European provider of mental health solutions for corporations and insurance companies, ifeel, has reportedly secured millions in Series B funding. This $20 million is part of an investment fund, which is being co-led by Korelya Capital and FinTLV Ventures in association with their existing investors. Ultimately, the round should fuel the company’s growth and product development efforts in mental health care.

ifeel, conceived in 2017, has secured at least $40 million in funding. The company serves major corporations such as Glovo, H&M, and Travelperk and currently serves clients in more than 30 countries and 26 languages. Now, ifeel openly plans to expand its commercial operations with this recent investment to extend the development of its product offerings and ultimately cement its position as a leader in corporate mental health.

What’s more, Alessandro Verrini, the previous leader of commercial teams at Coachub, Criteo, and LinkedIn, has accepted the role of Chief Revenue Officer at ifeel to further its commercial success. It is essential to look at the problem that ifeel is addressing.

For years, mental health issues have only been becoming more of a concern for both businesses and insurance companies. According to many studies, anxiety, depression, and employee burnout are increasingly common, resulting in heightened absenteeism, presenteeism (reduced productivity while at work), and much higher healthcare costs to boot. Insurance companies have noted a spike in mental health claims, as traditional systems frequently struggle to meet people’s needs in this space.

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Ifeel has stepped in to address these challenges, presenting an all-inclusive approach to managing mental health. By using a combination of human expertise and technology, ifeel presents a wealth of solutions.

Among the solutions presented by ifeel is an AI-powered diagnostic system that helps identify possible mental health problems and guides users toward appropriate resources. Furthermore, ifeel offers modular treatment options through various self-care tools, video therapy sessions, and chat therapy options. Ifeel provides data-driven insights on employee and insured populations for businesses and insurers, enabling all parties to identify trends and better manage risks.

Of course, there are many other benefits for its insurance and corporate partners. These include reduced costs, as by addressing mental health problems early, ifeel can assist businesses and insurers on claims, employee turnover, and presenteeism, ultimately saving them money. Furthermore, employees are better equipped to focus and perform tasks when their needs for mental health concerns are supported, effectively improving productivity. Similarly, enhanced employee satisfaction directly benefits ifeel’s approach, which lifts employee loyalty and morale. ifeel’s data-driven approach can also help insurance companies identify potential fraud and simplify claims processing.

There’s no denying that Madrid-based ifeel’s approach to corporate mental health is a promising solution for the many businesses and insurers lost in the collective scope of rising mental health costs and an increasing demand for accessible treatment. With its recent funding, ifeel is effectively positioned for continued, rapid growth and supreme novelty in mental health care.