Funding £50k raised for mental health platform
ABRISTOL tech business has raised £50,000 to deliver personalised mental health support in the workplace.
Paranimo secured the cash from Capital Pilot, an early-stage growth investor, to grow its workplace wellbeing platform.
Paranimo, which is Latin for ‘match mind,’ was founded in 2019 and its platform matches employees to the right counsellor, psychotherapist or hypnotherapist based on relevance, personality fit and availability.
Matthew Vamplew co-founded the company with Dr Daniel Condliffe after the duo both experienced the challenges of balancing stressful careers with finding the right mental health support provider.
Mr Vamplew said: “Research shows that the better the therapeutic match with your counsellor or psychotherapist, the better the mental health outcome.
“Workplace solutions such as employee assistance programmes, which provide generic therapeutic support via helplines, are not part of the solution. They are reactive and push employees through a triage process that forces them to justify why they need help, only to be given the next available counsellor.”
Mr Vamplew said Paranimo’s investment from Capital Pilot’s ‘Boost Fund’ would be used to challenge existing workplace mental health solutions.
He added: “Organisations will be empowered to take greater responsibility for their staff’s mental health with a cost-effective, radically different alternative that helps people feel better faster.”
Paranimo received support from Innovate UK EDGE funding specialist Dr Ben Masheder, who has helped the business raise £150,000 over two successful funding applications. The company has used the cash to hire two new members of staff.
Paranimo’s latest funding round brings total investments to date to £297,000, which includes equity investments and Innovate UK grant funding.
Organisations will be empowered to take greater responsibility for their staff’s mental health with a cost-effective, radically different alternative that helps people feel better faster
Matthew Vamplew, Paranimo