An online mental health and well-being platform connecting individuals and businesses with therapists.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | supportroom.com/ |
Sectors | Healthcare Digital Mixed B2B/B2C |
Company number | 12554309 |
Incorporation date | 14 Apr 2020 |
Investment summary
Business highlights
- Founders hold extensive experience in scaling companies
- Team of experienced NHS advisors steering our clinical offering
- Six B2C/B2B partnerships agreed
Idea
Introduction
SupportRoom is a digital mental health platform that operates in the B2C & B2B space. Our core proposition is our Employee Support Platform (ESP) which is focused on improving employee well-being and engagement.
With SupportRoom, clients can communicate with therapists via in-app messaging, videos & voice messages. All our therapists are fully qualified & offer confidential, convenient online therapy.
With SupportRoom's digital Employee Support Platform (ESP) enterprise solution, employees can receive support, monitor, track their symptoms and wellbeing over time.
Employee anonymised data is aggregated to present organisations with trends into physical, mental health & general work-related issues experienced across their workforce. HR teams can track employee wellbeing by departments and begin to understand the leading issues impacting their workforce. This in turn enables them to identify real problems and implement change without making assumptions.
Substantial accomplishments to date
- Launch of SupportRoom Partner, SME, and Enterprise platform.
- We have secured 6 partnerships that will drive B2C & B2B growth.
- We have secured our first SME contract signatures with a significant pipeline to come.
- SupportRoom is in the process of agreeing on two company-wide pilots with two of the largest insurance brokers in the world, these pilots could be signed off within the next 12 weeks. Once successfully rolled out internally, both organisations hope to market SupportRoom into their external network.
- We have a substantial pipeline of signed and potential commercial partnerships and B2B clients.
- SupportRoom has over 600 verified external therapists, whom we are gradually deploying on the platform.
- We have appointed three senior clinical advisors, one being Matthew Knight (MBE). They will support our vision of creating a hybrid model which endeavours to be both clinically robust and digital-first.
- We were chosen as a Top 50 Most Exciting Mhealth platforms for 2021 by Welp magazine.
Monetisation strategy
We have 3 primary monetisation strategies:
1. Employee Support Platform (ESP)
This is our main product and is relevant to organisations that employ in excess of 500 staff. Our ESP looks to supplement or replace elements of the traditional Employee Assistance Programme (EAP). Depending on the number of employees, our solution cost varies. If we take the average enterprise client (starting at 1,000 employees), our deal ticket size would be 120k GBP ARR per client won. Therapy here is delivered via our internal virtual clinic, which helps us manage quality and maintain healthy profit margins.
2. Small Medium Enterprise (SME)
Clients at this level would have a more simplified version of our solution and could pay by adoption. Our average deal size here could be anywhere between 1 - 25k per annum. Again, therapy here is delivered by our internal virtual clinic.
3. Partnerships & B2C
Our core strategy to drive our B2C run rate is through partnerships, of which we have already secured more than five. Our profit margin on each client varies to be anywhere between 15 - 35%.
Use of proceeds
We plan to continue developing and fine-tuning our platform based on the feedback we receive from clientele. We also want to complete some key objectives from a technology standpoint, namely:
- Creation of IOS and Android Apps
- Creation of AI Chatbot
- Implementation of Emotional facial recognition technology
- Implementation of NLP technology
Estimate - 30% of our fund expenditure
We aim to build a best-in-class virtual mental health clinic with therapists who have been trained to deliver the highest level of therapy. This can only be done by investing in top-class therapists from leadership all the way to the trainee level.
Estimate - 30% of our fund expenditure
In order to scale and aggressively grow, we intend to hire a team of solution sellers and marketeers in the employee wellbeing sector. We are targeting to have an MRR of approximately 100k GBP by March 2022, but need to hire a team to expedite our path to this number.
Estimate - 30% of our fund expenditure
Remaining on Ops
Key Information
Reflected investment
Please note that £135,000 of the investment being reflected as part of the amount raised was received by the company between 01/02/21 and 26/03/21. The investment is on the same terms as the Seedrs investment.
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