Unmind Reports Over 3x Revenue Growth Amid $47M Series B Funding to Expand Workplace Mental Health Platform

Over the past year, people around the world have faced significant threats to their physical, social, and mental well-being, experiencing loneliness, isolation, and anxiety, while undergoing substantial changes in work-life balance, social life, and family dynamics. For many, this has also led to new or worsening mental health conditions.

But for Unmind, this also represents a growth opportunity. In the year following the outbreak of the COVID-19 pandemic, demand for proactive and preventive approaches to mental health surged significantly. According to Unmind’s official report, 78.5% of companies reported an increase in requests for mental health support, and 90% expressed concern that their employees were experiencing burnout. Approximately 70% of companies indicated that they planned to initiate, continue, or expand mental health benefits starting in 2021, while 88% of large enterprises expected to offer online mental health support that year.

As a workplace mental health platform, Unmind has seen its revenue more than triple over the past year. On May 12, 2021, Unmind completed a $47 million Series B financing round. The round was led by EQT Ventures, with participation from Sapphire Ventures, Project A, Felix Capital, and True. According to reports, the proceeds from this financing will be used to continue investing in research and development while expanding the company’s business scope. Unmind’s previous funding round was completed on February 11, 2020, when it raised $10 million.

As societal survival pressures intensify and the pace of life accelerates, various contradictions continue to emerge, subjecting modern individuals to greater psychological stress. Consequently, the prevalence of psychological issues is on the rise, drawing increasing attention to mental health. In both work and daily life, maintaining a healthy mindset has become a crucial safeguard for family well-being and social stability. However, the overall landscape of societal mental health remains severe and cannot be overlooked.

WHO Director-General Tedros Adhanom Ghebreyesus noted at a press conference that the COVID-19 pandemic has affected the mental health of millions of people worldwide. Globally, mental health remains a neglected health issue. Nearly 1 billion people around the world are affected by mental health conditions to varying degrees. Harmful use of alcohol causes 3 million deaths annually, and on average, one person dies by suicide every 40 seconds. However, only a small proportion of individuals have access to high-quality counseling and treatment. In low- and middle-income countries, more than 75% of people with mental disorders, neurological conditions, and substance use problems do not receive any treatment.

As early as 2007, the World Health Organization (WHO) predicted that depression would become the second largest contributor to the global disease burden by 2020. Unfortunately, 2020 coincided with the unprecedented COVID-19 pandemic, which caused a certain degree of psychological panic among people worldwide. Taking depression, which has relatively high public awareness, as an example, the latest statistics from the World Health Organization (WHO) in 2019 show that there are over 350 million people suffering from depression globally, with an approximate growth rate of 18% in patients over the past decade. Survey data indicates that the number of individuals with various mental and psychological disorders currently reaches tens of millions, and more than 200 million people will require psychological counseling and psychotherapy at some point in their lives.

Unmind’s website indicates that one in six employees has experienced mental health issues this year. UK employers spend £45 billion annually to help employees improve their mental well-being, while 70% of managers perceive barriers to supporting their colleagues. Improving mental health is not only a pressing human imperative but also an economic necessity.

Mental illnesses are insidious and chronic; for the vast majority of people, they do not even recognize that they are ill.

On the other hand, the treatment of mental illness is long-term and costly.

Furthermore, from an industry perspective, consumer spending willingness across the sector remains lackluster. Data from iiMedia Research shows that only 3.2% of users are willing to spend more than RMB 800, and the frequency of service demand is relatively low across all price tiers. The data also indicates that only 11.6% of users are willing to pay over RMB 100 for a single service session.

Since 2016, following the explosive growth of the paid knowledge model, traditional psychological counseling has been integrated with psychological courses, psychological assessments, and audio-based onlineThe commercialization of new models such as service products has been further validated, and some psychological counseling platforms have consequently attracted capital interest. The overall trend is that mental health products are moving toward electricthe direction of platform-based commerce and technology-driven services. Overall, the mental health market is growing, but there is a substantial gap in counseling and treatment services.

Unmind, a company that provides mental health platforms for the workplace, was co-founded in 2016 by Nick Taylor, Nick Tong, Ry Morgan, and Steve Peralta, with its headquarters located in London, UK. From its inception, the company has been dedicated to improving employees' mental well-being in work environments.

Nick Taylor, the company’s co-founder, is a former clinical psychologist with many years of experience in the field of mental health care. He stated that most patients seek psychological counseling only when their issues have become severe, whereas Unmind aims to intervene at an early stage to help prevent and improve mental health problems.

