Toronto-based MindBeacon, which has created a digital mental health treatment platform called Beacon, has raised $18 million as part of a Series A follow-on investment round led by Green Shield Canada, with participation by Manulife, TELUS Ventures, and some undisclosed Canadian family offices.
“We will continue to enhance our offerings and increase our reach to the majority of Canadians.”
MindBeacon told BetaKit this brings the company’s total investment to $38 million, which includes the company’s initial Series A close of $20 million completed in September 2018. MindBeacon said the investment will be put toward expanding to new markets both inside and outside Canada and finalizing the development of a licenced software-as-a-service (SaaS) version of the Beacon therapy platform.
“Beacon has not only demonstrated successful treatment outcomes in a way that is accessible, major employers, and insurers nationwide have adopted it into their programs as a way to affordably provide mental health care,” said Sam Duboc, chair and CEO of MindBeacon Group. “With the support of our investors, we will continue to enhance our offerings and increase our reach to the majority of Canadians who need help and are not getting it today.”
MindBeacon first introduced its Beacon platform in 2016 as an in-clinic solution to enhance delivery and measurement of Cognitive Behavioural Therapy (CBT), a psycho-social method that aims to improve mental health. Beacon then launched in 2017 as a fully digital experience, providing treatment through digitally-delivered CBT with the one-on-one support of a dedicated therapist.
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