hey, disruptive mental health care app, raises pre-seed funds
• $555,000 USD invested by Wavemaker Partners in the pre-seed round • heyy, is backed by prominent angel investors from the start-up, VC community • 10%-14% of an organization’s employees Feb. 22, 2022 /PRNewswire/ — heyy, India’s leading mental healthcare app, announced today that it has raised $555,000 in a pre-funding round. -priming. This is the first external fundraising for the company, and it was led entirely by Wavemaker Partners, one of the most active early-stage institutional investors in Southeast Asia.
Founded in 2021, heyy, operates in the preventive “emotional first aid” space, long before issues become clinical or serious. heyy, has built a network on the ground of trained ‘Helpers’ – first responders in a conversation, who engage with help-seekers as many times as needed, before recommending expert advice.
”Hey,”s vision is to keep mental health care deeply human and personal while making it accessible to millions of people. It is well known that therapy is highly stigmatized, and although digital therapies have attempted to fill the void, this has come at the expense of a human connection. Our Helpers create an anonymous, confidential and safe space for users to open up and talk about their deeply personal issues. It has already helped thousands of people to reach out and ask for help,” said founder of Ankit Malhotra.
heyy, delivered strong growth based on strong traction in its enterprise and consumer verticals. It has a renewal rate of 100% and 40% respectively in the Enterprise and Consumer segments. Importantly, between 10% and 14% of employees start using heyy, within the first month of its introduction to the workplace, compared to 1% to 2% adoption observed for wellbeing programs. -be traditional offered by companies.
”Having spent the early part of his career working in top tech companies in Asia, Ankit has gained a wealth of operational experience as well as insight into the world of high-performance business. This gave the founder unique insight into the corporate mental health space, having witnessed and experienced the lack of proper care first hand. About 14% of India’s population suffers from mental disorders, and 80% of those affected do not receive treatment for more than a year – a problem, hey, that seeks to be solved. hey, has stood out as a preventative care solution that retains the empathetic and human aspect while remaining accessible and scalable, resulting in the company’s record adoption and repeat rates,” said Gavin Lee, general partner at Wavemaker Partners.
heyy, also offers easy access to online therapy through its app, with qualified therapists in multiple languages, such as English, Hindi, Bengali, etc. developed through intensive research to help individuals better understand their needs and build their confidence and resilience, both on and off the job.
Angel investors include Monks Hills Ventures; Sairee Chahal, founder of Sheroes; Deep Bajaj, founder of Sirona; and Anjan Bhojarajan of HealthifyMe, among others.
”Heyy, solves an urgent problem of mental health issues in the workplace and offers unconditional and safe support to teams and organizations while keeping the space personal and empathetic. hey, the vision of is very relevant in today’s world and helps people lead happier and healthier lives,” said Sairee Chahal.
“Ankit’s dedication to the cause of mental and emotional well-being is unparalleled. The clarity on where he wants to take the brand and solve consumer problems is inspiring,” said Deep Bajaj.
“Considering that mental health is a vital aspect of overall well-being, heyy, set out to solve an important need. What Ankit has envisioned for the future also has great potential to expand globally and I’m excited to see the impact it’s going to have over the next few years,” said Anjan Bhojarajan.
One in 10 people worldwide live with a mental health problem, and estimates suggest that poor mental health costs the global economy US$2.5 trillion a year. In India, free or low-cost access provided by mental health care apps is expected to further expand the market from its current size of around US$4 billion.
About heyy,: heyy, was founded by Ankit Malhotra in 2021, with a mission to make mental health care truly accessible. His vision is encapsulated in the logo, which depicts the word “heyy”, – one of the most common conversation starters. Drawing on his deep personal experience, Ankit seeks to encourage people to seek help when they need it. heyy, is now a team that spans 5 time zones and multiple nationalities, committed to making accessible and personal mental health care a reality.
For more information, visit: https://heyy.life/ About Wavemaker Partners: Wavemaker Partners is Southeast Asia’s go-to venture capital firm investing in start-ups, advanced technologies and sustainable startups. Since 2012, it has supported more than 170 companies, of which more than 140 (85%) are high-tech or high-tech. The firm has more than $300 million in assets under management across four funds in the region and has had more than 10 exits valued at nearly $700 million. Today, 75% of active startups in Wavemaker’s portfolio in Southeast Asia are aligned with at least one UNDP Sustainable Development Goal.
For more information, visit: https://wavemaker.vc/sea/ For inquiries, please contact: Ankit Malhotra +65-89521215 [email protected] Photo: https://mma.prnewswire.com/media/ 1751339/Ankit_Malhotra_heyy .jpg PWR PWR
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