Circles raises $16.5 million for its online mental health support platform
Israel-based online mental health support platform Circles announced on May 10 that it had secured $16.5 million in Series A funding to ramp up R&D activities to upgrade group matching algorithms and expand its service offerings.
The round was led by early-stage venture capital fund Zeev Ventures, alongside participation from Uber Freight chief Lior Ron and existing investors NFX, Flint Capital and Sir Ronald Cohen.
Founded in 2020, Circles is a subscription-based platform that combines aspects of professional individual therapy sessions and free online support forums by connecting people who are experiencing similar life challenges (divorce, bereavement, infertility, etc. ) with each alongside a licensed mental health professional in weekly online video groups to receive the emotional support they need. Members of the Circles platform have 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 United States with hundreds of groups. In the second half of 2021 alone, the number of paying members increased by 500%, leading Circles to recruit four times as many mental health professionals.
“Something really amazing happens when people facing similar challenges come together – and the better the match, the more powerful the group experience,” said Irad Eichler, co-founder of Circles. “With this new round of funding, we will strengthen our matching technology to match more accurately, increasing each group’s predisposition to success. This will bring us closer to our goal of ensuring that everyone, everywhere, feel less alone.
Circles’ platform is particularly relevant today due to the outbreak of the COVID-19 pandemic, which the World Health Organization said was responsible for a 25% increase in the global prevalence of COVID-19. anxiety and depression. As a result, people have started turning to mental health apps to deal with the aggravating challenge so much so that reports predict that the global market for mental health apps will reach $17.5 billion by 2030, with a CAGR of 16.5% from 2022 to 2030.
“Circles fills a gap in the market with the powerful yet simple principle of human connection,” said Oren Zeev, founding partner of Zeev Ventures. “Powered by leadership with a proven track record in successful social impact initiatives, Circles has positioned itself to be a market leader, pioneering accessible group support in mental wellness. I am truly excited to be part of this unique opportunity.