The telehealth company specializing in managing mental health medication for consumers will expand nationwide and introduce innovative psychiatric offerings
Minded, the specialist in prescribing mental health medication online, announces $25 million in seed funding. Investors include Streamlined Ventures, Link Ventures, The Tiger Fund, Unicorn Ventures, Trousdale Ventures, Gaingels, SALT Fund, TheFund, and the founders of Care.com, Bolt, Gravity Blanket, RXBAR, and Gilt.com, along with venture debt from WTI. This funding round unlocks the company’s ability to expand its geographic footprint throughout the US, introduce treatments for attention and mood, and develop innovative psychiatric offerings including genetic testing for more accurate prescribing, and psychedelics for treatment-resistant depression.
Launched in New York in 2021, Minded provides consumers with high-quality, affordable online psychiatry. Consumers complete a free online assessment, video chat with a board-certified psychiatrist or psychiatric nurse practitioner, and when appropriate, get prescriptions sent to their local pharmacy or delivered to their door.
When searching for a psychiatrist, Americans will find that 61% of psychiatrists are over 55, and only 7% of psychiatrists in large health networks are taking new patients, and also have available appointments within a two-week period. The disproportion of the supply and demand forces many adults to rely on a local general practitioner to prescribe medication instead of experts in mental health treatment, resulting in suboptimal care.
“Mental health medication changed my life, but it’s still way too hard for most people to get quality care. Minded is on a mission to make it easy for millions of people to be just a few days and a Zoom call away from speaking with a caring, compassionate expert,” said David Ronick, Co-founder and CEO, who previously co-founded fintech unicorn Stash.
According to a study by QuoteWizard, 1 in 4 Americans are currently taking mental health medications, resulting in over 500 million prescriptions per year. The country’s mental health crisis has been exacerbated by the COVID-19 pandemic. In the past year, US adults reporting symptoms of anxiety and depression increased from 11% to 42%. To make matters worse, the number of psychiatrists dropped sharply – making the shortage of psychiatrists the most pronounced of any type of physician.
“Americans are facing a mental health crisis, and the supply of psychiatric care isn’t keeping up with the rising demand,” said Ullas Naik, Founder of Streamlined Ventures. “Minded utilizes advanced technology to forge real human connections between people in need and the experts who can help them, in a way that can have a positive impact at scale.”
Minded customers receive affordable mental healthcare without the need for insurance or expensive co-pays. To learn more, visit tryminded.com.
About Minded
Minded makes it easy and affordable to meet with a board-certified expert in mental health medication online within days. The telehealth company was founded by a team of successful entrepreneurs and experts in psychiatry, including David Ronick, co-founder of Stash, Gaspard de Dreuzy, co-founder of Pager and Voyager, and Chris Dennis, MD, multi-state licensed psychiatrist.
