In case you haven’t noticed, here’s what it says: many Nowadays, many of the mental health startups have launched due to widespread interest in mental health in the wake of the pandemic. However, clinical trials and relationships with the health care system are often lacking.
A new venture from Britain’s KHP Ventures plans to fix this by raising a new £20 million ($25.5 million) fund specifically targeted at accelerating startups that address depression, anxiety and mental illness.
Charitable foundation Wellcome is a major investor, supporting the fund with an investment of 8 million pounds ($10.2 million).
The fund is expected to close in early 2025 and aims to raise a total of 20 million pounds ($25.5 million). It plans to invest between £250,000 and £1 million ($319,000 to $1.3 million) in the startup.
KHP is an existing partnership between King’s College London, King’s College Hospital NHS Foundation Trust and Guy’s and St Thomas’ Hospital NHS Foundation Trust. We invest in healthcare and medtech startups aiming to operate in the UK. KHP’s new mental health funding innovation will be supported by South London and Maudsley NHS Foundation Trust, the UK’s largest mental health provider.
Initially, the company is running a free 12-week immersion program. Selected startups will be evaluated for final investment by the fund. The program is open to startups from around the world, but must focus on developing solutions for the UK market.
Funded startups will receive support for clinical and academic trial development, access to patient and service data, and product testing in real-world environments. We also have access to patient focus groups, experts, clinicians and academics thanks to our partnership with South London and Maudsley NHS Foundation Trust.
Searches for mental health services are increasing. Around 3.8 million people accessed NHS mental health services in England last year, almost two-fifths more than before the pandemic. This includes more than a million children, with 16-year-olds the most likely to seek support.
“We felt there was a need for thematic funding for mental health,” said Dr Pooja Sikka, founding general partner of Mental Health Funding Innovations. “There are a lot of startups in this space and a lot of technological potential, but there hasn’t been adequate capital inflow.”
“Our lead investor, the Wellcome Trust, is committed to raising the bar for papers on expanding mental health, particularly digital mental health,” he added.
Sikka noted that the population’s mental health has worsened and is affecting all segments of society. But at the same time, she believes we have understood the potential of the technology. “What we wanted to do with the funding here was to create a very specific pool of capital, but also provide the right support for startups,” she said.
“Millions of people struggle with mental health issues. We desperately need new and improved ways to help them live the lives they want,” Elena Netsi, head of digital mental health research at Wellcome, said in a statement.
