Health gift card startup Mentwell banks $229,000 in crowdfunding campaign

- July 2, 2024 2 MIN READ
Nikki Williams
Mentwell founder Nikki Williams
Mentwell, a gift card healthcare startup that’s honed in on mental health and wellness, has raised $228,950 in a crowdfunding campaign.

The Birchal campaign in June was backed by 117 investors as the platform looks to expand into the US and UK markets.

Mentwell founder and CEO Nikki Williams said her mission is to revolutionise mental health care by providing accessible, effective, and personalised solutions via their gift card model.

While Australians spend $3.5 billion on alternative health, companies lose an estimated $7 billion in productivity annually due to health absenteeism. Williams is hoping that the nation’s love of gift cards – we spend about $2.5 billion on them a year, can be translated into better health outcomes for people by making support more affordable.

“This has been such an incredible feat for the Mentwell team and community and it’s a testament to how the concept is landing at these early stages of business,”she said.

“We’ve received so much love and support throughout the campaign and this really is just the start of a huge goal to reach optimum levels of health and wellness globally.

The funds raised via the CSF campaign are earmarked for expanding Mentwell’s product offerings, enhancing technological capabilities, and reaching a wider audience in need of mental wellness support. Expansion plans include physical card development and expansion into the UK and US.

The gift cards are available treatments ranging from therapy sessions to meditation and self-care. Mentwell charges a 1.8-2.8% commission fee on cards sold and has targeted companies as a key customer to offer cards to their workers.  Co-branded cards allow companies and charities to offer support, while service providers can join the Mentwell directory to promote their offering.

Mentwell launched earlier this year and in the wake of the Bondi Junction shopping centre attack, partnered with Love Out Loud Foundation to offer cards to those needing support in the wake of the tragedy.

Prior to the Birchal campaign, Mentwell had generated $62,000 in sales without any marketing spend.