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23. December 2024
The UK’s growing mental health startup ecosystem has received a significant boost with the launch of a new £20 million ($25.5 million) fund, designed to accelerate innovative solutions addressing depression, anxiety, and psychosis. KHP Ventures, in collaboration with well-established partners including King’s College London, King’s College Hospital NHS Foundation Trust, and Guy’s and St Thomas’ Hospital NHS Foundation Trust, is set to close the funding round early in 2025.
Wellcome, a leading charitable foundation, has committed £8 million ($10.2 million) as the anchor investor, providing crucial support for this initiative. The fund aims to invest between £250,000 to £1 million ($319,000 to $1.3 million) in startups with a focus on developing mental health solutions tailored to the UK market.
KHP’s Innovations in Mental Health Fund is part of its broader efforts to invest in healthcare and medtech startups operating in the UK. The partnership with the South London and Maudsley NHS Foundation Trust will provide startups with access to patient data, testing facilities, and expert advice, helping them to refine their products and services.
The UK’s mental health landscape has become increasingly pressing, with 3.8 million people seeking support from NHS mental health services in the last year alone – a rise of almost two-fifths compared to pre-pandemic levels. This includes over 1 million children, with 16-year-olds being the most likely age group to seek help.
According to Dr Pooja Sikka, founding general partner of the Innovations in Mental Health Fund, the lack of capital flowing into mental health startups was a significant barrier to progress. “There’s a lot of potential for technology to address mental health issues, but we needed the right support and funding to bring it to scale,” she said.
The fund’s anchor investor, Wellcome Trust, is committed to scaling mental health solutions, particularly in the digital space. Elena Netsi, research lead in digital mental health at Wellcome, highlighted the urgent need for innovative approaches: “Millions of people are held back by mental health problems – we need new and improved ways to help them live the lives they wish to lead.”
The fund’s 12-week immersion program will provide startups with a unique opportunity to refine their ideas and prepare for investment. The program is open to startups worldwide, but they must demonstrate a clear focus on developing solutions for the UK market.
As mental health services continue to face growing demand, this new funding initiative offers a significant boost to the UK’s startup ecosystem. With its commitment to supporting innovative solutions and scaling mental health initiatives, KHP Ventures’ Innovations in Mental Health Fund is poised to make a lasting impact on the lives of millions of people across the country.