ifeel Raises $6.6M for Well-being Platform | TechCrunch

ifeel Secures €5.5 Million in Series A Funding

The demand for mental health services has notably increased during the pandemic, benefiting both therapy practices and startups in the mental wellness sector. Venture capital firms have been actively investing in these companies. Madrid-based ifeel is a recent example, having successfully raised €5.5 million (approximately $6.6M) in a Series A funding round, spearheaded by Nauta Capital.

From Consumer Platform to Hybrid Model

Founded in 2017, ifeel initially operated as a direct-to-consumer therapy platform. However, in response to the growing need for employee support during the public health crisis, the company transitioned to a hybrid business model last year.

This allows individuals to access services through monthly subscriptions, or via coverage provided by their employers or insurance plans.

Significant Growth in B2B Sector

The shift in business strategy has yielded substantial results. ifeel reports a 1,000% increase in its business-to-business (B2B) sector.

Notable companies utilizing ifeel’s platform for their employees include AXA Partners, Glovo, and Gympass.

User Base and Engagement

Co-founder Amir Kaplan states that the platform currently has a total of 400,000 users, encompassing both direct consumers and B2B clients.

Of these, 100,000 individuals are eligible for ifeel’s services as a benefit through insurance partnerships, wellness programs, or direct subscriptions.

This number represents a tenfold increase since September 2020 and signifies the primary growth trend the company is currently experiencing. Approximately 100 companies are actively using ifeel’s services on a weekly basis.

Comprehensive Mental Wellness Support

ifeel’s platform offers a dual approach to mental health support. It provides live therapy sessions with qualified, licensed psychologists.

In addition, users gain access to self-care resources, including daily mood trackers and personalized exercise recommendations, broadening the scope of available support.

Positive User Outcomes and AI Integration

The company asserts that its combined approach of self-care and guided therapy maximizes user engagement and retention.

ifeel claims that 90% of users report improvements in their emotional and mental well-being after utilizing the platform.

Artificial intelligence (AI) technology is integrated into the self-care component of the platform to deliver the most pertinent content and exercises to each user, according to Kaplan.

Furthermore, the company is exploring the use of AI to develop tools that can assist therapists within the platform.

International Reach and Market Presence

ifeel boasts an international founding team with members from Israel, Italy, and Mexico.

Its primary markets currently include Spain, France, Brazil, and Mexico. The B2B network and insurance coverage extend to 20 countries, supporting four languages: English, Spanish, French, and Portuguese.

Competitive Differentiation

Given the crowded landscape of mental health tools – encompassing mindfulness applications, internet-based CBT programs, and therapy platforms – how does ifeel distinguish itself?

Kaplan highlights the company’s “global from Day One” approach and its “strong technology integration focus” as key differentiators.

This focus has enabled seamless integration with insurance companies and wellness providers, positioning ifeel as a primary service provider.

Platform Approach to Emotional Well-being

“We partnered with global leaders early on, supporting them across numerous countries, unlike country-specific players in regions like Germany and the U.K.,” Kaplan explained to TechCrunch.

“Our platform approach differs from companies focused solely on ‘online therapy’ or ‘mindfulness apps.’ We aim to provide a comprehensive solution for managing emotional well-being, adapting to users’ evolving needs and offering diverse platform features throughout their life experiences.”