UK-based digital therapy and coaching platform HelloSelf raises €18.69M Series B led by Octopus Ventures

HelloSelf, a London-based digital platform, announced on Tuesday, March 14, that it has raised $20M (approximately €18.69M) in Series B funding.

The UK-based digital therapeutics platform had last raised an undisclosed sum from Google for Startups in December 2021 and a €6.4M Series A funding in March 2021.

The Series B funding led by Octopus Ventures and returning investors such as Omers, Mantaray, and Oxford Capital, will help the company expand its platform.

Charles Wells, founder of HelloSelf, says, “HelloSelf is about giving everyone access to the personalised psychological advice they need. We want to help make Every Self Better.”

Growing digital therapeutics market

Digital therapeutics have proven to be a viable solution to treat brain nervous system, mental health issues, and others, which cannot be treated with traditional methods.

Since the pandemic, the demand for digital health, of which digital therapeutics is a subsidiary, has only been growing.

The global digital therapeutics market was estimated to be worth $4.5B in 2022 and is expected to reach $17.7B by 2027, growing at a CAGR of 31.6 per cent from 2022 to 2027.

“Growth in this market is primarily driven by the rising incidence of preventable chronic diseases, the need to control healthcare costs, increasing venture capital investment, and the benefits of digital therapeutics,” notes a report by MarketsandMarkets.

Mental health is an extremely serious issue in the UK and other parts of Europe. In the UK, one in four people are experiencing challenges to their mental health each year.

With clinically approved evidence-based digital therapies, it has been proven that people suffering from mental health can be better served.

How does HelloSelf help?

HelloSelf is an AI-powered digital therapy platform that primarily plugs the gap in provision of mental health and digital therapeutics support.

It offers individuals and organisations with personalised digital therapy services

Founded in 2018, HelloSelf is one of the world’s fastest growing digital therapy platforms.

The idea of HelloSelf came after its founder Charles Wells ripped the artery to his visual cortex and fell into a coma.

After surgery, he developed a philosophy to invest his energy in recovery and impact, and led him to start HelloSelf with Dr Rumina Taylor, a leading Clinical Psychologist from the Maudsley.

As an online therapy and psychological coaching service, HelloSelf connects its users with the UK’s best clinical psychologists and even provides AI-powered online support between sessions.

It works with referrer partners like healthcare professionals, employers, the NHS, insurers, friends, and family, to optimise the speed and quality of care of its members.

Once a user is connected to a therapist, the platform offers support including messaging, tracking and activities in the psychologist-designed app.

“This is a very exciting time for HelloSelf, our network of therapists, partners and members. Our mental health is precious and we all deserve the opportunity to be our best selves and fulfil our potential,” says Dr Rumina Taylor.

She adds, “At HelloSelf we are driven to improve access to personalised psychological interventions and support our members to be proactive in looking after their wellbeing using meaningful outcomes that last.”

Fund utilisation and investors

With the new funding, HelloSelf aims to further grow its network of trusted therapists, members, and partners across the UK and Europe.

The unique challenge with helping those experiencing challenges with mental health each year is not being able to rapidly offer support.

Platforms like HelloSelf are aiming to remove this very barrier with an AI-enhanced platform that rapidly matches a patient with a therapist and combines data, outcomes, and feedback to offer a customised self care plan.

With more trusted therapists, members, and partners on its network, HelloSelf will not only be able to deliver faster services in the UK but also serve the European market better.

“I’m delighted that Octopus has joined the mission. There are over 1.2Bn people who are underserved globally so with this investment and the trust of our network we can accelerate HelloSelf’s impact across the UK and beyond,” adds Wells.

Kamran Adle, Principal from Octopus Ventures, says, “Having known Charlie and the team for almost three years now, we’ve long been supporters of HelloSelf’s mission to help people be the best version of themselves by improving their mental wellbeing.”

“Seeing this combined with the £117.9B cost of mental health on the UK health service, we recognised that HelloSelf has a fantastic opportunity to capture the market and drive true positive change.”