Israel-based online mental health support platform Circles, announced on May 10 that it has secured $ 16.5 million in Series A funding to boost R&D activities to upgrade the group’s matching algorithms. and expand the services it offers.
The round was led by early-stage venture fund Zeev Ventures, with participation from Uber Freight head Lior Ron, and current investors NFX, Flint Capital, and Sir Ronald Cohen.
Founded in 2020, Circles is a subscription -based platform that combines aspects of professional therapy sessions and free online support forums by connecting individuals who have experienced similar challenges. life (divorce, grief, infertility, etc.) of each. others with an evaluated mental health professional in weekly online video groups to receive the emotional support they need. Members of the Circles platform are given access to personalized content, including self-help exercises, blogs, and webinars at no additional cost.
Since its launch, Circles now supports thousands of members across the U.S. with hundreds of groups. In late 2021 alone, the number of paying members increased by 500 percent, causing Circles to recruit four times the number of mental health professionals.
“There’s something unbelievable that happens when people facing the same challenges come together-and the better the game, the stronger the group experience,” said Irad Eichler, co-founder of Circles. “With this new round of funding, we will strengthen our pairing technology to fit more accurately, increasing each group’s predisposition for success. This will bring us closer to our goal of doing everything, wherever we feel less alone.
The Circles platform is particularly relevant today due to the pandemic outbreak of COVID-19, which the World Health Organization has found responsible for a 25 percent increase in the global prevalence of anxiety and depression. As a result, people are already starting to turn to mental health applications to meet the growing challenge such that reports plan the global mental health app market to reach $ 17.5 billion by 2030. expands a CAGR of 16.5% from 2022 to 2030.
“Circles address a market gap with a strong but simple principle of human connection,” said Oren Zeev, founding partner of Zeev Ventures. “Driven by leadership with proven experience in successful social impact initiatives, Circles has established itself as a market leader, pioneering accessible group support within the mental health space. “I’m really excited to be a part of this wonderful opportunity.”