Based on Pitchbook data, Octopus Ventures recently published its research outlining the significant increase in global mental health technology funding, from one hundred and twenty million pounds in 2014 to five hundred and eighty million pounds in 2019.
It also outlined that a notable increase in twenty-million-six-hundred and fifty thousand, invested in mental health technology in the UK, has occurred between 2014 and 2019. Also, the data revealed an increase in funding rounds, with an average increase of six hundred and sixty thousand pounds in 2014 compared to one million and ninety-two thousand pounds in 2019. This trend was fast-tracked in 2016 when the Big Health app announced a funding round of nine million pounds.
“Octopus Ventures recently published its research outlining the significant increase in global mental health technology funding. “
Over the past six years, two-point-four billion pounds have been heavily invested in mental health technology, so an average of one pound went to mental health technology solutions for every seven pounds invested in digital health technologies.
Big Health’s CEO, Peter Hames, stated: "We're proud to be helping millions back to good health through our digital therapeutics Sleepio and Daylight, and encouraged that investors are increasingly recognising the potential of technology to tackle the mental health crisis. 1 in 4 people in the UK will suffer a mental health problem each year, costing the UK economy millions, yet the prevalence of the issue is not reflected in the amounts invested. Whilst the increase in investment is welcome, we hope investors do more in helping to address one of the foremost public health issues not only in the UK, but across the globe."
Early stage investor in the Future of Health team, Octopus Ventures, Kamran Adle, stated: “We are proud to have contributed to the rising investment in this space, opening up a discourse on what was once considered an unknown and unapproachable subject. This reflects our desire to invest in taboo areas within the future of health. Mental health is a complex and nuanced field which has seen a variety of solutions from a range of companies. However, we recognise that the venture capital industry can do more to address mental health difficulties. There is a huge opportunity for the UK to be a leader in this space and we are already working with companies in our portfolio that are tackling this issue such as Big Health. Our aim is to find more entrepreneurs and early stage companies that are building innovative solutions for the millions of people around the world who want to focus on and improve their mental health.”See all the latest jobs in Medical Devices