Investment will accelerate the company’s entrance into new markets and dramatic expansion of its digital mental healthcare platform to extend SaaS capacity
Toronto, November 5, 2019 – MindBeacon Group, owner and operator of the BEACON™ digital mental health platform and CBT Associates, one of Canada’s leading psychology clinic networks, has announced today an aggregate sum in excess of $18 million as part of a Series A follow-on investment round led by Green Shield Canada, with participation by Manulife, TELUS Ventures, and leading Canadian family offices.
The investment will propel MindBeacon Group further towards achieving its mission of making evidence-based mental health care more accessible to those who need it in Canada and beyond. The BEACON digital platform integrates one-on-one guidance by registered therapists in delivering clinical therapeutic interventions for several common mental health conditions including depression, anxiety, insomnia, and post-traumatic stress disorder (PTSD).
MindBeacon Group will focus on a planned expansion into new markets both within and outside Canada. The company will also finalize development of a licensed SaaS version of the therapy platform, for health organizations seeking to extend capacity of clinicians providing therapy while achieving effective outcomes. Since initial release of BEACON in 2017, MindBeacon Group has worked with a growing number of Canadian employers, insurers, and public sector health organizations to provide effective solutions for people struggling with mental health issues.
“We’re proud of how BEACON has already changed the Canadian mental healthcare landscape by helping thousands who would otherwise be unable to access evidence-based therapy due to stigma, affordability or difficulty seeing a qualified therapist in their region,” says Sam Duboc, Chair and CEO of MindBeacon Group. “With this investor funding, we’re excited to continue forward with expansion, so even more people challenged by mental health concerns can have the potential to live their best lives.”
Green Shield Canada President and CEO, Zahid Salman, emphasizes that “Our investment in MindBeacon illustrates Green Shield Canada’s commitment to introducing new digital health innovations, helping more Canadians get access to quality mental health treatment, and aligning to our broader purpose of helping people live their healthiest lives.”
About MindBeacon Group
The MindBeacon Group is committed to providing evidence-based mental health therapy that is accessible whenever and wherever it is needed. With the goal of empowering individuals to live their best lives, MindBeacon Group brings ground-breaking innovation and current clinical best practice to the development and delivery of mental healthcare. Their clinical practice began with CBT Associates, a network of Greater Toronto Area-based clinics that provides in-person and virtual care to individuals across Ontario. In 2017, the BEACON™ digital platform was introduced as the first commercially-available clinician-guided iCBT service available across Canada. mindbeacon.com
About Green Shield Canada (GSC)
GSC is Canada’s fourth largest health and dental benefits provider, and is uniquely structured as a social enterprise with the Purpose of making it easier for people to live their healthiest lives. From coast-to-coast, our service delivery includes drug, dental, extended health care, vision, hospital and travel benefits for groups and individuals, as well as administration and benefits management services. Supported by outcomes-based sustainability strategies, advanced technology and exceptional customer service, GSC creates innovative programs for nearly four million plan participants nationwide. greenshield.ca
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