The Mental Wellness Startup Landscape: The Market, Funding & A Few Takeaways
I prepared a presentation on this topic recently so it will be more of a visual article than I usually present…after hours on Zoom a week, this may be easier on your eyes!
TL:DR — We need innovation that drives accessibility to mental health services now more than ever in the wake of the isolation of COVID-19. While I believe in my heart of hearts that community-based approaches to depression, anxiety and addiction work, we need digital versions to democratize access. We see the same duality of “haves” and “have-nots” in the mental health space that we see in every other aspect of society.
Prior to diving in — I must acknowledge Stephen Hays of What If Ventures and Rina Raphael and her “Well to Do” newsletter. Their thought leadership, collection of data, and diligent research on the mental wellness industry are the force behind the information I share below. Stephen, upon noticing that there were not comprehensive data sources, went ahead and created them over the course of months and months! Bravo!!!
The Market
The Fundraising Landscape
What If Ventures’ Thesis
The goal of a tool, product, or company in this industry should be to move people from wherever they are today, toward the right. For some, that means marginal incremental gains, while for others that means lifesaving, life altering changes to their emotional and mental wellness. — Stephen Hays
What If Ventures has assembled a running list of mental wellness startups here and you can read more about their insights here.
