10 Mental Health Companies Revolutionising Healthcare in the UK | 2024
The world’s focus on mental health was intensified by the coronavirus pandemic, with lockdown having had significant and widespread negative impacts on mental wellbeing across the globe. Not only are mental health problems on the rise, but mental wellbeing is also increasingly accepted to be an integral part of all-round employee health—and, more often than not, an integral part of workplace productivity. It’s no coincidence that mental health is now included in the UN’s Sustainable Development Goals.
Mental health support is now well and truly on the corporate map. Demand for solutions is on the rise and, perhaps unsurprisingly, ambitious new mental health startups are coming up with innovative solutions. In this post, we’ve profiled 10 of the UK’s up-and-coming mental health and wellbeing startups. From mental health mobile apps to online therapy tools, these companies are tackling employee burnout, preventing mental illness, and successfully matching the increased demand for mental health care.
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Top 10 Mental Health Companies
Homelink Healthcare
Total amount raised: £3.2m
Total equity rounds: Seven
Established: 2015
Location: Westminster
Homelink Healthcare delivers a range of recovery services, including nursing, physiotherapy, therapy, and rehabilitation, directly to patients within the comfort of their own homes. They support patients with both physical and mental illnesses.
Throughout their operation, Homelink Healthcare has taken part in seven fundraisings, securing a total of £3.2m. Most recently, they received £1.77m in 2022, from Foresight VCT and other undisclosed investors.
ProblemShared
Total amount raised: £3.73m
Total equity rounds: Four
Established: 2016
Location: Camden
ProblemShared operates as an online marketplace for online therapy sessions, providing access to high-quality care for individuals and institutions seeking mental healthcare services or neurodevelopmental assessments and support.
Since being founded in 2016, it has raised £3.73m through four equity funding rounds. The largest of these was in August 2021 for £1.92m, invested by undisclosed investors. The most recent post-money valuation for this company was in July 2023 for £46.3m.
MindLabs
Total amount raised: £3.9m
Total equity rounds: Two
Established: 2020
Location: Hounslow
The world’s first live mental health platform, MindLabs has developed a mobile app which provides a range of mental health-related content and services to users across the globe. With backers including Passion Capital, Seedcamp, and the brains behind Zoopla, Uber and Carwow, MindLabs raised an impressive £1.4m at its first fundraising round at a pre-money valuation of £3.7m.
As well as deep-breathing, mindfulness, and meditation classes with world-class therapists, MindLabs has also developed a wearable halo, which monitors your brainwaves, heart, and respiration rate, and even the tension in your muscles. It recommends workouts, and techniques, and can refer you to a therapist.
MYNDUP
Total amount raised: £4.88m
Total equity rounds: Four
Established: 2020
Location: City of London
MYNDUP provides 1-1 video therapy sessions across the full spectrum of mental health, including meditation, mindfulness, therapy, career coaching, and counselling, among others. The company attended the NEF+ accelerator in 2019. Since incorporating the following year, they have completed four fundraising rounds, the most recent of which was in November 2022. This saw a range of business angels and other undisclosed investors invest £3.79m, with the aim of increasing the number of practitioners available on the platform.
The company supports 50k employees globally, with a reported 95% of users seeing a reduction in stress, anxiety and depression.
Thrive
Total amount raised: £5.05m
Total equity rounds: Six
Established: 2012
Location: Stratford-on-Avon
Set up by trained psychiatrist Andres Fonseca, Thrive provides interactive mobile apps which are designed to help employers manage their employees’ mental health. It can detect, track, and help manage mental health conditions, such as depression, anxiety, and phobias. From meditation and thought training to sleep improvement, the NHS-approved smartphone app is designed to help anyone remotely improve their mental health.
Thrive has undertaken five fundraising rounds so far, the last of which took place in March this year and raised £2.9m at a pre-money valuation of nearly £7m. Since being founded in 2012, Thrive has enabled thousands of employees to get the vital help they need easily in a confidential and effective way.
TalkLife
Total amount raised: £6.70m
Total equity rounds: 11
Established: 2014
Location: Bristol
TalkLife has developed an online support network where young people with mental health issues can interact with one another, as well as with healthcare professionals and clinicians. A year after its launch in 2013, TalkLife entered the Bethnal Green Ventures accelerator programme. It has gone through 11 funding rounds to date, the latest of which raised more than £3m at a pre-money valuation of £6.19m.
