Spanish startup ifeel raises €18M to enhance mental health support for corporates and insurers

Madrid-based ifeel, an emotional well-being platform for enterprise and insurance companies, announced on Thursday that it has raised $20M (approximately €18M) in a Series B funding round.

FinTLV Ventures and Korelya Capital co-led the latest investment round, with the participation of its existing investors SCOR Ventures, Nauta, and UNIQA Ventures.

ifeel has raised $40M (approximately €36.9M) since its inception.

The company will use the funds to grow its commercial engine across existing and new markets and deepen its product and innovation capabilities in mental health.

“The mental health industry needs structural change”, says ifeel CEO Amir Kaplan.

ifeel: Offering emotional well-being service

Founded in 2017, ifeel is an emotional well-being service for companies and employees.

The company aims to address the much-needed gap in the market as employers look to address the emotional well-being of their employees through their web or app available on iOS and Android.

ifeel combines advanced data analytics, clinical research, and state-of-the-art AI models to provide employers and insurers with the tools to manage mental health.

With a proprietary risk approach, ifeel optimally allocates resources to improve mental health outcomes and save on disability, productivity, and claims.

The company’s AI products have been trained using real human interactions and data collected over the years, focusing on clinical soundness.

All models are built following the highest ethical standards, and all data is anonymous and confidential.

ifeel provides its partners with unique clinical and cost savings insights by measuring, understanding, and preventing risk. 

All of the company’s products are clinically validated and backed by research.

ifeel’s customers include leading insurance companies and large enterprises like Glovo, Insud Pharma, SCOR SE, Cabify, Travelperk, H&M, Wellhub, Thoughtworks, and others.

ifeel is available in 26+ languages and across 30+ countries worldwide.

The investor

FinTLV is a global venture capital fund focused primarily on Insurtech and Fintech. The VC backs some of the most promising companies in these domains in the US, Europe, and Israel and invests across all stages.

Gil Arazi, Founder and Managing Partner of FinTLV Ventures, states, “Having known ifeel for over five years, we are deeply impressed by their unwavering commitment to revolutionising mental health care for enterprises and insurers. This investment is timely and essential as it addresses the growing mental health challenges faced by employees and insured populations. It also supports our thesis that the insurance industry should prioritise prevention and preventative solutions.’

Korelya Capital is an investment platform that aims to broaden the horizon of European technology by providing startups with the capital for growth and access to Asian markets. The company has over €500M million under management.

Franco Danesi, Partner at Korelya Capital, adds, “Amir and the ifeel team are on a mission to tackle one of the biggest societal challenges of our times, and have built the business with the needs of the key constituencies of the mental health ecosystems in mind, including patients, provides, insurance companies and corporates.’