Circles secures $16.5M funding for its mental health support platform

Circles, an online mental health support platform based in Israel, has recently announced that it has raised $16.5 million in Series A financing tranche for scaling up R&D activities to upgrade group matching algorithms and extend its service offerings.

The round was headed by Zeev Ventures, an early-stage venture fund, with participation from Freight Lior Ron – Uber head, and existing investors Flint Capital, NFX, and Sir Ronald Cohen.

The latest capital will help the firm strengthen its matching technology to combine with more accuracy, catalyzing each group’s tendency for success.

This will bring the firm closer to making everyone feel less lonely and more secure everywhere.

Circles, founded in 2020, is a subscription-based platform that associates the aspects of professional one-on-one therapy sessions and free online support forums by linking with individuals who are suffering from similar life challenges like grief, divorce, infertility, etc.

This would also include a scrutinized mental health professional in weekly online video groups for receiving the emotional support they need.

The members of Circles platform are provided access to modified content, including blogs, self-help exercises, and webinars, at no additional cost.

Irad Eichler, Co-Founder of Circles emphasized that something accurately unbelievable happens when people dealing with the same challenges get together. The better they suit, the more authoritative the group experience.

The Circles platform is precisely appropriate now because of the COVID-19 outbreak, which according to the World Health Organization, was the major cause of an increase of 25% in the global prevalence of depression and anxiety.

As a result, people have started shifting to mental apps to cope with the intensifying challenge. A recent report published about the global mental health apps industry quote that the market is estimated to reach $17.5 billion by 2030, increasing at a CAGR of 16.5% over 2022 to 2030.

Source Credit - https://nocamels.com/2022/05/circles-mental-health-support/