Relentless Venture Fund Invests in Snapclarity to Help Accelerate Vision for Virtual Mental Healthcare
- Posted by Jon Harju
- On September 11, 2019
We are excited to announce that Relentless has made an investment in Snapclarity as part of their fund’s focus on financing companies that address mental wellbeing and mental healthcare.
As part of this partnership, we are thrilled to welcome Relentless Managing Partner Brenda Irwin to our Board of Directors as Snapclarity prepares to move into Series A round of financing. Brenda brings a breadth of valuable experience and knowledge to our Board while we work with progressive organizations to accelerate the adoption of accessible, preventative, virtual mental healthcare.
Full details below.
VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) — The Relentless Venture Fund (“Relentless”) today announced their investment in mental wellbeing and healthcare platform, Snapclarity Inc. The Ottawa based business provides immediate insights into an individual’s mental health risk factors and accelerates access to professional care.
With the growing global mental health crisis, and barriers to access, new strategies for care are urgently needed. The cost to society and employers is immense with lost time, money, and productivity, and the human cost is even greater. In Canada alone, mental illness has reached epidemic levels with one third of hospital stays linked to mental illness and for employers 70% of disability costs are associated with mental illness.
“Snapclarity’s innovative triage tools will accelerate access to care,” highlighted Relentless Managing Partner Brenda Irwin. “It is an exciting opportunity to back a CEO coming from deep domain experience. After 20 years in bricks and mortar mental healthcare, Terri and her team have built a digital solution that will immediately solve a critical gap in the field of mental healthcare as well as provide a targeted tool to keep mental wellbeing top of mind.”
Snapclarity is boosting digital health technology’s disruptive potential by working with progressive organizations to improve the mental wellbeing of their employees and reduce disability and drug costs associated with mental illness. Concurrent with reducing the stigma associated with traditional mental healthcare, the company is focusing on prevention and awareness, as well as treatment. Their solution offers triage outside of traditional settings and access to quality mental health care anytime, anywhere.
In recent years, well-being has transitioned from a good idea to becoming embedded in most corporate cultures. Enabled by the explosive growth of digital health technology products, corporations are now able to build upon a commitment to general wellness (e.g. exercise and nutrition); Snapclarity’s unique platform is well positioned to become an essential asset for corporate wellness benefits and EAP offerings.
The company has a rapidly growing and diverse suite of early adopters across government, including Veterans Affairs Canada and the Military Family Resource Centre- National Capital Region. As well as, commercial and enterprise clients and Employee Insurance Brokerage firms.
“The values alignment with Relentless is clear,” stated Snapclarity Founder and CEO, Terri Storey. “There is no other fund in Canada with a specific intention to invest in products that address mental wellbeing as well as mental healthcare as part of their investment thesis. Our company is poised to accelerate the adoption of accessible, preventative, virtual mental health therapy. We are keen to include the Relentless team at this point in our journey, collectively helping more people realize their full potential.”
Brenda Irwin will be joining the Board of Directors as the company sets its sights on customer growth, strategic partnerships and a Series A round of financing in Q4 2019.
Irwin highlighted, “we are constructing a portfolio that addresses the most prevalent and underserved non-communicable diseases. It is no secret that there is a mental health crisis, and the United Nation’s has identified the need to drive more private capital toward mental wellbeing solutions as one of their sustainable development goals. With an investment in Snapclarity, we are taking one more step toward addressing the UN’s goal for improved mental health and wellbeing across the globe by 2030.”
Relentless is also proud to be building on the growing number of women investing in women in Canada.
About Relentless Venture Fund
The Relentless Venture Fund (“Relentless/RVF”) is a health technology venture capital fund dedicated to investing in preventative and proactive technology solutions that optimize health, activity and longevity. Relentless is an early-stage investor, primarily investing in seed and Series A investments. As a technology and mission-based fund, Relentless is committed to the development of technologies, products and services that both enhance and promote an individual’s ability to stay optimally healthy and active over an entire lifetime. Portfolio themes of emphasis for Relentless are preventing the development of cardiovascular disease and diabetes, as well as optimizing mobility and mental wellbeing. Collectively, the portfolio targets represent the most common health issues associated with aging.
The Relentless mission aligns with the United Nations (“UN”) Sustainable Development Goal #3 – “Health and Well Being.” The UN has declared an intention to transform our world by ensuring healthy lives and well-being at all ages. By 2030 the UN goal is to reduce by one third premature mortality from non-communicable disease through prevention and treatment and promote mental health and well-being.
Snapclarity Inc. is a leading digital mental wellbeing and healthcare solution that transforms how mental health support is accessed, delivered and experienced. Snapclarity partners with progressive organizations to transform their mental health benefits offering in a way that empowers employees to take control of their own mental health journey, including early screening, treatment, prevention, and maintenance. This connected care experience offers everyone on-demand mental healthcare through their smart devices – conveniently and discreetly integrating mental health support into their daily life. Snapclarity is committed to making quality mental healthcare more accessible, giving everyone an opportunity to realize their full potential and function at their best.
For more information about the Relentless Venture Fund and portfolio contact Brenda Irwin at Brenda@relentlesspursuitpartners.com
For more information about Snapclarity contact Diane Laberge, CMO at firstname.lastname@example.org