Innovations in neurotechnology are reshaping how we understand and manage mental health. Devices that monitor brain activity in real-time are offering new insights into conditions like depression, anxiety, and PTSD. Cutting-edge tools like brain stimulation therapies and AI-driven mental health apps are providing personalised treatments and tracking emotional wellbeing with unprecedented accuracy. Meanwhile, advances in neurofeedback and digital therapeutics are helping individuals take control of their mental health, offering new hope for a future where mental wellness is more accessible and data-driven.
According to Sifted data, €472m has been deployed into Europe’s neurotech & mental health startups as of October 1st — defined as those developing solutions across a range of areas, including digital therapies, well-being and mindfulness, extended reality, assessments and diagnostics, treatments and therapeutics, pharmaceuticals and neurological stimulation.
56 of the 66 deals are early stage (up to and including Series A), with an average cheque size of €5.8m. United Kingdom-based neuromodulation therapy for women Amber Therapeutics’ £80m Series A round led by New Enterprise Associates is the largest early-stage deal to date.
Including growth and late-stage fundraising, Switzerland (€152m) tops the charts just after the United Kingdom (€181m) largely thanks to the Switzerland-based neurodegenerative therapeutics provider Asceneuron with its €92.4m Series C round led by Novo Holdings in July.
Relevant resources:
- Briefing: Neurotech & mental health (2024)
- 2024 neurotech & mental health funding rounds (downloadable)
Here are the early-stage 5 startups that told Sifted that they’re currently fundraising:
1/ Moovd
Location: Hengelo, Netherlands
Founded: 2020
Total funding: €1m
Last round: €1m Seed in September 2022
Investors: Axivate Capital, Golden Egg Check Capital
Fundraising: It’s currently fundraising for a $4m Series A round that it hopes to close in Q2 2025.
Launched by brothers Menno and Sander Kamphuis, Moovd combats long waiting times by supporting therapists and healthcare institutions. Used by more than 9k therapists, it already helped more than 50k people worldwide to overcome fears and traumas.
2/ Hiwell
Location: Istanbul, Turkey
Founded: 2019
Total funding: €4.5m
Last round: €3.2m Seed in May 2024
Investors: Boğaziçi Ventures, Sankonline, Eksim Ventures, ÜNLÜ Portföy Yönetimi, Kinesis Teknoloji Yatırımları
Fundraising: It has kicked off its fundraising efforts and is looking to close a £10m Series A extension by Q2 2025.
Pitch deck
Description: Launched in Istanbul in 2019 by the entrepreneur Ali Ozan Ozcicek, Hiwell delivers online therapy services to over 700k clients globally, offering support in their native languages, and partners with more than 1,200 vetted local psychologists in 8 countries.
3/ RebrAIn
Location: Pessac, France
Founded: 2021
Total funding: €3.7m
Last round: €3.7m Seed in January 2024
Investors: NACo, Karista, Nouvelle-Aquitaine Co-Investissement, Aquitaine Science Transfert
Fundraising: It is targeting a Q3 2025 close of a €10m Series A round and has already secured €2m.
Pitch deck
RebrAIn is a spin-off of the University Hospital of Bordeaux and Inria created by Professor Emmanuel Cuny, neurosurgeon, and Professor Nejib Zemzemi, researcher at Inria in Applied Mathematics. It uses AI-driven solution to streamline complex, patient-specific neurosurgery using augmented neuromodulation planning.
4/ Strolll
Location: Stafford, United Kingdom
Founded: 2019
Total funding: €4m
Last round: €3m Seed in September 2023
Investors: Midven, Martlet Capital, SFC Capital, Kluz Ventures, European Innovation Council, British Business Investments, Cleveland Clinic
Fundraising: It expects to close a €8m Series A round by the end of 2024.
Strolll is designed to help patients with Parkinsons and stroke rehabilitation. Cofounder and creative director, Thomas Finn, alongside CEO Jorgen Ellis, were inspired after helping Finn’s father manage mobility issues. They created AR solutions to gamify the process of improving gait. As part of their last Seed round they partnered with Cleveland Clinic to launch in the US.
5/ NeuroBell
Location: Cork, Ireland
Founded: 2021
Total funding: €2.7m
Last round: €2.1m Seed in December 2023
Investors: Atlantic Bridge, Furthr VC, Halo Business Angel Network, Enterprise Ireland
Fundraising: It is aiming to close a Seed extension of €600k by the end of the year.. It has already secured €300k.
NeuroBell is a spin-off from the University College Cork and the Irish Centre for Maternal and Child Health Research. The startup has developed an AI-powered neonatal brain pocket-sized monitor to detect brain seizures in newborn babies after traumatic births.
Read the orginal article: https://sifted.eu/articles/5-neurotech-mental-health-startups-raising-funds/
