September 14, 2022
🐪 Happy hump day, Health Tech readers.
1 big thing: Limitless Minds aims to be a "Peloton of mental fitness"
Limitless Minds — a venture spearheaded by Denver Broncos quarterback Russell Wilson and his brother Harry — started out offering business coaching, but pivoted to mental wellness following COVID-fueled demand for its high-pressure scenario training.
Why it matters: The employer-facing wellness coaching startup raised $2.5 million in seed funding, Harry Wilson tells Erin exclusively.
Deal details: Acrisure CEO Greg Williams led the round alongside Future Labs Capital and InterstateFusion.
- Marchex chair Russell Horowitz, Ciara and Russell Wilson (who serves as chief impact officer), Stephen Shaya and Sanyin Siang participated.
- Funds will go toward hiring salespeople, Wilson tells Erin.
What's next: The company, which Wilson says is profitable, plans to raise its Series A this fall or the first quarter of next year at the latest.
- It's currently focused on making its offerings available directly to consumers.
- "We see this product as a Peloton for mental fitness," says Wilson.
Context: Unprecedented demand for behavioral health services is driving a surge in new virtual offerings, from traditional one-on-one therapy to more generalized wellness services for people seeking support for everyday stressors. For instance...
- Paraclete in February collected $1.5 million in pre-seed funding to help employees cope with difficult life events.
- Wisq in April raised $20 million in Series A funds for its employee-facing social network.
- Calm, the stress and sleep app, in February bought care coordination company Ripple Health.
- "There are a lot of people playing in the [wellness] sandbox, but this is unique in looking at successful athletes and how they prepare for games," says Future Labs managing partner Mack Shwab.
Yes, and: Wilson sees potential for Limitless to act as an aggregator or acquirer of various mental wellness platforms, especially with employers growing increasingly overwhelmed by the sheer number of available tools.
- "The aggregator model could be somewhere we play as we move forward," Wilson says. "Do I know what that looks like fully yet? No, but our product is called Club Limitless for a reason."