thoughtfull Secures $1.1M Seed Funding for Mental Health in Southeast Asia

Mental Health Startup ThoughtFull Secures $1.1 Million Seed Funding

Even prior to the COVID-19 pandemic, rates of depression and anxiety were significantly impacting global well-being. The pandemic itself subsequently spurred increased interest, alongside substantial venture capital investment, within the mental health startup sector.

While prominent mental health companies such as Calm and Headspace Health are largely US-based, growing attention is now directed towards emotional wellness initiatives worldwide.

Expanding Access to Mental Healthcare in Southeast Asia

In Southeast Asia, a rising number of startups are dedicated to broadening access to mental healthcare and providing crucial support systems.

ThoughtFull, a key player in this expansion, recently announced the completion of a $1.1 million USD seed funding round. This represents one of the largest seed investments secured by a digital mental health startup in the region to date.

ThoughtFull’s Services and Platforms

Established in 2019, ThoughtFull offers the ThoughtFullChat application. This platform connects individuals with qualified mental health professionals for both coaching sessions and therapy.

Furthermore, the app incorporates self-guided tools to support users’ mental wellness journeys.

For practitioners, ThoughtFullCare Pro provides a dedicated application to efficiently manage and expand their online practices.

ThoughtFullChat is readily available for download via the App Store and Google Play, as well as through insurance providers and employee benefit programs.

Investment Details

The seed round attracted investment from The Hive SEA, Flybridge (Boston), and Vulpes Investment Management.

Participation also came from various family offices and angel investors throughout the Asia Pacific region.

Founder’s Background and Motivation

Prior to founding ThoughtFull, Joan Low, the company’s founder and CEO, worked as an investment banker, including a six-year tenure at J.P. Morgan in Hong Kong.

Ms. Low shared with TechCrunch that her decision to leave the finance sector stemmed from witnessing the challenges individuals faced in accessing mental healthcare in Southeast Asia.

She contrasted this with the rapid advancements in digital mental health occurring in regions like the U.S. and Europe, where she had previously lived, worked, and studied.

Market Reach and Language Support

ThoughtFull’s primary markets are currently Singapore and Malaysia, but the platform now serves users in 43 countries globally.

Launched in 2020, the app supports five languages: English, Bahasa Malaysia, Bahasa Indonesia, Mandarin, and Cantonese.

Additionally, the company’s coaches are proficient in Tamil, Thai, Vietnamese, and Tagalog.

Collaboration with Healthcare Systems

ThoughtFull actively collaborates with local healthcare systems to ensure its services are specifically tailored to each market’s unique needs.

For instance, the company is partnering with The Hive Southeast Asia and Penjana Capital (a subsidiary of Malaysia’s Ministry of Finance) to facilitate the digitization of the country’s mental health infrastructure.

This initiative addresses the increased difficulty in accessing care, including in-person consultations, brought about by the pandemic.

Navigating the Asian Healthcare Landscape

“Healthcare systems are inherently complex due to the numerous stakeholders, structures, and desired outcomes involved,” explained Low.

“However, healthcare in Asia is particularly intricate because of the diversity in culture and systems—ranging from care delivery to payment and research models.”

“This complexity explains why fewer foreign companies have significantly entered the Asian healthcare market, as the barriers to entry are substantial.”

Differentiation and Future Plans

Other digital mental health apps operating in Southeast Asia include Intellect, which has also recently received venture funding.

Ms. Low emphasized that ThoughtFull distinguishes itself by offering comprehensive, end-to-end services, providing users with both preventative and curative options, and establishing “a completely closed feedback loop for improved mental healthcare quality.”

The seed funding will be allocated to product development, including advancements in deep tech and clinical research.