Workplace mental health and wellbeing app Thrive Therapeutic Software has raised £2.5 million in an oversubscribed funding round from Sumerian Foundation and existing investor Treebeard Trust. Investment platforms Syndicate Room and Wealth Club also contributed.
Thrive stated it provides whole-person solutions for workplaces and individuals to help them overcome periods of stress and help them care for their long-term mental health, through clinical-grade evidence-based techniques and providing in-app access to trained therapists. Thrive adds that it is approved by the NHS.
Following its launch in 2012 by consultant psychiatrist Dr Andres Fonseca and consultant clinical psychologist Dr Adam Huxley, Thrive has grown its membership to more than 200,000 app-users. Last year, it saw a 211% increase in downloads with the company doubling its headcount to 50 employees.
The company said the funds will be used to research and identify further areas of help Thrive can support, as well as developing its tech platform, allowing more integration with existing medical data to give users seamless access to mental health care.
Fonseca, chief executive at Thrive, said: “We’ve been blown away by the level of interest in the funding round. We quickly raised £1million from existing investors – both domestically and abroad – which was a real vote of confidence in our model.
“Crucially, we’ve been able to bring on board partners whose principles mirror our own, and are looking to use their investment to benefit society. Being so oversubscribed with interested parties was a really promising sign too, emphasising that the improvement of mental health provision is being taken seriously by the investment world.”
Date published: May 26, 2021