Minded, a psychiatry-focused telehealth company specializing in the management of mental health medications for consumers, has raised $25 million in seed funding. Minded, launched in New York in 2021, provides consumers with access to online psychiatry. Minded is currently available in New York, New Jersey, Pennsylvania, Florida, Texas, Illinois, and California. The company says the new funding will be used to expand nationwide and introduce innovative psychiatric offerings.
David Ronick, Minded’s co-founder and CEO who previously co-founded the fintech unicorn Stash, told TechCrunch that as an entrepreneur in the direct-to-consumer digital space, he’s looking for frustrating customer problems to solve. He noted that he had been taking medication for anxiety and insomnia for a decade and that it was expensive to get care from a psychiatrist. He worked with Gaspard de Dreuzy, who has expertise in this area from the co-founder of the telehealth company Pager, and Dr. Chris Dennis, a multi-state licensed psychiatrist.
“We founded Minded with the mission of becoming the premier specialist in the treatment of mental health medication, fighting the stigma surrounding taking that medication, and making it easy and affordable for everyone,” Ronick said.
Minded is for people aged 18 and older who have or think they have anxiety, depression or insomnia and are interested in medication as part of their treatment. To get started with Minded, consumers complete an online assessment to see if Minded is right for them. They then chat with a psychiatrist or nurse practitioner via video chat to determine which medication is appropriate.
Patients do not require a prior diagnosis or prescription to use Minded’s services. The startup’s mental health experts can evaluate symptoms of depression, anxiety and insomnia to diagnose conditions and develop an appropriate treatment plan, whether a patient is new to medication or already taking it. Once the medication is prescribed, Minded delivers the prescription to the patient or has it sent to an online pharmacy or a physical pharmacy in their area. If a patient has questions about his medication or wants to change his treatment, he can chat with his psychiatrist online.
The company notes that patients do not need insurance to sign up for Minded. Minded membership costs $65 per month, plus the cost of medication. Prescriptions can be reimbursed through patients’ insurance plans, but that depends on their provider.
As for the new funding, Ronick says Minded will expand its scope to treat the full spectrum of mental illness and expand to more than 30 states. The startup also plans to double the size of its medical team and continue to develop technology that will allow its clinicians to focus their time on patients rather than administrative work.
Minded’s starting round included participation from Streamlined Ventures, Link Ventures, The Tiger Fund, Unicorn Ventures, Trousdale Ventures, Gaingels, SALT Fund, TheFund and the founders of Care.com, Bolt, Gravity Blanket, RXBAR and Gilt.com, along with venture debt from WTI.
Looking ahead, Ronick says Minded will introduce innovative treatments as they become available and prove safe and effective.
“We will offer DNA testing to diagnose and treat with greater precision, and psychedelics for treatment-resistant anxiety and depression,” he said. “The field of psychiatry has not changed much in the past twenty years. Between the huge disparity between supply and demand and new advances in technology and treatments, it is time to build the future of psychiatry, and we intend to take the lead.”
Prior to his seed round, Minded . increased $5 million from Streamlined Ventures, Link Ventures and other investors, including: Richard Park, the bestunder of CityMD and Sheila Marcelo, the funder of Care.com.