Minded, a psychiatry-focused telehealth company specializing in managing mental health medication for consumers, has raised $25 million in seed funding. Launched in 2021 in New York, Minded 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, the co-founder and CEO of Minded who previously co-founded fintech unicorn Stash, told TC that as an entrepreneur in the direct-to-consumer digital space, he looks for frustrating customer problems to solve. He noted that he has taken medication for anxiety and insomnia for a decade and that it has been expensive to get care from an expert in psychiatry. He teamed up with Gaspard de Dreuzy, who has expertise in the space from co-founding a telehealth company Pager, and Dr. Chris Dennis, a multi-state licensed psychiatrist.
“We founded Minded with the mission of becoming the foremost specialist in mental health medication treatment, fighting the stigma around taking that medication and making it easy and affordable for all,” Ronick said.
Minded is available to people 18 and over who have or think they may 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. Then, they’ll chat with a psychiatrist or nurse practitioner via video chat to determine which medication is appropriate.
Patients don’t need 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 has been prescribed, Minded will either deliver the prescription to the patient or have it sent to an online pharmacy or a physical pharmacy near them. If a patient has questions about their medication or wants to make changes to their treatment, they can chat with their psychiatrist online.
The company notes that patients don’t need insurance to sign up for Minded. A membership with Minded is $65 per month, plus the cost of medication. Prescriptions may be reimbursable 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 conditions and expand to over 30 states. The startup also plans to double the size of its medical team and continue to develop technology that lets its practitioners focus their time on patients rather than administrative work.
Minded’s seed 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.
In terms of the future, Ronick says Minded will introduce innovative treatments as they become available and prove to be safe and effective.
“We’ll offer DNA testing to diagnose and treat with greater precision, and psychedelics for treatment-resistant anxiety and depression,” he said. “The field of psychiatry hasn’t changed much in the past twenty years. Between the massive disparity between supply and demand and new developments in technology and treatments, it’s time to build the future of psychiatry and we plan to lead the charge.”
Prior to its seed round, Minded raised $5 million from Streamlined Ventures, Link Ventures and other investors, including Richard Park, the founder of CityMD and Sheila Marcelo, the founder of Care.com.