According to a new World Health Organisation survey, the COVID-19 pandemic has halted or disrupted critical mental health services in 93% of countries worldwide as the demand for mental health is increasing. Due to the pandemic, bereavement, isolation, loss of income, are a few reasons triggering mental health conditions or in some cases making it worse.
Prior to the pandemic, 130 countries were spending less than 2% of their national health budgets on mental health and struggling to meet their populations’ needs. This devastating impact of the pandemic underscores the urgent need for increased funding.
The funding
In a recent development, a Netherlands-based digital mental healthcare provider, Koa Health, has spun-out from Alpha, Telefónica’s moonshot factory, and has raised €14.1M in its Series A round of funding. The round was led by Ancora Finance Group and Wellington Partners. With this round, the company has raised a total of €30M to date.
Founded by Telefonica in 2016, Alpha is a long-term innovation facility created to work on audacious moonshot projects. Currently, it is focused on addressing the challenges faced by healthcare worldwide.
The raised capital will help Koa Health to expand its operations across Europe, the US, and Asia. It will also help the company scale its clinical trials and boost R&D into personalisation in order to make mental health treatment more accessible.
About Koa Health
Previously known as Alpha Health, Koa Health is now an independent company following four years of research and trials to secure data and build out a product roadmap.
Koa Health is a digital mental healthcare provider that offers integrated mental health solutions, from improving wellbeing to supporting treatment for a range of common mental disorders.
With personalised services and proven outcomes through technology and research, Koa Health claims to enable people to change their behaviours with effective and accessible support that adapts to their unique circumstances. The company has operations in Barcelona, the US, and the UK.
The company has also partnered up with leading clinicians and academics including Massachusetts General Hospital, University College of London, the London School of Economics, Birmingham, and the Solihull Mental Health NHS Foundation Trust, to build evidence-based prediction, prevention, and treatment solutions that meet users’ mental health needs.
Supporting mental health crisis digitally
Koa Foundations – the company’s debut product – is a mental wellbeing app helping organisations better support their teams. It is already in use by dozens of companies with a combined employee population of over 250,000, claims the company.
Koa Foundations offers users a library of evidence-based activities to improve user wellbeing including tackling stress, sleeping better, aiding relaxation and positive thinking, and boosting self-confidence.
Koa’s broader product roadmap
Supported by the investment, Koa Health will launch a wide range of mental health solutions, from digital wellbeing to digital therapeutics, to improve users’ mental wellbeing, and to help them access mental health services 24×7.
Oliver Harrison, CEO of Koa Health says, “It is increasingly clear that digital technology has the potential to help close the growing demand gap in mental healthcare. However, the field has been limited by the inherent challenges of providing an integrated, evidence-based, ethical, and personal solution that fits the needs of service users and customers.”
“With this investment, Koa Health will expand internationally, invest more in clinical trials, and continue to develop personalised products that meet the mental health needs of every individual. Our goal is to provide easy access to a range of digital mental health solutions that help people flourish in a challenging and changing world,” Harrison adds.
Image credit: Koa Health