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MindBeacon closes Series A round, grows funding to $20 mln

MindBeacon Group, the Toronto-based developer and operator of digital therapy platform Beacon, has closed a Series A financing, bringing its total funding to more than $20 million.

The investors included Telus Ventures, ManulifeElkland Capital and Strauss Interests.

Beacon was introduced in 2016 in CBT Associates clinics. Last year, it was launched as a provider of digitally-delivered therapy for people with mental health concerns, such as depression, anxiety, panic and post-traumatic stress disorder.

MindBeacon Chair and CEO Sam Duboc said the funds raised will help his company enhance its offerings and increase its reach in Canada.

Previously, Duboc founded and led Edgestone Capital Partners, a Canadian private equity firm he founded in 1999.

PRESS RELEASE

MindBeacon closes Series A funding to propel growth for digital mental health platform

TORONTO, Sept. 25, 2018 /CNW/ – MindBeacon Group, owner and operator of both the BEACON™ digital mental health treatment platform and one of Canada’s leading psychology clinic networks CBT Associates, today announced the closing of a Series A investment bringing total investment to over $20 million, with participation from TELUS Ventures, Manulife, Elkland Capital, Strauss Interests, and several prominent private investors.

BEACON was introduced in 2016 in CBT Associates clinics, a leading Canadian provider of Cognitive Behavioural Therapy (CBT) and other evidence-based therapies that help people improve their mental health and well-being. Available Canada-wide in English and French, BEACON is a digital platform that provides every individual with a personalized CBT experience integrating the one-on-one support of a registered mental health professional. With the continuous support of the BEACON therapist, individuals complete a full course of personalized CBT care from anywhere and anytime they are comfortable, to build resilience to effectively cope with life’s challenges.

“BEACON has not only demonstrated successful treatment outcomes in a way that is accessible, major employers and insurers nation-wide have adopted it into their programs as a way to affordably provide mental health care,” says Sam Duboc, Chair and CEO of MindBeacon Group. “With the support of our investors, we will continue to enhance our offerings and increase our reach to the majority of Canadians who need help and are not getting it today.”

“Developing innovative smart technologies has often been cited as vital to enhancing the efficiency and quality of mental healthcare systems and services, and in Canada we see a clear need for more support,” said Rich Osborn, managing partner, TELUS Ventures. “BEACON is unique in its approach bringing together current technology and clinical expertise to bridge the current gaps and we look forward to working with MindBeacon as they help transform how mental healthcare is accessed in this country.”

About BEACON
BEACON™ is developed and operated by the MindBeacon Group of companies, including MindBeacon Software, MindBeacon Health and CBT Associates. We lead innovation that allows people and populations to access effective mental health care in ways that overcome barriers to care.

Since 2002, we have been a leading provider of Cognitive Behavioural Therapy (CBT) and other evidence-based therapies through our network of clinics across the Greater Toronto Area. BEACON was first introduced in 2016 as an in-clinic innovation to enhance delivery and measurement of CBT. BEACON launched in 2017 as a fully digital experience providing treatment through digitally-delivered CBT with the one-on-one support of a dedicated therapist all along the way. To learn more, visit mindbeacon.com.

For further information: Katie Skinner, Citizen Relations, 647-525-6148