ifeel, a European provider of mental health solutions for corporations and insurance companies, has secured $20 million in Series B funding. This investment round, co-led by FinTLV Ventures and Korelya Capital with participation from existing investors, will fuel the company’s growth and product development efforts in the mental healthcare space.
Since its inception in 2017, ifeel has secured a total of $40 million in funding. The company currently serves clients in over 30 countries and 26 languages, including major corporations like Glovo, H&M, and Travelperk. With the recent investment, ifeel plans to expand its commercial operations, further develop its product offerings, and solidify its position as a leader in the corporate mental health space.
Further, Alessandro Verrini, who has previously led commercial teams at Coachhub, Criteo and Linkedin, has joined ifeel as Chief Revenue Officer to drive its commercial success in all markets.
Just a few days ago, we also reported about how London’s Spectrum.Life secured €17M to expand its digital health platform.
What problem is the startup solving
Mental health issues are a growing concern for both businesses and insurance companies. Studies show that employee burnout, anxiety, and depression are becoming increasingly common, leading to increased absenteeism, presenteeism (reduced productivity while at work), and higher healthcare costs. For insurance companies, mental health claims are on the rise, with traditional systems often struggling to meet the demand for timely and effective care.
ifeel’s platform aims to address these challenges by offering a comprehensive approach to mental health management. The company leverages a combination of technology and human expertise to provide a range of solutions:
- AI-powered diagnostic system: This system helps identify potential mental health issues and guides users towards appropriate resources.
- Modular treatment options: ifeel offers a variety of self-care tools, chat therapy options, and video therapy sessions to suit individual needs.
- Data-driven insights: The platform provides businesses and insurers with valuable data on employee and insured populations, enabling them to identify trends and proactively manage mental health risks.
Benefits for businesses and insurers
ifeel’s approach offers several potential benefits for its corporate and insurance partners:
- Reduced costs: By addressing mental health issues early on, ifeel can help businesses and insurers save money on disability claims, presenteeism, and employee turnover.
- Improved productivity: When employees receive the support they need for mental health concerns, they are better equipped to focus and perform at their best.
- Enhanced employee satisfaction: Providing access to mental health resources can improve employee morale and loyalty.
- More efficient claims management: ifeel’s data-driven approach can help insurance companies streamline claims processing and identify potential fraud.
Investors in the Series B round highlighted ifeel’s strong leadership team, innovative technology platform, and the growing market opportunity for mental health solutions.
Gil Arazi, Founder and Managing Partner of FinTLV Ventures, emphasised ifeel’s commitment to “revolutionising mental health care for enterprises and insurers” and its alignment with the firm’s focus on preventative healthcare solutions.
Likewise, Franco Danesi, Partner at Korelya Capital, commended ifeel’s “unique” product offering and its ability to cater to the needs of all stakeholders in the mental health ecosystem.
The Madrid-based ifeel’s approach to corporate mental health offers a promising solution for businesses and insurers struggling with rising mental health costs and a growing demand for accessible care. The company’s recent funding round positions it for continued growth and innovation in the mental healthcare landscape.
