The recognition of the importance of mental health has seen a slow but exponential growth over the last few years. However, the outbreak of the COVID-19 pandemic which caused a world-wide lockdown and recession has resulted in an explosive growth and increased demand for mental health in Singapore preservation solutions.
This has had a positive impact on the start-up ecosystem in Singapore, as there has been an increase of VC funding within this industry in the first half of the year.
The uncertainty of the year, the loss of employment for a significant percentage of the workforce due to the volatility of the market and practice of social distancing and isolation has put a strain on peoples mental health, which has provided opportunities for start-ups to access funding as the demand has attracted new investors into the industry.
Holmusk in the past week announced a closing of a $21.5 Million series A funding round, led by Optum Ventures and Health Catalyst Capital. The funding rounds objective is to build the World’s largest Real-World Evidence in behavioural health and chronic diseases.
Intellect, another Singapore based start-up has recently launched a digital therapy App which is aimed at breaking the barriers experienced by start-ups in Asia due to the stigma surrounding mental wellness. The current conditions have aided in catalysing cultural awareness and de-stigmatizing mental health issues which will in the long run make the industry more profitable and more attractive to investors.
Healthcare providers and other essential service providers who have bravely been working in the frontline in the fight against the virus, require mental health support more than ever before. This concern has brought into existence partnerships of start-ups and healthcare providers and unions to ensure that mental health services are made more accessible for essential workers.
MindFi in partnership with Labour Movements Healthcare Academy is offering free premium MindFi access for professionals during the pandemic. This shift in mental health recognition and efforts to provide support will have long term generational impacts as this has not only sparked over-due conversations amongst people but it has opened up the space for more innovations and this will only result in the growth of the industry.