If by any chance it slipped your mind, a plethora of mental health enterprises now exists, many of which were prompted to launch after the pandemic and the ensuing increased emphasis on mental well-being. Nevertheless, they often possess minimal connections with scientific trials or healthcare systems.

A novel initiative from the U.K.’s KHP Ventures strives to alter this scenario by pooling a fresh £20 million ($25.5 million) fund, crafted specifically to accelerate the advancement of startups addressing depression, anxiety, and psychosis.

With financial backing from Wellcome, a charitable organization, the fund receives an investment pledge of £8 million ($10.2 million).

The fund aims to close in early 2025, targeting a total of £20 million ($25.5 million). Emerging startups will receive investments ranging from £250,000 to £1 million ($319,000 to $1.3 million).

KHP is already an alliance involving King’s College London, King’s College Hospital NHS Foundation Trust, and Guy’s and St Thomas’ Hospital NHS Foundation Trust. It supports healthcare and medtech enterprises aiming to operate in the U.K. The innovative Innovations in Mental Health Fund from KHP will be assisted by the South London and Maudsley NHS Foundation Trust, the U.K.’s largest mental health service provider.

To begin with, a complimentary, 12-week immersion program is being launched by the organization. Startups chosen will be appraised for possible investment from the fund. This program is open to startups worldwide, but they must focus on formulating solutions for the U.K. market.

Startups that secure investment will benefit from assistance in fostering clinical and academic trials, gaining access to patient data and services, and piloting their products in a real-world setting. Furthermore, they will have access to patient focus groups, experts, clinicians, and academics through the partnership with the South London and Maudsley NHS Foundation Trust.

The necessity for mental health services is on the rise. About 3.8 million people were associated with the U.K.’s NHS mental health services last year, marking a 40% increase compared to pre-pandemic levels. This incorporates over 1 million children, with those aged 16 being the most inclined to seek help.

“We noticed a need for a thematic fund in mental health,” stated Dr. Pooja Sikka, founding general partner of the Innovations in Mental Health Fund. “Numerous startups exist in this domain with significant technological aptitude, yet there was a deficiency of suitable financial support.”

“Our chief backer, the Wellcome Trust, is endeavoring to elevate the trajectory of expanding mental health solutions, particularly in digital mental health,” she added.

Sikka noted that the mental health condition among populations has deteriorated, affecting every societal section. Yet, simultaneously, she asserts we have realized the opportunity presented by technology. “What we genuinely aimed to achieve with this funding was to create a specific pool of resources, along with suitable support for the startups,” she articulated.

“Mental health issues are impeding millions. There is an acute necessity for better ways to help them lead the lives they aspire to,” remarked Elena Netsi, research lead in digital mental health at Wellcome, in a statement.