TalkLife is run by a global team of clinicians, engineers, and designers, partnered with an impressive team of researchers from Harvard University, Massachusetts Institute of Technology, and Microsoft Research. Its mental health platform markets itself as a safe and engaging place for young people across the UK to meet like-minded, supportive people and improve their mental health.
PsyOmics
Total amount raised: £7.81m
Total equity rounds: Six
Established: 2015
Location: Cambridge
Founded in 2015, PsyOmics is developing new ways to diagnose mental health disorders, reducing misdiagnosis and accelerating time to treatment. A Cambridge University spinout, PsyOmics is looking to streamline mental health treatment and optimise clinical capacity, while providing personalised care for patients.
The company has undertaken six fundraising rounds so far, raising more than £7.81m from backers including BGF Growth Capital and the University of Cambridge Enterprise Fund. Its latest fundraising totalled £2.41m and valued the company at £8.35m. Censeo, their comprehensive digital mental health assessment platform, is used by GP practices across the country and allows healthcare providers to access an in-depth, psychiatric-level review of every patient, within their own service. PsyOmics aims to increase clinical capacity, reduce operating costs, and improve outcomes for patients, all across the UK.
HelloSelf
Total amount raised: £24.7m
Total equity rounds: Three
Established: 2018
Location: City of London
HelloSelf provides an online service that allows its users to access cognitive behavioural therapists through online therapy, 1-2-1 chat, and wellness tracking. It is dedicated to addressing the challenges of accessing effective mental healthcare, partnering with leading healthcare providers to make it accessible to all.
This company has gone through three fundraising rounds to date, with the largest and most recent bringing in an impressive £16.3m in March 2023. This was invested in by Manta Ray, Octopus Ventures, and OMERS Ventures, with a post-money valuation of £55.5m.
Healios
Total amount raised: £25.1m
Total equity rounds: Six
Established: 2013
Location: Lambeth
NHS partner, Healios, provides families of sufferers of mental health issues with technology and training to care for their relatives at home. Their clinical work is carried out remotely, with a focus on developing new tools and techniques to further remove the current barriers to care.
The company has raised a total of £25.1m to date, including a £14m fundraising in November 2023. It has also received one grant for £49.6k in June 2020. This was granted through Innovate UK.
Ieso
Total amount raised: £67.4m
Total equity rounds: Eight
Established: 2000
Location: South Cambridgeshire
Ieso (previously trading under PsychologyOnline) provides online cognitive behavioural therapy (CBT) for the treatment of common mental illnesses such as depression, anxiety, and other disorders. One-on-one therapy can be accessed through the NHS or via self-referral.
Ieso has over 700 accredited CBT therapists and offers clinically-validated treatment for depression. The therapy is based on the idea that thoughts and beliefs impact feelings and behaviour, and equips patients with the tools needed to combat negative thought patterns.
The Cambridge-based company was registered in 2000 and has been led by CEO and ex-venture capitalist Nigel Pitchford since 2019. To date, it has raised £67.4m of investment across eight funding rounds, as well as a £453k grant from Innovate UK to explore cognitive and behavioural biomarkers for the diagnosis and treatment of mental health conditions. Investors include Ananda Impact Ventures, Cambridge Angels, and Clearly Social Angels (CSA).
The future of mental health companies in the UK
With growing awareness and acceptance of mental health issues, there’s an increasing demand for accessible, personalised, and effective mental health services. Technology is expected to play a pivotal role in meeting these demands, revolutionising how mental health care is delivered, accessed, and perceived.
With teletherapy and online counselling services becoming more prevalent, these digital solutions not only bridge gaps in access to care, especially in remote or underserved areas, but also destigmatise seeking help for mental health concerns by offering discreet and user-friendly interfaces.
As the UK continues to prioritise mental health awareness and support, the synergy between innovative technology and compassionate care is set to redefine the landscape of mental health businesses, fostering a future where mental well-being is accessible, personalised, and destigmatised for all.
Working with Beauhurst
If you’re interested in learning more about mental health companies in the UK, Beauhurst is here to help. Through our BeauhurstInvest platform, you gain early access to emerging industry frontrunners, identifying businesses with significant growth potential from the outset.
Our platform equips you with valuable data to analyse market trends, generate charts, and extract information effortlessly. With up-to-date data and insightful analysis, navigating macro-level trends couldn’t be simpler.
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