Social Network for Mental Health
MentalHappy is bringing a scientifically-proven solution to a $300 billion crisis.
That crisis is mental health. And its solution is peer-to-peer support.
This company has created a social network designed to help people with their emotional health. Members can access an online community that offers conversation and advice from other users. And they can use digital toolkits that offer guided content, actionable life plans, and motivational messages to help improve their mental health. They can even speak with licensed professionals for help.
Since 2015, investments in mental health startups have more than quadrupled. And 2020 has been a record year for startups targeting this market.
Due largely to the coronavirus pandemic, startups in this market have surged in value, and attracted the attention of prominent venture capitalists.
Through Q3 2020, VC funding of U.S. mental health startups for the year was at $1.37 billion. This surpassed 2019’s total of $1.06 billion.
• Calm, a meditation app, is in talks to raise $150 million at a $2.2 billion valuation.
• Amwell, which provides behavioral health services, raised $194 million from investors including Allianz and Takeda in May 2020. Four months later, it went public at a $742 million valuation.
• And mental health app makers Mindstrong and Lyra Health raised mega-rounds of $100 million or more in 2020.
Startups are emerging in this market because the healthcare system is broken when it comes to treating mental health. According to a report from Constellation Behavioral Health, untreated mental illness costs the U.S. healthcare system around $300 billion a year. And even speaking to therapists, which has shown to be effective, still carries a stigma.
MentalHappy offers an alternative outlet for those struggling with mental health. It’s striving to make mental healthcare an accessible, stigma-free reality for everyone.
This company is backed by Y Combinator, a startup accelerator that’s guided Airbnb, Stripe, Coinbase, Dropbox, and DoorDash.
MentalHappy has a Letter of Intent from Angle Health, and a partnership with Devoted Health. It’s also been sponsored by the Global Wellness Institute.
Notably, the company has relationships with more than 30 employers, who have each agreed to offer MentalHappy’s platform to their employees. These employers include SAP Concur, Boston Scientific, and eBay.
In February 2020, MentalHappy completed a “beta” test with 200 paying members. And the latest version of its platform is in development.
Once launched, the company will charge individuals and employers a $7 monthly subscription. It will also partner with health insurance providers to provide services to its members.
Amy has more than 15 years of experience as a therapist. For the past nine years, she’s run her own therapy business in addition to her role with MentalHappy.
Earlier, she was a course creator and host with Intention Inspired, a mental health and wellness platform. Prior to that, she was an in-home counselor with SCO Family of Services, a New York-based family services organization.
Amy earned a degree from St. John’s University.
Matthew is an experienced designer and developer, who most recently worked at the Nasdaq Entrepreneurial Center, an education management service affiliated with the stock exchange.
Prior to that, he was Director of Growth for Bunz, a mobile platform for buying and selling personal items. Before that, he co-founded Raddish, a software company focused on helping people start food-related businesses.
Notably, Matthew was an early employee at Lyft, the ride-sharing company. He served on the company’s client services team and was a senior ops lead.
He studied at Stanford University and San Francisco State University.
Prior to starting MentalHappy, Tamar was CEO of CanUStart, a job recruiting company. Before that, she was Operations Manager for Employbridge, a company matching workforce talent to open jobs.
She studied Economics and Sociology at Florida State University and earned her MBA.
Seed-stage accelerator whose alumni include Scribd, Reddit, Airbnb, Dropbox and Stripe