Wellin5

Wellin5 offers online counseling solutions and works with corporates, businesses, non-profits, associations, and other organizations to address mental health & relationship issues in the workplace resulting in decreased cost of productivity loss, absenteeism, low employee morale, and medical claims.

<div><p>Wellin5 provides online counseling for individuals and couples to overcome mental health conditions such as depression, anxiety and trauma. Based in British Columbia, Canada, the company leverages AI in treatment delivery and connecting users with the most compatible counselor. Users can create a profile, get matched with a counselor and start chatting from the comfort of their homes. The packages are priced at CAD 49 (around USD 37) for a 30-minute chat, CAD 89 (around USD 67) for an hour and CAD 109 (around USD 82) for couples therapy; however, the company made these packages available at a discount until September due to the Covid-19 pandemic. Wellin5 also offers enterprise packages for companies on behalf of their employees.</p></div>

New technologies are opening up mental health services to previously overbooked and underserved populations.

Mental Health Tech

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  <p>
    Wellin5 provides online counseling for individuals and couples to overcome mental health conditions such as depression, anxiety and trauma. Based in British Columbia, Canada, the company leverages AI in treatment delivery and connecting users with the most compatible counselor. Users can create a profile, get matched with a counselor and start chatting from the comfort of their homes. The packages are priced at CAD 49 (around USD 37) for a 30-minute chat, CAD 89 (around USD 67) for an hour and CAD 109 (around USD 82) for couples therapy; however, the company made these packages available at a discount until September due to the Covid-19 pandemic. Wellin5 also offers enterprise packages for companies on behalf of their employees.
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    The company acquired Therachat (a mental health platform based in California) in September 2019, which facilitated its entry into the US mental health market.
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  <p>
    <b>Funding and financials</b>
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  <p>
    In November 2022, the company raised 
    USD 2 million in an oversubscribed seed funding round. The participating investors were not disclosed. The recently raised funds were set aside to grow its team by 300% by 2023 and expand its current market reach from Canada to across the US to improve access to its counseling and therapy services.
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  <p>
    Boulder Care is a telepsychiatry platform that connects patients who are opioid-addicted users to addiction specialists, care coordinators, and peer coaches. Patients can get personalized plans via video and text messaging and the app is intended to be used in conjunction with prescription medicines and lab tests.
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    <b>Funding and financials</b>
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  <p>
    In June 2022, the company raised USD 36 million in a Series B funding round. The funds were earmarked to triple the size of the company’s medical care team, expand its geographical footprint, and increase its value-based care treatment options through partnerships with health plans.
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Boulder Care

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  <p>
    7 Cups provides an emotional-support platform with a network of volunteer listeners. Users can anonymously access either one-on-one chats or group chats 24/7, free of charge for issues such as depression, anxiety, relationships and those related to the LGBTQ+ community.  It also teaches users skills such as meditation to improve their lives. If users want additional support, the company also provides access to an online therapy platform with a network of 180 licensed therapists for a subscription plan of USD 150 per month. 7 Cups is available for users above 13 years of age (users between 13 and 17 years old engage with listeners who are specifically trained in teenage interactions).
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    Volunteer peer listeners get free training and support as well as flexible scheduling. Once a user requests a chat, it will be directed to available listeners and if the user requests a specific listener, he will be connected as soon as the listener accepts the demand. The service is anonymous and the listener has no access to the details of the user unless the information is disclosed to the listener by the user in their conversations. As of January 2022, 7 Cups has facilitated more than 51 million conversations, served 25 million individuals, and had 300,000 trained listeners. The listeners serve in 180 countries in 140 languages.
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7 Cups

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  <p>
    wayForward provides technology-supported behavioral health and emotional wellness services for employers planning to make services available to their employees. It uses a screening procedure designed by neuropsychologists to triage and help employee members get clinically relevant mental healthcare. The company provides a self-guided app, text-based coaching, video visits, telepsychiatry, and if required, in-person visits or an on-site counselor. wayForward leverages its evidence-based approach and artificial intelligence in delivering its services and claims that it has been able to reduce anxiety symptoms by 48% and depression symptoms by 59%.
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  <p>
    The company raised USD 2 million in a seed round in June 2020, which brought total funding to USD 4.5 million. DarioHealth, a chronic disease management platform based in Israel, signed a definitive agreement to acquire 100% of wayForward in May 2021 for a total consideration of USD 30 million. As of May 2021, the wayForward had approximately 20,000 members and was available in North America, Australia, and Europe. 
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wayForward

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  <p>
    Coa is a mental health company that conducts online classes led by licensed therapists for mental health users. The classes focus on conditions such as stress, anxiety, confidence and relationships. The company raised USD 3 million in a seed round in October 2020 from investors led by Crosslink Capital.
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  <p>
    Meru Health is an online platform that connects patients experiencing stress, depression, anxiety, burnout, and other mental health issues to licensed therapists. The company was founded by Kristian Ranta in 2016 after his older brother died from suicide after battling depression. The platform offers a 12-week program and personalized text-based coaching services and virtual workshops. Meru also provides access to progress reports and anonymous peer support groups as well as sleep, nutrition, and mindfulness advice on top of vital tracking information—such as heart rate data.
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  <p>
    The company reported a 10x YoY growth in its customer base in 2020 and plans to serve 10 million users by 2027. The company also achieved 8x YoY growth in revenue in 2020 amid an increase in demand in mental health services brought about by the Covid-19 pandemic.
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  <p>
    <b>Key customers and partnerships</b>
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  <p>
    In September 2022, Meru Health and clinical trial platform Curebase 
    <a href="https://sp-edge.com/updates/13230">
      announced a partnership
    </a>
     to carry out a three-year clinical trial to measure the effectiveness of Meru Health’s 12-week digital depression treatment targeting primary care patients. The study was funded by the National Institutes of Health’s Small Business Innovation Research program. 
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  <p>
    <b></b>
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  <p>
    <b>Fundings and financials</b>
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  <p>
    In May 2022, the company secured a USD 2 million grant from the National Institute of Mental Health to measure the effectiveness of its 12-week program for treating primary care patients. The study will follow 300 patients across the US with symptoms of major depression for a period of three years.
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Meru Health

Offers virtual offerings for mental health consultations

Mental healthcare services offer personalized care tailored to a user's needs and treatment progression

There are mental health providers offering services specifically to help LGBTQ+ or BIPOC individuals

Several mental health technology providers offer therapy services rendered by AI/ML technology

Subscription or membership-based platforms and apps to connect therapists, psychiatrists or behavioral health coaches with patients.

Wellin5

Mental Health Tech

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Wellin5 raises USD 2 million in oversubscribed seed funding

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