In 2015, as the NHS’s Chief Clinical Psychologist, Nick Taylor faced immense managerial pressure due to high rates of absenteeism, presenteeism, and staff turnover among frontline employees. In his search for a solution, he discovered that by integrating clinical science with workplace well-being, organizations could help their teams proactively cultivate mental health, thereby boosting productivity. What began as a strategy designed to support NHS staff soon evolved into a compelling business case, helping companies around the world address some of their most significant challenges.

A year later, Nick co-founded Unmind with Ray Morgan, a serial entrepreneur with lived experience of mental illness; Nick Tong, a startup technology expert; and Steve Peralta, a leading corporate benefits practitioner. Drawing on his experiential understanding of what good mental health means, Ray Morgan shaped Unmind’s product; leveraging his technical background, Nick Tong helped build the Unmind platform; and Steve Peralta, with his deep insights into individual and organizational development, led Unmind’s content strategy. Together, the four founders established a “whole-person approach” to supporting mental health in the workplace.

According to Unmind’s report, Unmind has served 2 million employees across more than 110 countries and regions, partnering with companies such as John Lewis (the largest department store in London, UK), Marks & Spencer (M&S), TSB, Lloyds Bank, Uber, Samsung, Virgin Media, British Airways, and ASOS. Among these, 92% of platform users reported increased confidence, awareness, and understanding of mental health through the platform, while 88% of employees indicated improvements in their mental health, work, or interpersonal relationships.

For Unmind, they firmly believe that “everyone has the right to a healthy mind,” and their mission is to improve the mental health of ten million people in organizations around the world. Mental health is determined by many aspects of life, ranging from physical health to sleep, from friendship networks to family relationships, and from self-esteem to mindset. None of these aspects are fixed; they continuously evolve and change throughout each of our lives.

Nick Taylor, Clinical Psychologist, Co-Founder, and CEO, stated: “Societal support for people’s mental health is insufficient, particularly in the workplace. Everyone has mental health needs. Maintaining mental well-being is an integral part of being a successful employee; however, most current provisions in the mental health field are highly reactive and heavily stigmatized, resulting in low uptake among employees.”

To help address this issue, Unmind aims to provide a “proactive preventive solution” that anyone can use to support their mental health. Taylor stated that employees can leverage the platform to proactively measure, manage, and improve their mental health and well-being. Furthermore, Unmind’s scalable platform goes beyond traditional approaches—which are often stigmatized—that only offer support to individuals exhibiting symptoms of mental illness. It complements reactive services, such as Employee Assistance Programs (EAPs) or remote therapy.

Unmind designs and develops its products based on seven core dimensions of mental health—sense of achievement, coping ability, calmness, well-being, interpersonal relationships, health, and sleep—and across three levels: psychological, social, and physical. Through various formats such as videos, audio, and interactive content, it provides mental health training to employees, helping them measure, understand, and cultivate their own mental well-being.

Unmind provides employees with tools, training, and assessments for “clinical support,” evaluating mental health through a workplace-focused approach to foster a more positive and effective lifestyle and improve mental well-being in the workplace. Company employeesUsers can complete “Daily Wellbeing” micro-exercises, personalized assessments, and tailored programs designed to improve stress, attention, and sleep through the Unmind mobile app.Proactively measure, manage, and improve your mental health.

Meanwhile, workplace mental health services can also strengthen the connection between employees and the enterprise. Employees can anonymously submit work-related challenges and suggestions for the company via Unmind, and the platform helps businesses improve through real-time data feedback.

The platform also offers preventive mental health solutions, enabling anyone to enhance their psychological well-being.

On May 12, 2021, Unmind completed an oversubscribed $47 million Series B financing round.

Going forward, Unmind will leverage new capital to accelerate its international growth and continue to expand the breadth and diversity of its content, features, and integrations. According to reports, the company’s headcount across its offices in London, New York, and Sydney is set to reach 200 by the end of 2021.

Dr. Nick Taylor, Co-founder and CEO of Unmind, commented: “Unmind is built on the belief that everyone has the right to a healthy mind. Thanks to the support of our investors, this funding round provides us with the opportunity to expand our team while further developing our products using clinically supported insights and research. In turn, this will help us meet the growing demand from employers worldwide who seek to drive positive cultural change around workplace mental health. At Unmind, we see the future of mental healthcare rooted in prevention. After all, just as with physical or dental health, we can actively nurture and improve our psychological well-being through various means.”

The influx of substantial capital signifies strong societal recognition of Unmind’s business model and reflects the public’s urgent demand for mental health care, thereby providing a solid foundation for Unmind’s future development. It is believed that in the near future, Unmind will continue to update and optimize its offerings on the existing basis, delivering higher-quality services to users.