The funding will be used mainly for growth and optimisation of services and tech, product development, brand-building, and talent acquisition
Mental health-tech startup BetterSpace has raised Rs 4.5 million in its maiden pre-seed funding round led by startup community-builder and accelerator PedalStart. Before this, the startup had remained majorly bootstrapped.
The company will be utilising the newly-acquired capital towards improving its existing offline and online services, developing a new product range consisting games and toolkits, enhancing marketing and brand visibility, optimising technology and the app for boosting accessibility across multiple types of devices, attracting and acquiring talent, among other strategic areas.
Speaking on the fundraise, Shivli Shrivastava & Abhilash Shrivastava, Co-Founder & Director, BetterSpace said, “The funds raised through this round shall not just meet our short-term working capital needs, but also ensure our stable, sustainable growth, by enabling BetterSpace to move forward in a cash-positive yet socially impactful manner over the long term. We are immensely grateful to the investors who have placed their faith in us, to help realise our mission and vision of promoting improved mental wellness, emotional resilience and happiness amongst communities, and thus creating a world where everyone has access to quality mental healthcare, regardless of their background or location”.
Manas Pal & Aditya Darolia, Co-founders, PedalStart said, “In a country like ours where the growing burden of mental health disorders poses a serious concern, it has become imperative to use technology in solving pressing, real-life mental health related challenges. BetterSpace is committed to doing just, while ensuring quality mental health services delivery in a regional, accessible, and affordable manner to various stakeholders across the society. We at PedalStart have been impressed by BetterSpace founders’ innovative and solution-oriented approach, their commitment to embracing technology, and most importantly, could resonate with their vision of creating and nurturing safe-inclusive spaces through a mix of online and offline initiatives focused on mental health, sexuality and disability awareness. We look forward to extending our continued support to BetterSpace to enable them to create positive social impact at scale”
BetterSpace was a part of PedalStart’s ‘Zero-to-One’ cohort (a community-based, outcome-driven programme for supporting early-stage startups) in 2022.