MyMynd is the platform for mental health and wellbeing for employees is now receiving PS650,000 of pre-seed financing.
The funds came from investors, including Triple Point Ventures and angel investors, including Andrew Nadin, Southeastern Grocer’s Chief Customer Officer and Digital Director; Maurice Abboudi, serial hospitality investor and entrepreneur in BBC 2’s ‘My million Pound Menu as well as Will Jones, founder of Wordery, a bookshop online. Wordery.
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MyMynd offers employees an online platform where they are able to access assessments for mental health that are based on tools that have been clinically validated. The assessments allow employees to gain a thorough knowledge about their health issues and well-being and direct users towards the resources they need to meet their needs in order to enhance their ability to manage. The MyMynd platform’s algorithm is able to detect people who are experiencing problems and the MyMynd team of skilled responders offer further advice and assistance.
Senior officials from the NHS Confederation and the Royal College of Psychiatrists recently revealed that millions are facing a second depression’ caused by mental health issues triggered by prolonged isolation, trauma and financial stress. It is the Mental Health Foundation, a mental health charity, estimates mental illness is costing the UK economy as much as PS100bn in lost productivity.
MyMynd is currently being used by the NHS which has seen staff been on 8 million mental health sick days over the last five years. They also report being “brutalised” by extreme workload. The platform currently has partnerships with a variety of NHS Trusts and divisions that are part of NHS England & NHS Improvement.
The company was founded in collaboration with the CEO Henry Majed, who is a visiting fellow at the Skoll Centre for Social Entrepreneurship, Said Business School, (University of Oxford) and advisor to the World Health Organisation (WHO) as well as the Chief Product Officer Leon Rodin, who has an extensive experience in leadership within the private sector as well as the charity sector and EdTech.
It also boasts an all-star advisory panel which includes Tim Golding, ex-Operations Director at Tesco; Abishek Varadarajan, Product Manager at Meta; Saul Betmead de Chasteigner Former CMO for the UN World Food Programme; Nicola McConnville, Partner at the law company Taylor Vinters; and Benjamin Chilcott who was the former Global Executive Board Director at Iris Worldwide.
Majed stated: “Isolation and uncertainty have increased the severity of a mental health problem in the workplace across all industries. Unfortunately, many are more vulnerable and less capable of coping and are at a higher chance of becoming burnout.
“For employers this is a difficult circumstance. How can you help those even if you don’t know who is suffering? What can we do to stay ahead of mental health and well-being and intervene before individuals reach an emergency or need help and help? MyMynd is changing the way we do this by being proactive, it’s personalised, and it’s effective. What sets us apart is the level of engagement and impact that we’re already experiencing, with customers telling us that up to 70 percent of their staff use Our service, compared to just 1- 5 percent on other platforms”.
Chris Lascelles, Investor at Triple Point Ventures, said: “The mental health crisis within the UK is becoming a more important problem. It’s a shame that it’s not something that corporations have been able to address with great success until now. This is the reason why MyMynd is so exciting. Their engagement rates are phenomenal for this type of app and a testament to the effectiveness of their product. It is truly a purpose-driven business , and we believe it’s got a huge future.”
MyMynd plans to make use of the funds to increase its staff to help grow as well as meet the demand of customers and expand its reach with employees throughout the UK.