HealthTech startup Zenovate raises $1 million seed funding for its employee mental health and wellbeing platform
Since the coronavirus pandemic began early last year, the mental health of employees has been at an all-time low, which creates an additional burden for employers struggling to address the challenges of COVID-19. According to the Mental Health Index by Total Brain and the National Alliance of Healthcare Purchaser Coalitions, Employees reported a 48% increase in the risk of depression between November and December.
Enter Zenovate (formerly Incorporate Massage), a Boston, MA-based health tech startup that provides an online platform for manage mental and physical health. The Zenovate platform provides the easiest way to understand and manage employee mental health.
Today, Zenovate announced it has raised $1 million in seed round this past week from angel investors. Zenovate will use the new funding to invest in more mental fitness tools for clients including gamification and engagement tools, text-based therapy, and device integrations. This will add to Zenovate’s service offerings, which already include teletherapy, on-demand meditations, nutrition, fitness, and more – further strengthening the company’s solution.
Founded in 2010 by Amelia Wilcox, the Zenovate app provides on-demand teletherapy and proactive care for employees, and real-time employee wellbeing data to companies. Zenovate’s pivot into the world of mental healthcare is being backed by notable investors such as Eric Farr and John Wade of BrainStorm and HubSpot executive Dan Tyre.
“The need has never been greater, and we are passionate about improving access to mental health care. People need help now, not in 8-12 weeks as is the case with most providers. This funding will enable us to break down even more barriers to care, and ultimately help more people,” Wilcox said.
Effective tools are in huge demand, and that need isn’t going anywhere – according to Inc. Magazine, workforce wellness tools focusing on mental and emotional wellbeing is the #1 most desired benefit.
According to the NCBI, 41% of adults are experiencing diagnosable mental health disorders since the COVID-19 pandemic. The seed funding will give Zenovate clients even more options to reduce their stress through increased personalization and more comprehensive wellbeing tools.