Toronto-based Inkblot Therapy, which uses matching algorithms to connect clients with mental health counsellors, has raised $700,000 CAD for the second tranche of its private placement. This second portion of funding brings the total raised in Inkblot’s private placement to $1.7 million CAD.
Due to COVID-19, Inkblot is also waiving its onboarding and platform access fees until June 30.
Investors include Amplify Capital (formerly MaRS Catalyst Fund), with participation from Good&Well, Active Impact Investments, The Good Fund, and several Toronto-based angel investors. Inkblot raised $1 million CAD in the first tranche of this round of funding in January.
Luke Vigeant, co-founder and CEO at Inkblot, told BetaKit since the company completed the first portion of this raise, Amplify Capital and Good&Well doubled their subscription amount, and the startup was able to secure some new investors. Inkblot was originally aiming to raise an additional $500,000, which makes this round oversubscribed by $200,000.
This funding will be used to grow Inkblot’s corporate client base in Canada and the United States, as well as support its key partners and provider network in the United States, in order to meet demand south of the border.
“This investment comes at a pivotal time in the world of virtual mental health services,” said Vigeant. “It’s been our busiest week in the history of the company, we’re working really hard to ensure all of the companies, schools, and people reaching out to get additional support during this time of need.”
Inkblot has developed an online platform that uses an algorithm to match a company’s employees to mental health counsellors, based on employees’ needs and preferences. Inkblot aims to reduce what it calls the barriers created by a deficit of mental health therapists in major cities.
The matching platform is available in Canada and the US. In Canada, the first counselling session on Inkblot is free, while subsequent 30-minute sessions are $37.50. Inkblot said counselling sessions are reimbursable under many benefits plans.
Due to the COVID-19 pandemic, Inkblot is waiving its onboarding and platform access fees until June 30. The move is aimed to support team members who would benefit from speaking with a counsellor during this time. The company has also committed to working with organizations to provide care if their current benefits do not give teams access to mental health support.
Inkblot was founded in 2015 and is a graduate of the 2019 Techstars Toronto Accelerator program.
Image source Inkblot via Twitter