HealthTechInvestment

MyMynd, a mental health platform for employees, has received £650,000 in pre-seed funding.

The digital platform allows people to access mental health assessments based on clinically validated tools. These assessments give them a detailed understanding of their mental health risks and wellbeing, and users are guided toward resources linked to their needs to improve their ability to cope. 

The platform’s algorithm can detect those experiencing difficulties and MyMynd’s team of trained responders provide further guidance and support.

Investors include Triple Point Ventures and several angel investors including Andrew Nadin, Southeastern Grocer’s Chief Customer and Digital Officer; Maurice Abboudi, serial hospitality entrepreneur and investor on BBC 2’s ‘My Million Pound Menu’; and Will Jones, founder of online bookshop Wordery.

Senior officials at the NHS Confederation and the Royal College of Psychiatrists recently announced that millions face a ‘second pandemic’ of mental health issues caused by trauma, extended isolation, and financial pressure. The Mental Health Foundation, a mental health charity, has estimated mental illness currently costs the UK economy up to £100 billion through lost productivity.

MyMynd is already being used by the NHS, where staff have taken 8m mental health sick days in the past five years and report feeling ‘brutalised’ by extreme workload. The platform now has partnerships in place with a number of NHS Trusts as well as departments within NHS England & NHS Improvement.

The company was co-founded by CEO Henry Majed, who is a visiting fellow at Skoll Centre for Social Entrepreneurship, Said Business School, (University of Oxford) and advisor to the World Health Organisation (WHO); and chief product officer Leon Rodin, who has a leadership background in the public sector, charity and EdTech.

The company also has an all-star advisory board including Tim Golding, ex-operations director at Tesco; Abishek Varadarajan, product manager at Meta; Saul Betmead de Chasteigner, former CMO at the UN World Food Programme; Nicola McConnville, partner at law firm Taylor Vinters; and Benjamin Chilcott, ex-global executive board director, Iris Worldwide.  

Address the Big L this Mental Health Awareness Week

Majed said: “Isolation and uncertainty have amplified a silent mental health crisis in workforces across all sectors. Sadly, millions are more vulnerable, less able to cope and at greater risk of burnout.

“For employers, this is a tricky situation. How do you support people without knowing who is suffering? How do we get ahead of mental health and wellbeing and intervene before people reach a crisis or target resources and support? 

“MyMynd is changing this: it’s proactive, it’s personalised, and it works. What makes us stand out is the scale of engagement and impact we’re already having, with our clients telling us that up to 70% of their employees use our service compared to 1-5% for other services.”

Chris Lascelles, Investor at Triple Point Ventures, said: “The mental health crisis here in the UK is an increasingly serious issue. Sadly, it’s not been one that companies have been able to solve with much success to date. 

“That’s why MyMynd is so exciting: Their engagement numbers are fantastic for this kind of tool, which is a testament to its effectiveness. This is a truly purpose-led business – and we think it has huge potential.”

MyMynd plans to use the funds to expand its team to support growth, meet demand, and scale its impact with employees across the UK.