Sunday, October 17, 2021

NHS-backed wellbeing app Thrive raises £2.5m

Thrive, a wellbeing approved for use by the NHS, has raising a total of £2.5m in funding in only ten days, the digital health company has announced.

The latest funding round attracted investment from the Sumerian Foundation and Treebeard Trust, as well as from investment platforms such as Syndicate Room and Wealth Club.

In a statement, Thrive said it would use the new funding to research and identify further areas of help that it can support and also develop the tech platform further.

This will include increased integration with existing medical data, with the aim of giving users ‘seamless’ access to mental health care.

Currently, the app provides whole-person solutions for workplaces and individuals, and is designed to help users overcome periods of stress while supporting long-term mental health.

It uses clinical-grade, evidence-based techniques to achieve this, while also providing in-app access to trained therapists.

The company was initially launched in 2021 by consultant psychiatrist Andrea Fonseca and consultant psychologist Adam Huxley.

Since then, its membership has grown to reach over 200,000 app-users, with a 211% increase in downloads observed in 2020.

“We’ve been blown away by the level of interest in the funding round. We quickly raised £1m from existing investors – both domestically and abroad – which was a real vote of confidence in our model – and we made up the additional £1.5m in just ten days,” said Fonseca, chief executive officer of Thrive Therapeutic Software.

“Crucially, we’ve been able to bring on board partners whose principles mirror our own, and are looking to use their investment to benefit society. Being so oversubscribed with interested parties was a really promising sign too, emphasising that the improvement of mental health provision is being taken seriously by the investment world,” she added.

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