualified professionals in mental wellness, psychology, and neuroscience and 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.