Unmind Raises $47M to Revolutionize Workplace Mental Health

The Rising Focus on Mental Wellbeing

In recent times, mental health has gained significant attention. Many individuals have experienced substantial changes to their daily routines and lifestyles over the past year. Simultaneously, a global pandemic has brought widespread mortality into sharp focus, creating a unique set of circumstances that has inevitably impacted collective mental states and moods.

A New Funding Round for Workplace Mental Health

Today, a startup dedicated to assisting individuals in navigating this situation has announced a substantial round of growth funding. This investment will specifically address the impact of these challenges within the often-stressful environment of the workplace.

Unmind Secures $47 Million in Series B Funding

Unmind, a London-based startup specializing in workplace mental health platforms, has secured $47 million in a Series B funding round. The company intends to utilize these funds to further invest in research and development, as well as to broaden its business operations. Leading the funding is EQT Ventures, a prominent investor in U.K. growth-stage companies, with participation from Sapphire Ventures and existing investors Project A, Felix Capital, and True.

How Unmind's Platform Works

The foundation of Unmind’s service lies in a series of questions designed to help employees assess their own mental wellbeing. This includes exploring potential issues like depression, anxiety, and insomnia. The platform complements existing reactive services, such as Employee Assistance Programs (EAPs) and teletherapy, by offering proactive, self-guided tools for measuring, understanding, and improving mental health.

Furthermore, Unmind provides employers with anonymized data from the app, enabling them to better understand and address the needs of their workforce.

Increased Traction in a Critical Time

The app has experienced considerable growth, particularly over the last year, coinciding with a heightened awareness and discussion surrounding mental health.

Expanding Reach and Positive Outcomes

Unmind reports its services are now available to over 2 million employees across 110 countries. While specific active user numbers remain undisclosed, the company indicates app adoption rates range from 15% to over 60% within organizations, influenced by factors like company size and internal promotion. Notably, 88% of users report improvements in their mental wellbeing, work life, or relationships, and 92% demonstrate increased confidence and understanding of mental health.

Significant Revenue Growth and Notable Clients

The company has also reported a revenue increase exceeding 3x in the past 12 months. Its client base includes prominent retailers like John Lewis and M&S, financial institutions such as TSB, and major corporations including Uber, Samsung, Virgin Media, British Airways, and Asos – organizations known for strong customer service and potentially high-stress environments.

The Vision Behind Unmind

Unmind was co-founded by Dr. Nick Taylor, a former clinical psychologist with a background in mental healthcare and classical singing. He conceived the idea after observing that individuals often sought help only when their issues had become significantly advanced.

Proactive Mental Healthcare

“I consistently encountered the same regret: I wish I had met this person six months earlier,” Taylor explained. This realization led him to explore the concept of preventative mental health check-ups and ongoing support.

The Workplace as a Strategic Location

The workplace presents an ideal setting for this proactive approach. It is frequently a source of stress for individuals, yet it also provides a consistent, daily environment for assessing and addressing mental health. This can foster a closer connection between employers and employees, enabling more collaborative solutions.

The Link Between Work and Mental Health

The connection between work and mental health is well-established, but the past year has underscored its importance more than ever before.

Escalating Mental Health Challenges

“I initially questioned how mental health would fare during COVID-19,” Taylor recalled. “I even wondered if it would be overshadowed by other priorities. However, the prevalence of mental illness has actually escalated, reaching alarming levels. In the workplace, it is now a leading cause of absenteeism and employee turnover.” He added that the blurring lines between work and home life have contributed to widespread burnout.

A Shift in Perspective

Contrary to his initial concerns, Taylor observed a significant shift in societal attitudes towards mental health. “The stigma surrounding mental health is diminishing, and people are more open to seeking support.”

Investor Confidence and Strategic Partnerships

This evolving landscape has attracted investor attention. Alastair Mitchell, a partner at EQT Ventures, stated, “It is now universally recognized that our Mental Health is as important if not more important than our physical health — but has long been neglected. That is now changing rapidly.” He further emphasized the growing demand for workplace mental health solutions and expressed excitement about supporting Unmind’s global expansion. EQT is also implementing Unmind within its own organization and portfolio companies.

A Competitive Landscape

It’s important to note that Unmind is not alone in recognizing this need. Other companies, such as Ginger (based in San Francisco), Welbot (New York), Spill (London), and popular meditation apps like Calm and Headspace, are also operating in the mental wellness space.

Collaboration is Key

The scale of the problem suggests that a collaborative approach is essential. The success of each company will depend on its unique approach, user response, and ultimately, its ability to connect individuals with the support they need, whether through technology, individual care, or a combination of resources.

A Holistic Approach to Wellbeing

“We have a responsibility to prioritize our mental health with the same diligence we apply to physical healthcare,” Taylor concluded. “Effective healthcare requires an integrated approach across multiple systems.”