KHP Ventures has launched a new fund, labelled Innovations in Mental Health (IMH) Fund, dedicated to accelerating the development of technologies with the potential to transform mental health outcomes in Europe. Portfolio companies will be supported through a first-of-its-kind delivery partnership with the UK’s largest mental health provider, the South London and Maudsley NHS Foundation Trust. Wellcome, a global charitable foundation, is the anchor investor. Wellcome has committed £8M to the fund.
The new IMH Fund aims to identify and fund early-stage technology-based mental health ventures and help them scale successfully with hands-on support and access to deep clinical and entrepreneurial expertise. Successful applicants will take part in the Innovations in Mental Health Fund’s 12-week IMH Immersion Programme.
Selected startups will develop clinical and academic trials, appropriately access patient and service-level data and test their product in a live environment with continuous input from subject matter, clinical and research experts. The most viable and ready companies who graduate the Programme will be considered for venture capital investment to help accelerate growth, and will become an IMH portfolio company.
The Fund is expected to carry out a final close in 2025 with a total target raise of £20M. The Fund will both lead investment rounds and co-invest in innovative mental health startups, with investments ranging from £250k to £1M.
Retired GP and healthcare entrepreneur Dr. Pooja Sikka, Partner at KHP Ventures, commented:
“We have to face the truth – the global mental health pandemic is worsening and has been for quite some time. It’s heartbreaking to see, it’s happening all around the world, spares no section of society, and it’s affecting the entire population – even very young children.
“We have to do better. We believe technology has a role to play in strengthening and scaling mental health services across the globe. The Fund and immersion programme will support talented innovators and help to accelerate the development of urgently-needed digital mental health technologies.”
Dr. Sean Cross, Director of Enterprise at the South London and Maudsley NHS Foundation Trust, added:
“1 in 4 people will experience mental ill-health in their lifetime. By giving successful innovators access to unparalleled knowledge, resources and expertise from across the mental health sector, the IMH Fund and immersion programme will support founders to overcome sector-specific challenges – such as understanding how to successfully scale within a complex healthcare market and ensuring clinical safety standards. This support will enable them to develop highly-effective and scalable digital mental health technologies that will be able to positively impact improved patient care.”
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