Sweden-based Mindler announced plans to buy fellow digital mental health startup Medified Solutions Oy for an undisclosed sum. Medified Solutions Oy is a Finnish startup that created a mental health treatment monitoring software and app.
The Medified app allows users to track their mood and get feedback and encouragement. Users are able to see their mood and habits over time through visual statistics. The data collected on the app can be directly shared with a patient’s healthcare provider.
Providers can also tap into cloud-based software that presents patient-reported data in real time. The tool is also designed to give providers information about their patient’s recovery and progress over time.
Mindler is a mental health platform focused on virtually matching patients seeking care to mental health professionals. Medified’s products will be integrated into Mindler’s offerings to help measure treatment outcomes and tailor programs.
WHY IT MATTERS
Mental health conditions are common around the world. According to the World Health Organization, depression is the leading cause of disability. The condition impacts 264 million globally. Bipolar disorder, schizophrenia and dementia are other mental health conditions that impact tens of millions of people.
However, mental health resources are still lacking. According to a WHO report, the median number of mental health workers is 13 per 100,000 population.
This shortage of mental health providers has in part helped spur the uptick in virtual mental health companies throughout the world.
THE LARGER TREND
Mental health is one of the most popular areas of focus for digital health companies. In 2021, investors poured $5.1 billion into the sector, moving it to the top areas of investment in the digital health space last year, according to Rock Health.
Mindler is one of those venture-backed companies. In 2020, it scored €8 million in Series A funding. The funding round is modest compared to some of virtual mental health’s mega deals in recent years, which include Lyra’s $235 million Series F round, SonderMind’s $50 million series C round, and Spring Health’s $190 million Series C.
ON THE RECORD
“Our ambitious goal is to empower the world with better mental health, and that requires us to build the digital treatment platform that gives the best treatment and value for money,” Krim Talia, CEO of Mindler, said in a statement.
“Mental health issues are a huge societal challenge, particularly following the COVID-19 pandemic, and today one in four people are impacted by mental illness at some point in their lives, with women twice as likely as men to be diagnosed.”