KHP Ventures, a U.K.-based firm, is launching a new £20 million ($25.5 million) fund to accelerate startups tackling depression, anxiety, and psychosis. The fund, anchored by an £8 million ($10.2 million) commitment from the charitable foundation Wellcome, aims to close by early 2025. Investments will range from £250,000 to £1 million ($319,000 to $1.3 million).
KHP Ventures is a collaboration between King’s College London, King’s College Hospital NHS Foundation Trust, and Guy’s and St Thomas’ NHS Foundation Trust. Its Innovations in Mental Health Fund will be further supported by South London and Maudsley NHS Foundation Trust, the U.K.'s largest mental health provider.
The firm has also launched a free 12-week immersion program for startups worldwide, provided they focus on solutions for the U.K. market. Startups selected for investment will benefit from access to clinical and academic trials, patient and service data, live product testing, and patient focus groups, along with guidance from clinicians, academics, and mental health experts.
Demand for mental health services in the U.K. is rising, with 3.8 million people accessing NHS mental health services in the past year—an increase of nearly 40% compared to pre-pandemic levels. Over 1 million of these patients are children, with 16-year-olds being the most likely to seek support.
“We saw a clear need for a mental health-focused fund,” said Dr. Pooja Sikka, founding general partner of the Innovations in Mental Health Fund. “There’s significant startup activity and technological potential in this space, but capital has not flowed in the right way.”
Wellcome’s research lead in digital mental health, Elena Netsi, added: “Millions of people are held back by mental health challenges. There is a pressing need for new and improved solutions to help them live the lives they want.”
Dr. Sikka emphasized that while mental health issues have worsened across society, there is now greater recognition of technology’s potential. “Our goal is to create a specific pool of capital with tailored support to help startups scale impactful solutions,” she said.