Deals and investments into the HR tech space are continuing at a strong pace in May 2021.
Just a week after Reward Gateway was acquired by two private equity firms, another London-headquartered company, workplace mental health platform Unmind, has closed an ‘oversubscribed’ $47m Series B round.
The investment round was led by EQT Ventures. Sapphire Ventures, Project A, Felix Capital, and True also participated in the Series B.
This new round comes just over a year after Unmind closed a $10m Series A — Project A, True, and Felix Capital took part in this investment round.
Founded in 2016, Unmind’s platform aims to enable employers and their staff to take a proactive and preventative approach to mental wellbeing.
In this respect, the platform also aims to destigmatize discussions around mental health in the workplace. It does this by enabling and encouraging all employees to make use of special tools around the topics sleep, calmness and coping mechanisms, among others, to help to measure and nurture their mental wellbeing.
What does the future hold for Unmind?
Stress and burnout are at an all-time high. But simultaneously employers are stepping up and figuring how best to support their staff both through the pandemic and into the next workplace disruption: the move towards hybrid working.
According to Unmind, the growing focus on mental health during the pandemic has caused its revenues to grow threefold over the past year. The company allegedly offers digital wellbeing solutions to two million employees globally, including those working for Virgin Media, Uber, John Lewis, and Standard Chartered.
Unmind — and other mental wellbeing digital tools — are attracting interest from investors. Research by Business Insider found that mental health startups have raised $1.9bn so far this year.
Unmind CEO and co-founder Dr Nick Taylor commented: “Thanks to the support from our investors, this round of funding gives us the opportunity to scale our team while further developing the product with clinically-backed insights and research.
“In turn, this will help us to meet growing global demand from employers looking to drive positive cultural change around mental health in the workplace.”
Unmind is specifically hoping to almost double its team from 125 to 200 employees by the end of 2021.