ifeel, a mental health insurance platform, secures $20 million in Series B funding

ifeel, a European startup focused on tackling mental health issues in the workplace, has recently secured a $20 million Series B investment co-led by FinTLV Ventures and Korelya Capital. This brings their total funding to $40 million since their inception.

Founded in 2017 as a consumer therapy platform, ifeel shifted its focus to providing support for businesses during the pandemic. It now offers its services as part of an employer’s or insurance provider’s healthcare cover, competing with companies like Modern Health.

CEO Amir Kaplan explained that when users enter the platform, they undergo a digital assessment that utilizes an AI system to evaluate their risk level. Based on this assessment, ifeel provides recommendations for the best treatment, ranging from mild to high-risk cases. The goal is to identify high-risk cases early to prevent negative impacts on individuals and companies.

The importance of addressing mental health in the workplace is highlighted by the significant costs associated with poor mental health. In England alone, it is estimated to cost around £300 billion a year, according to research by the Centre for Mental Health think tank.

Gil Arazi, founder and managing partner of FinTLV Ventures, emphasized the importance of prioritizing prevention and preventative solutions in the insurance industry. The investment in ifeel aligns with this goal, as the startup aims to provide scalable support for individuals struggling with mental health issues in the workplace.