In a bold move to address the pressing issue of mental health in the workplace, European startup ifeel has secured a staggering $20 million in Series B funding. The investment, co-led by FinTLV Ventures and Korelya Capital, marks a significant milestone for the company, bringing its total funding to an impressive $40 million since its inception.
Founded in 2017 with a focus on consumer therapy, ifeel has undergone a strategic pivot to provide essential support to businesses during the tumultuous times of the pandemic. Recognizing the inadequacy of traditional approaches, such as gym memberships, in tackling mental health issues like stress, depression, and anxiety in the workplace, ifeel has emerged as a pioneering force in reshaping the landscape of employee well-being.
At the core of ifeel’s innovative platform is a sophisticated AI-driven assessment tool. CEO Amir Kaplan explains, “When you enter into our platform, the first part is a digital assessment that is a co-pilot of an AI system that we built. So we actually can evaluate the risk of the person when they come into the platform and predict what is the best level of care.”
This personalized approach enables ifeel to tailor recommendations for treatment, ranging from mild interventions to high-risk cases. By identifying high-risk individuals early on, the platform aims to prevent the escalation of mental health issues, thereby mitigating their impact on both the individual and the company.
The significance of ifeel’s mission is underscored by the staggering economic toll of poor mental health. In England alone, research by the Centre for Mental Health think tank estimates the annual cost at £300 billion. This underscores the urgent need for innovative solutions that prioritize prevention and early intervention.
Gil Arazi, founder and managing partner of FinTLV Ventures, emphasized the importance of preventative measures in the insurance industry, stating, “This investment … supports our thesis that the insurance industry should prioritize prevention and preventative solutions.”
ifeel’s latest funding round not only shows that there is investor confidence in the company’s vision but also highlights a growing recognition of the importance of mental health in the workplace.
