The Fund is launching with the support of Wellcome, a global charitable foundation, which is the anchor investor.

Vulnerable adults and young people are suffering the consequences of a lack of access to mental health care, which has seen increased demand, especially in the post-pandemic world. In the UK, over 3 million people were in contact with mental health services during 2021/22, with mental health problems costing the equivalent of around 5% of the UK’s GDP. Whilst there is an abundance of wellbeing and consumer solutions, there is limited evidence that these help individuals with clinically diagnosed mental health disorders, especially when it affects daily functioning and working life.

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. Today’s announcement invites eligible mental health startups to apply, with successful applicants winning a place on the Innovations in Mental Health Fund’s 12-week IMH Immersion Programme.

Technology startups will be supported to 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 IMH Fund marks the first step in an ambitious plan to help catalyse evidence-led innovation in mental health. The Fund is expected to carry out a final close in 2025 with a total target raise of £20 million. The Fund will both lead investment rounds and co-invest in innovative mental health startups, with investments ranging from £250k to £1 million.

Dr Pooja Sikka, Founding General Partner of the Innovations in Mental Health Fund, has recently joined KHP Ventures and brings over two decades of experience in the healthcare sector, venture capital and entrepreneurship, and herself is an exited healthcare entrepreneur. She’s also a GP from South London and has first-hand experience of how stretched mental health services are in the UK.

Dr Pooja Sikka, Partner at KHP Ventures, said: “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, said: “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."

Wellcome is committing £8 million to the Fund as part of its mental health programme to support new and improved interventions for anxiety, depression and psychosis.

Elena Netsi, Research Lead in Digital Mental Health at Wellcome, said: “Millions of people are held back by mental health problems. There is a pressing need for new and improved interventions to help them live the lives they wish to lead.

“Digital interventions have the potential to offer scalable and accessible solutions tailored to the needs of individuals. Wellcome aims to accelerate progress and further its charitable mission to create a step-change in early intervention for depression, anxiety, and psychosis through this investment. The Fund's partnership with the UK’s largest NHS mental health Trust and the immersive programme presents an exciting opportunity to develop new mental health interventions to help people.”

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