MentalHappy Announces $1.1 Million in Seed Round Funding Led by Northwestern Mutual Future Ventures
Northwestern Mutual Future Ventures leads MentalHappy seed round as part of its commitment to supporting Black and female founders driving innovation
MILWAUKEE, May 5, 2021 /PRNewswire/ -- MentalHappy, an online mental health platform designed to help individuals improve their emotional wellbeing through positive peer support, today announced the close of a $1.1 million seed funding round. The round is led by Northwestern Mutual Future Ventures, accompanied by Social Impact Capital, Chai Angels and Peter Reinhardt (Founder & CEO of Segment.io), among others. The capital raised will help MentalHappy add over 1,000 worldwide expert-led peer support groups to the platform in 2021.
Each year millions of Americans face the reality of living with a mental illness and according to recent data, there has been a significant spike in the percentage of U.S. adults reporting symptoms of anxiety and depression since the start of the COVID-19 pandemic. May is Mental Health Awareness Month, and provides an opportunity to raise awareness and support those impacted.
"I'm so happy to be partnering with Northwestern Mutual Future Ventures," shared MentalHappy founder and CEO, Tamar Blue. "They are a fund that recognizes the value and importance of supporting innovators and changemakers of color who are working to solve significant challenges within communities. Northwestern Mutual is being very intentional when it comes to expanding opportunities and my team and I are honored to have them as part of the MentalHappy family."
MentalHappy takes a bold approach to mental wellness with a social support system that offers encouragement, practical advice, and a safe space for positive healing. With the belief that mental clarity is a right, not a privilege, MentalHappy offers affordable pricing and flexible support plans that are accessible to anyone. In December 2020, MentalHappy launched in beta, giving over 300 individuals the tools, resources, and real-life connections they've needed to start living an emotionally happier and healthier life. There are now over 2,500 individuals on the waitlist ready to begin utilizing the new app scheduled for release in July.
"MentalHappy has created a fully accessible and easy-to-use resource for mental health services in a safe, digital space," said Craig Schedler, managing director, Northwestern Mutual Future Ventures. "We're excited to partner with Tamar and her team, who are making a significant impact to connect and support people of all demographics through their platform by improving emotional wellbeing through peer support."
As part of Northwestern Mutual's ongoing commitment to women and diversity, Northwestern Mutual Future Ventures has dedicated a total of $40 million to investing in startups founded by women and Black entrepreneurs to help close the funding gap and advance their companies.
About MentalHappy
MentalHappy is a Y Combinator-backed online mental health platform on a mission to make mental health care an accessible, affordable and stigma-free reality for everyone. Founded by Tamar Blue, MentalHappy strives to be culturally sensitive and is the first online mental health platform designed to provide people of all races, genders and economic statuses a safe and secure platform to talk about emotional health, the challenges they face in their daily lives, and receive support from others who understand what they're experiencing. With free mental health resources and professionally led support groups, MentalHappy is making it possible for everyone to get the emotional help they deserve without financial or physical limitations. To learn more or to learn how to join, host a peer group or become a MentalHappy shareholder, visit http://MentalHappy.com.
About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With $308.8 billion in total assets, $31.1 billion in revenues, and $2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.75 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $200 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 102 on the 2020 FORTUNE 500 and is recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2021.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
SOURCE Northwestern Mutual
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