Irish startup Frankie Health, the personalised mental health platform for organisations to support employees, has today announced the closing of an approx. €1 million investment round, bringing total funding to around €1.2 million. Frankie Health will be adding an additional 20 members to the team across engineering, design and marketing teams in the next 12 months.
Founded in 2020, Frankie Health works to reduce anxiety, burnout and stress by using a preventative approach with virtual delivery. It offers personalised, clinical, evidence-based exercises to build mental resilience and, when greater support is needed, connects workers to a community of experienced therapists that can be accessed from home or the office. Frankie uses end-to-end encryption for privacy and machine learning to improve effectiveness.
Speaking on the investment, E15 VC Managing Partner Philip Liang said: “We’re excited to lead Frankie’s seed round. The team combines incredible insights to mental health with the ability to develop scalable technology. From family businesses in mental health to learning meditation in Nepal, Frankie’s team is uniquely placed to help manage ever demanding mental health needs.”
According to the WHO, mental health disorders affect 1 in 4 people. The global workplace wellness industry was valued at around €39.4 billion in 2017, with estimates that it will surpass €54.2 billion by 2022. A 2019 Deloitte study shows that for every £1 a company spends on their employees mental health delivers a £5 return on investment, an ROI of (5:1).
Dublin-born co-founder, James McGann said: “Mental health is a spectrum that we all move up and down on. When employees are feeling good, they can be building resilience by completing proven-exercises that develop mental strength. And when harder times come, employees should get immediate support from the highest quality sources.”
1 in 5 people take a day off due to stress. Yet, 90% of these people cited a different reason for their absence. Seb Poole, Co-Founder of Frankie Health, said, “Frankie is an intelligent solution that connects employees with the right care at the right time. Through integrating with popular business tools to automatically detect signs of stress, Frankie offers personalised methods of support for employees.”