Heyy, a mental health app based in Singapore, has secured US$555,000 in a pre-seed round headed by Wavemaker Partners.
Monk’s Hill Ventures, Sirona founder Deep Bajaj, Sheroes founder Sairee Chahal, and HealthifyMe CEO Anjan Bhojarajan were among those that took part in the round.
The Heyy app, which was founded in 2021 by Ankit Malhotra, a former Lazada and Flipkart executive, provides users with self-assessments, bite-sized, and research-backed mental well-being tools dubbed Lifebuoys, as well as qualified psychologists and specialists for extensive treatment requirements.
Users can also connect with Helpers, a ground network of trained persons who give mental health support 24/7. Before giving professional advice, these Helpers are always ready to engage with aid-seekers as many times as necessary.
Malhotra also said the Helpers provide users with an anonymous, discreet, and safe environment in which they may open up and discuss their highly personal difficulties. This has already helped thousands of people reach out and seek treatment. Ankit Malhotra had a moment in his career when things didn’t seem to be going right. His work life had a significant influence on his personal life.
The company offers B2B and B2C services. In the business and consumer markets, it has a 100% renewal rate and a 40% renewal rate, respectively. According to the business, between 10% and 14% of employees begin using the app within the first month of it being launched in their workplaces, which is significantly greater than the 1% to 2% adoption rate found with standard wellness programs supplied by corporations.
While India is Heyy’s initial target market, the business also sees a lot of potential in Southeast Asia. Sheroes, GoDesi, Wobot.ai are among the company’s clients in India, and R-Fitness and Brick in Southeast Asia.