Irish-led Frankie Health reinvents mental health support for the workplace using the latest digital tools.
Personalised mental health platform for workplaces Frankie Health has closed a $1.25m investment round led by E15 VC that brings total funding to $1.5m so far.
The company, founded by James McGann (pictured above) and Seb Poole, will be adding an additional 20 members to the team across engineering, design and marketing teams in the next 12 months.
“Mental health is a spectrum that we all move up and down on”
Seb and James were building separate start-ups in South East Asia when they were both asked to volunteer with a non-profit reducing plastic waste in Bali. Having both witnessed first-hand the devastating effects of mental health issues on family and friends, they decided to set up Frankie Health.
Building resilience drive its own return on investment
Frankie Health co-founder Seb Poole
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.
Dublin-born co-founder, James McGann explained: “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.”
According to the World Health Organisation (WHO), mental health disorders affect one-in-four people. The global workplace wellness industry was valued at $48bn in 2017, with estimates that it will surpass $66bn 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, a 5:1 return on investment.
“Frankie is an intelligent solution that connects employees with the right care at the right time,” said co-founder Seb Poole. “Through integrating with popular business tools to automatically detect signs of stress, Frankie offers personalised methods of support for employees.”
Since the beginning of the Covid-19 crisis, almost half of all work in Ireland has been done from home, adding up to 47pc of the workforce, one of the highest rates in the EU, according to a recent Eurofound report.
As a result one in five people take a day off due to stress yet 90pc of these cite a different reason for their absence.
“We’re excited to lead Frankie’s seed round,” said E15 VC managing partner Philip Liang.
“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.”
Main image at top: Frankie Health co-founder James McCann
By John Kennedy (firstname.lastname@example.org)
Published: 14 January 2021