Investment Rationale · Seedcamp
Why the firm invested
Seedcamp invested in Spill because the company is creating a modern, flexible approach to mental wellbeing for workplaces and individuals.
On the investment, Seedcamp Venture Partner, Devin Hunt, comments, “We’re incredibly excited to invest in the team at Spill who are creating the modern approach to mental wellbeing at work and at home.
Product
Spill provides a message-based therapy app connecting users anonymously with qualified counsellors for flexible mental health support.
Spill enables users to connect with BACP [British Association for Counselling and Psychotherapy] – registered or equivalent counsellors and psychotherapists using anonymous written therapeutic communication – offering private, discreet, convenient, accessible and flexible wellbeing support for individuals.
Traction
84% of Spill users had never previously accessed mental health guidance or counselling before using the service.
84% of existing Spill users had not previously accessed any mental health guidance or counselling before, thereby demonstrating the benefit and potential reach of an easy-to-use, convenient and non-intimidating service.
Spill has been adopted by companies of various sizes, including Monzo, Rightmove, and Hargreaves Lansdown.
The app has already been incorporated into progressive organisations of all sizes, from small startups with as few as only ten employees to larger fast-growth companies such as Monzo and Rightmove, as well as corporations including Hargreaves Lansdown.
Business model
Spill partners with employers and universities to provide its mental health app to employees and students as a funded benefit.
Spill works with employers, workplaces or universities to make its app available to employees, individuals and students for free and as a workplace or student benefit.
What founders can learn
- What actually moved the decision: Seedcamp wrote that Seedcamp invested in Spill because the company is creating a modern, flexible approach to mental wellbeing for workplaces and individuals.
- The traction evidence that carried weight: Seedcamp wrote that 84% of Spill users had never previously accessed mental health guidance or counselling before using the service.
- How the model was assessed: Seedcamp wrote that Spill partners with employers and universities to provide its mental health app to employees and students as a funded benefit.
Source and provenance
Investment Rationale published by Seedcamp on seedcamp.com (first-party source). Read the original
