🧘‍♂️ Are You Too Tough To Talk About Mental Health?

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Here’s what we got for you:

• 🌊 The SEA - ThoughtFull - The SEA mental health startup

• ⛵ SEAppets - Vipshop launches in SEA

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

The SEA 🌊

You know how in Asian culture, mental health is somewhat of a taboo subject to talk about?

Well this startup is making mental healthcare more accessible and less stigmatized.

I’m talking about ThoughtFull.

🤷‍♂️ Who is ThoughtFull?

• Founded in 2019 by Joan Low, ThoughtFull is a Singapore-based mental health startup that connects users to mental health professionals for coaching sessions or therapy

• Prior to launching ThoughtFull, Joan Low was an investment banker for six years at J.P. Morgan in Hong Kong. She left finance because she noticed how hard it was to find mental health care in Southeast Asia, as compared to the States and Europe

• It now has users in 57 locations in Asia and 95 locations around the world, in 11 different languages

💬 How it works?

• The startup’s bread and butter is the ThoughfullChat

• At $199/month, you’ll get unlimited access to daily coaching, personalized self-guided content, voice or text messaging with mental health professionals and emotional health progress tracking

• You can also book an online video therapy session with them starting from $200

• Their price is the same in both MYR and SGD so no excuse for all you broke Malaysian

🧑‍💼Corporate Gig

• In 2022, ThoughtFull became the first of its kind in the region to partner with AIA Malaysia, giving corporate customers access to mental health support

• It also partnered with FWD to provide access to affordable mental healthcare in Hong Kong and Thailand

💰 Funding

• The startup has recently raised USD 4 million in a pre-Series A round led by Sheares Healthcare Group

• It plans to use the funds to further scale its business and deepen its product offering across the end-to-end spectrum of mental health care

• ThoughtFull also plans to conduct further clinical research and partner with insurers to provide mental health support

SEAppets ⛵

1. Vipshop, one of China's largest discount retailers has launched its services in Southeast Asia. Headquartered in Singapore, Vipshop offers products from global brands like Coach, Samsung, Sony and Adidas. It is competing with existing marketplaces like Lazada and Shopee and is backed by its parent firm, which works with over 20,000 brands. In Feb 2022, Vipshop reported total net revenues of USD 3 billion.

2. Vemanti Group, a US-based fintech firm has chosen UK-based financial software company Finastra to help build Southeast Asia's first small and medium-sized enterprise-focused neobank. Finastra and its partner ecosystem, including Lendscape, will provide technology solutions to improve financial inclusion for underserved SMEs. Finastra will provide a platform for Vemanti to launch a digital bank, while Lendscape will offer personalized SME finance solutions.

3. Malaysia-based Blueshark Ecosystem Sdn Bhd has launched the MyEVE program to accelerate the adoption of electric motorcycles in the country. MGTC supports this initiative to reduce carbon emissions and reach the target of 15% of electric motorcycles on the road by 2030. Blueshark also introduced battery leasing and swapping initiatives to make electric vehicles more accessible. MGTC is promoting green growth and is aiming for net-zero emissions in 2050.

4. VinFast, a Vietnamese car maker is preparing to deliver their VF 8 and VF 9 electric SUVs to customers in Vietnam and in the US and Canada in April 2023. They celebrated the first 27 deliveries of the VF 9 model, which happened approximately one year after it was introduced to the public. They have also developed infrastructure for EV charging and have 89 showrooms and service centres across Vietnam. VinFast's mission is to drive the global EV revolution.

SEA Deals 💰

1. Kredivo Holdings, a fintech providing credit services to underbanked customers in Indonesia and Vietnam has raised USD 270 million in a Series D funding round led by Japanese bank Mizuho Bank. Kredivo offers products such as buy now, pay later, personal loans, credit cards and banking services. Its target demographic is underbanked consumers and it offers lower interest rates by targeting urban, white-collar, employed customers.

2. Roojai, a Thailand-based insurtech startup has raised USD 42 million in a Series B funding round led by the German insurance company Talanx Group. The World Bank's International Financial Cooperation (IFC) also participated and the money will be used to expand into Indonesia and the Philippines. Founded in 2015, Roojai offers motor, health and accidental insurance services and has seen a 25% increase in premiums and a 40% increase in users in 2022.

3. Mystifly, a Singapore-based B2B SaaS and marketplace for the airline industry has completed a pre-Series B funding round of USD 8 million led by Cornerstone Venture Partners and joined by earlier investors. The funds will be used to expand its presence in Singapore and enhance its data and technology capabilities. Mystifly offers multi-source shopping to over 3,000 customers, including online travel agencies, loyalty programmes, e-commerce platforms and more. The company has offices in Singapore, the UK, the US and India.

4. Qoala, an Indonesian insurtech startup has raised USD 7.5 million in its Series B+ funding round with lead investor responsAbility contributing USD 4 million. The funding will be used to improve product offerings and expand geographic reach, with a focus on improving insurance accessibility and affordability in Southeast Asia. Qoala had earlier secured USD 65 million in Series B funding and bought back shares worth USD 4.46 million. It has expanded its business to Thailand and Malaysia and offers retail insurance products on digital platforms.

AI Image of The Day 🖼️

Just Someone With His Winnie Pooh Teddy 😂

Tweet of The Day 🐣

The good news: AI isn't going to take your job

The bad news: this guy will

That’s a wrap for today. See you all tomorrow! 👋

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