KHP Ventures, a London-based VC firm, has announced the launch of its €24.1 million (£20M) “Innovations in Mental Health (IMH) Fund,” the first NHS-partnered venture fund in Europe.
The fund will support early-stage technology startups developing solutions to improve mental health outcomes globally.
Backing Evidence-Based Mental Health Innovations
The IMH Fund is anchored by Wellcome, a leading global charitable foundation contributing £8 million. The fund will provide financial support and access to clinical expertise, focusing on startups creating evidence-based digital tools to address anxiety, depression, and psychosis.
The fund from KHP Ventures plans to invest between €301K (£250K) and €1.2M (£1M) in pre-seed and seed-stage startups. Successful applicants will also participate in a 12-week IMH Immersion Programme, offering tailored support and mentoring to help founders navigate healthcare systems and achieve clinical safety standards.
Dr. Sean Cross, Director of Enterprise at South London and Maudsley NHS Foundation Trust, highlighted the initiative’s importance:
“1 in 4 people will experience mental ill-health in their lifetime. This fund, paired with clinical expertise, will help innovators develop impactful, scalable digital technologies that improve patient care.”
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Addressing the Mental Health Crisis
The UK has seen a rising demand for mental health services, with over 3 million patients accessing care in 2021/22. Current mental health challenges cost the UK economy an estimated 5% of GDP. While consumer well-being solutions are abundant, evidence-based technologies to tackle clinically diagnosed mental health disorders remain limited.
The IMH Fund will help startups:
- Design and test innovative mental health solutions.
- Conduct clinical trials and access patient data.
- Scale proven technologies to improve accessibility and outcomes.
Dr. Pooja Sikka, General Partner of the IMH Fund, emphasized:
“We are facing a worsening global mental health crisis. Technology can play a vital role in strengthening mental health services and delivering scalable, effective solutions.”
Wellcome’s Strategic Support
Wellcome’s contribution aligns with its mission to address major health challenges. Elena Netsi, Research Lead in Digital Mental Health at Wellcome, noted:
“Digital interventions offer scalable and accessible solutions. This partnership with the NHS provides a unique opportunity to create innovative, evidence-backed mental health technologies.”
About KHP Ventures
KHP Ventures launched its first NHS-anchored venture fund in 2021, backed by Guy’s & St. Thomas’ NHS Foundation Trust, King’s College Hospital NHS Foundation Trust, and King’s College London. The firm now collaborates with leading UK and US healthcare systems to support healthtech innovators.
Applications Open Now
Startups developing solutions for mental health can apply for funding until January 7, 2025. With the IMH Fund, KHP Ventures aims to accelerate the development of transformative digital technologies to address the global mental health crisis.
