London-based VC firm KHP Ventures has introduced the Innovations in Mental Health (IMH) Fund to support technologies aimed at improving mental health outcomes.
The fund will collaborate with the South London and Maudsley NHS Foundation Trust (SLaM) to assist portfolio companies. Wellcome, a global charitable foundation, is the anchor investor for the initiative.
The Fund aims to drive evidence-based innovation in mental health, targeting a total raise of £20M (nearly €24.11M) by 2025. It will lead and co-invest in mental health startups, investing between £250K (nearly €301K) and £1M (nearly €1.2M).
The IMH Fund aims to identify and support early-stage tech-based mental health ventures by providing hands-on support and access to clinical and entrepreneurial expertise. It is inviting eligible startups to apply, and successful applicants will gain a spot in the 12-week IMH Immersion Programme.
Dr. Sean Cross, Director of Enterprise at the South London and Maudsley NHS Foundation Trust, says, “1 in 4 people will experience mental ill-health in their lifetime.”
“By giving successful innovators access to unparalleled knowledge, resources and expertise from across the mental health sector, the IMH Fund and immersion programme will support founders to overcome sector-specific challenges – such as understanding how to successfully scale within a complex healthcare market and ensuring clinical safety standards.”
“This support will enable them to develop highly-effective and scalable digital mental health technologies that will be able to positively impact improved patient care.”
Accelerating healthcare in the UK and beyond
In the UK, over 3 million people accessed mental health services in 2021/22, highlighting the growing demand, particularly post-pandemic. Mental health issues cost around 5 per cent of the UK’s GDP.
Despite the availability of well-being and consumer solutions, there is limited evidence that these effectively address clinically diagnosed mental health disorders, especially those impacting daily functioning and work life.
The IMH Fund will support tech startups in developing clinical trials, accessing patient data, and testing products with expert input. Graduates demonstrating potential may receive venture capital investment and join the IMH portfolio to accelerate growth.
Dr. Pooja Sikka, Founding General Partner of the IMH Fund, has joined KHP Ventures, bringing over 20 years of experience in healthcare, venture capital, and entrepreneurship. A former healthcare entrepreneur and GP from South London, she has direct insight into the challenges facing the UK’s mental health services.
Dr. Sikka says, “We have to face the truth – the global mental health pandemic is worsening and has been for quite some time. It’s heartbreaking to see, it’s happening all around the world, spares no section of society, and it’s affecting the entire population – even very young children. We have to do better.”
“We believe technology has a role to play in strengthening and scaling mental health services across the globe. The Fund and immersion programme will support talented innovators and help to accelerate the development of urgently-needed digital mental health technologies.”
Support from Wellcome
Wellcome advances science to address global health challenges, focusing on mental health, infectious diseases, climate and health, and discovery research into life, health, and wellbeing.
The firm is contributing £8M to the IMH Fund to support early-stage digital mental health technologies targeting anxiety, depression, and psychosis.
Elena Netsi, Research Lead in Digital Mental Health at Wellcome, says, “Millions of people are held back by mental health problems. There is a pressing need for new and improved interventions to help them live the lives they wish to lead.”
“Digital interventions have the potential to offer scalable and accessible solutions tailored to the needs of individuals. Wellcome aims to accelerate progress and further its charitable mission to create a step-change in early intervention for depression, anxiety, and psychosis through this investment.”
“The Fund’s partnership with the UK’s largest NHS mental health Trust and the immersive programme presents an exciting opportunity to develop new mental health interventions to help people.”
IMH Fund focuses on pre-seed and seed-stage investments. Applications are open until 09:00 GMT, January 7.
Brief about KHP Ventures
KHP Ventures launched the first NHS-anchored venture fund in 2021 to invest in clinical innovators and scale transformative solutions.
The firm launched with the support of Guy’s & St. Thomas’ NHS Foundation Trust, King’s College Hospital NHS Foundation Trust and King’s College London. It has expanded its collaborations to include leading health systems in the UK and US, supporting a growing portfolio of health tech companies.
01
These are the top UK-based PR agencies for startups and scale-ups in 2025