MindBeacon Group, owner and operator of the BEACON™ digital mental health platform and CBT Associates, one of Canada’s leading psychology clinic networks, has announced today an aggregate sum in excess of $18 million as part of a Series A follow-on investment round led by Green Shield Canada, with participation by Manulife, TELUS Ventures, and leading Canadian family offices.
The investment will propel MindBeacon Group further towards achieving its mission of making evidence-based mental health care more accessible to those who need it in Canada and beyond. The BEACON digital platform integrates one-on-one guidance by registered therapists in delivering clinical therapeutic interventions for several common mental health conditions including depression, anxiety, insomnia, and post-traumatic stress disorder (PTSD).
MindBeacon Group will focus on a planned expansion into new markets both within and outside Canada. The company will also finalize development of a licensed SaaS version of the therapy platform, for health organizations seeking to extend capacity of clinicians providing therapy while achieving effective outcomes. Since initial release of BEACON in 2017, MindBeacon Group has worked with a growing number of Canadian employers, insurers, and public sector health organizations to provide effective solutions for people struggling with mental health issues.
“We’re proud of how BEACON has already changed the Canadian mental healthcare landscape by helping thousands who would otherwise be unable to access evidence-based therapy due to stigma, affordability or difficulty seeing a qualified therapist in their region,” says Sam Duboc, Chair and CEO of MindBeacon Group. “With this investor funding, we’re excited to continue forward with expansion, so even more people challenged by mental health concerns can have the potential to live their best lives.”
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Green Shield Canada President and CEO, Zahid Salman, emphasizes that “Our investment in MindBeacon illustrates Green Shield Canada’s commitment to introducing new digital health innovations, helping more Canadians get access to quality mental health treatment, and aligning to our broader purpose of helping people live their healthiest lives.”
Source: Markets Insider
