Psychological problems cost businesses money: Dublin-based Frankie Health startup raises investments for psychological assistance for employees

2020 has been a challenging year for our psyche, and mental health is a subtle but important problem of the pandemic. According to recent studies, 1 in 5 people who have had a coronavirus, is facing the development of mental illness. Doctors and scientists emphasize the need to develop services that allow them to independently take care of their psychological state.

The market responds by investing in the Frankie Health project: the other day it raised the round of $1,25 million. It is a B2B platform for modern teams that take care of the psychological state of their employees. The project was financed by the Hong Kong fund E15 VC — the money will be spent to expand the staff: engineers, designers and marketers will be hired. The same fund acted as a startup investor in 2019, when the team raised the Pre-Seed round, the investment amounted to $250 thousand.

The app provides customized exercises to reduce stress and anxiety, as well as the ability to select a psychotherapist and schedule a consultation. The platform is free to use by therapists. Sessions and exercise data are end-to-end encrypted.

According to co-founder of the startup James McGann, within the project, they recognize that the surrounding reality directly affects our psychological state. Employees facing stress are forced to take days off and generally lose motivation and performance, which is why the employer loses money every day, and sometimes the employees themselves. Frankie Health offers both classic meditation exercises and cognitive behavioral therapy techniques, meetings with a therapist. At the same time, all user interaction with the application is promised to be kept as private as possible.

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