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ifeel’s Mental Health Insurance Platform Raises $20 Million in Series B Round

ByHuey Yee Ong

Jun 3, 2024

ifeel’s Mental Health Insurance Platform Raises $20 Million in Series B Round

ifeel, a European startup dedicated to improving mental health support in corporate settings, has successfully secured a $20 million Series B funding round co-led by FinTLV Ventures and Korelya Capital. This investment brings the total funding raised by the company to $40 million since its inception in 2017.

The company, which originally launched as a consumer-focused therapy platform, shifted its focus to enterprise solutions during the pandemic, emphasizing mental health as a critical component of employee benefits and insurance offerings.

ifeel’s approach includes a comprehensive digital assessment tool, powered by an AI system, designed to evaluate risks and predict the most effective level of care for individual employees.

Amir Kaplan, CEO of ifeel, explained the functionality of the platform: “When you enter our platform, the first step is a digital assessment guided by an AI co-pilot we developed. This tool evaluates the risk level of individuals accessing our service and suggests the appropriate treatment ranging from mild to high-risk cases. Our objective is not only to manage severe cases effectively but also to identify and mitigate emerging issues before they escalate, offering scalable solutions to companies.”

This strategic pivot to integrate mental health services into corporate health plans and insurance policies positions ifeel alongside competitors like Modern Health, but with a unique emphasis on preventative care. The importance of addressing mental health in the workplace is underscored by staggering costs associated with poor mental health, such as the £300 billion annual burden reported by the U.K.-based Centre for Mental Health.

Supporting the investment, Gil Arazi, founder and managing partner of FinTLV Ventures, remarked, “This investment aligns with our thesis that the insurance industry should focus on prevention and preventative solutions.”

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Featured Image courtesy of redgreystock on Freepik

Huey Yee Ong

Hello, from one tech geek to another. Not your beloved TechCrunch writer, but a writer with an avid interest in the fast-paced tech scenes and all the latest tech mojo. I bring with me a unique take towards tech with a honed applied psychology perspective to make tech news digestible. In other words, I deliver tech news that is easy to read.

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