Relentless Venture Fund invests in healthtech startup Snapclarity to reaffirm its commitment to mental health
Relentless Venture Fund (Relentless), a health technology venture capital fund dedicated to investing in preventative and proactive technology solutions that optimize health, activity and longevity, has invested in Snapclarity to reaffirm tos commitment in mental health. The amount of the investment was not disclosed. Snapclarity provides immediate insights into an individual’s mental health risk factors and accelerates access to professional care.
With the growing global mental health crisis, and barriers to access, new strategies for care are urgently needed. The cost to society and employers is immense with lost time, money, and productivity, and the human cost is even greater. In Canada alone, mental illness has reached epidemic levels with one third of hospital stays linked to mental illness and for employers 70% of disability costs are associated with mental illness.
Founded just a few years ago by Jeff Deriger and Terri Storey, the Ottawa-based Snapclarity is an online platform offering people an industry-leading clinically validated mental health assessment. Snapclarity was developed in partnership with Terrace Wellness Group. They have been offering services in mental health care for 20 years. Despite all the money, time and energy invested in wellness research and awareness, little has changed to improve outcomes. Only 12.5% who have illness will get accurate diagnosis and optimal treatment leaving 88% of the those to suffer chronically. Their goal was to improve the coordination of mental health through innovation and technology.
The innovation started with a mental health triage that immediately connected an assessment with an immediate treatment plan. The results of the assessment would link clients with the right professional with the right skills at the right time. Their study revealed that within 16 weeks 86.5% of clients improved in all areas life functions also, removed all friction to receiving quality care. Their innovative onboarding technology is an assessment based on algorithms to determine the individual’s risk level and provides an immediate treatment plan. Snapclarity is faster to treatment plan, improves patient data, scalable.
“Snapclarity’s innovative triage tools will accelerate access to care,” highlighted Relentless Managing Partner Brenda Irwin. “It is an exciting opportunity to back a CEO coming from deep domain experience. After 20 years in bricks and mortar mental healthcare, Terri and her team have built a digital solution that will immediately solve a critical gap in the field of mental healthcare as well as provide a targeted tool to keep mental wellbeing top of mind.”
Snapclarity is boosting digital health technology’s disruptive potential by working with progressive organizations to improve the mental wellbeing of their employees and reduce disability and drug costs associated with mental illness. Concurrent with reducing the stigma associated with traditional mental healthcare, the company is focusing on prevention and awareness, as well as treatment. Their solution offers triage outside of traditional settings and access to quality mental health care anytime, anywhere.
In recent years, well-being has transitioned from a good idea to becoming embedded in most corporate cultures. Enabled by the explosive growth of digital health technology products, corporations are now able to build upon a commitment to general wellness (e.g. exercise and nutrition); Snapclarity’s unique platform is well positioned to become an essential asset for corporate wellness benefits and EAP offerings.
The company has a rapidly growing and diverse suite of early adopters across government, including Veterans Affairs Canada and the Military Family Resource Centre- National Capital Region. As well as, commercial and enterprise clients and Employee Insurance Brokerage firms.
“The values alignment with Relentless is clear,” stated Snapclarity Founder and CEO, Terri Storey. “There is no other fund in Canada with a specific intention to invest in products that address mental wellbeing as well as mental healthcare as part of their investment thesis. Our company is poised to accelerate the adoption of accessible, preventative, virtual mental health therapy. We are keen to include the Relentless team at this point in our journey, collectively helping more people realize their full potential.”