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Safe Space (Bridge Round)
Safe Space, founded in 2017, is a mental wellness service provider, offering tele-counselling services to B2C customers as well as partnerships and programmes for B2B clients across Southeast Asia.
$X,000,000
Y% undefined $X,000,000
Z
4 months ago
Overview

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Problem Statement

The pandemic has inevitably caused a rising amount of stress and other mental wellness issues, exacerbated by the growing emphasis on virtual identity and an online presence. Uncertainty and isolation have resulted in 36% of remote workers in South East Asia dealing with some form of mental wellness issue. Geopolitical instability has contributed to this as well. Many developing countries find it difficult to keep up due to the lack of professionals in these markets. With only 146 million Southeast Asians diagnosed with depression and anxiety, it is clear that many people suffering from these issues are untreated, be it due to lack of access to affordable healthcare or a deep-rooted stigma of mental wellness.

Solution

Safe Space aims to create an integrated platform where people can feel comfortable in seeking help for their mental wellness issues.

  • Clinical Therapy: fast and affordable, access to over 170 professionals in 15 languages
  • Life Coaching: helping employees reach their full potential
  • Education: improving mental health literacy
  • HR Consultancy: guidance to support companies' growth and sustainable ESG goals
  • Research Consultancy: developing deeper insight and creating a change

Product

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Traction

Safe Space has received great positive reviews from its clients, substantiated by a very impressive and one of the highest ARPUs among its competitors at $240 per month.

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B2C

  • 107% growth in users from Q4'21 to Q1'22, 327% increase Y.o.Y
  • 24% increase in appointments from Q4'21 to Q1'22
  • 94.3% Net Promoter Score in Q1'22
  • Over 20,000 total client base

B2B

  • 35x growth in paid deals from 2020 to 2021
  • $1.4m revenue as of Q2'22
  • 70 corporate clients using Safe Space
  • Aftercare EAP deal with IMH, $650k deal with FWD as well as an R&D partnership with Republic Polytechnic on stress detection wearables

Business Model

B2C - Safe Space onboards their therapists onto their platform and takes a commission off of appointments made on the platform whilst providing certain benefits to them such as covering their insurance.

  • D2C (Pay-per-use), 30% commission
  • Video and face-to-face counselling for individuals, couples and family
  • Price range for video: $30-$270
  • Price range for F2F: $120-$320

B2B 

  • Employee Assistance Programme - freemium model, 30-50% margins
    • Access to digital platform, digital therapy session vouchers and bespoke solutions across 3 tiers, ranging from free, to basic to premium
  • HR/Research Consultancy - 70% margins
    • Safe Space positions themselves as strategic partners to MNCs, supporting new product and marketing developments on a project basis
  • Fee for Service
    • Official vendor and listed out D2C services for employee/consumer benefits claim
    • Referral partnerships with 10% commission payout to partners

The Mental Wellness Landscape

Competition

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While an increasing number of competitors are emerging in the Southeast Asian Mental Wellness market, Safe Space differentiates themselves through their high-quality B2B services, in tangent with their large market share of the B2C market, being one of the longest lasting mental wellness startups.

Unicorns

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Venture funding of USD$1.5bn was invested into the mental wellness market in 2020 as the rates of depression and anxiety skyrocketed.

Go-to Market Strategy

Fundraising

Safe Space is raising a SGD$500k bridging round convertible note, focusing on market expansion in SEA, US and EU to hit $XM in cumulative revenue.

Terms

  • $30m valuation cap
  • 15% discount
  • 15% interest with 12-16 months maturity

Safe Space is also looking for strategic partners in the form of mentors and industry leaders to guide them and open doors to the APAC, EU and USA regions as well as the healthcare and telemedicine sectors.

Use of Funds

  • 40% Market expansion
  • 30% Go-to-market
  • 20% Product development
  • 10% R&D

Team

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