Intellect founder raises $20 million for mental health startup

Theodoric Chew suffers from panic attacks and anxiety disorders. However, she never let him down – in fact, she inspired him to help others who were suffering from the same problem.

Today, he is the 28-year-old CEO and co-founder of a mental health startup, Intellect, which has raised more than $20 million.

“We’re not just an app, we’re not just a grief helpline,” Chew told CNBC Make It.

Intellect is an “integrated mental health care system that aims to address any level of risk and need,” he said.

“It can be acute and critical like a crisis call (where) you have to talk to people in the field … to something as small as wanting more confidence,” said the Singaporean CEO.

Founded in 2019, the company’s services range from mental health screening tools and self-care programs, to consultation with doctors and private clinics. Intellect has more than 200 employees in 12 countries and says it will serve more than 3 million people by 2024.

From drop-shipping to advertising arbitrage, Chew began experimenting with various internet businesses during his teenage years.

“A lot of it started during my high school years (ages 12 to 16) … I was already working on some of my own stuff then,” said Chew, who attended the prestigious Raffles Institution. school in Singapore.

At the age of 16, Chew decided to leave high school.

“Looking long-term, I really don’t see myself becoming … a top student, going to a top university, or being a top lawyer or doctor,” he said.

But what he clearly knows is that he wants to spend more time building things. “For me, it’s actually working in a startup rather than, you know, the theory.”

Chew caught a couple of “lucky breaks” after dropping out, he said.

At the age of 20, he founded and successfully launched his first startup, Existgreat, a self-help content platform featuring interviews with American entrepreneur and speaker, Gary Vaynerchuk.

After the acquisition, Chew went on to work at several startups, where he gained more experience.

Recounting her own journey with mental health, Chew said: “I had my first panic attack when I was 16.”

“That’s when, in fact, I knew something was wrong,” he said.

Chew then sought help from a therapist, and was later diagnosed with an anxiety disorder.

Through his own experience, the Singapore native discovered a glaring problem: while mental health issues are common in Asia, they are largely underserved.

According to World Health Organization research, “almost one billion people worldwide live with a mental health condition of which approximately 260 million live in the WHO Southeast Asia Region.”

In addition, about 82% of workers in Asia have a “moderate to high” risk of developing mental health problems, according to a report by insurance brokers Aon and Telus Health.

“For me, some things have already started,” Chew said. “It’s not news that Asia has one of the highest rates of mental health crises, but the stigma is very strong.”

Naturally, there are cultural and historical nuances that shape how Asians tend to treat their own mental health. They tend to be less willing to share their feelings openly, Chew said.

“That trickles into a broader, social focus of health care as well. A lot of investment and innovation goes into secondary, primary and tertiary care – we see hospitals being built,” but the mental health care market lacks maturity, Chew said.

Chew saw that his friends were also struggling with their own mental health needs, and he didn’t know where to start.

There was “pretty much no innovation happening in the mental health space in Asia,” at the time, he added.

“Not much is being done, but the problem is very real,” Chew said. “So that gives us a good starting point: how do we solve this problem to help people get started?”

Thus, Intellect was born.

“I think in the early stages, any founder has to be a little bit delusional,” Chew said. “I don’t think I’m the smartest, I don’t think I’m the most capable but… I’m naively ambitious, and I think that’s served me well enough,” he said.

During his journey thus far, Chew has learned his strengths, and more importantly, where he is lacking. Knowing where the weaknesses are, Chew provides employees with specific skills and jobs.

“As a founder, especially a young founder, you need to be aware of where you’re not good, rather than where you’re good, and open your mind to learning,” he said. “Our executive team is all more experienced and senior than I am.”

Along with being “naively ambitious” and being self-aware, Chew’s keys to success have been threefold: Having an innate interest in building things, having the drive to test ideas, and looking forward to challenges along the way.

However, the reality is that “it’s not going to be very easy or easy for anyone, so there’s always inertia to overcome,” Chew said. “I think (expecting) to be part of that journey is also very important.”

Going forward, Chew wants to expand Intellect beyond Asia, aiming to become a “global leader in hyperlocal mental health care,” he said.

“The journey has been very exciting and rewarding … I did not even expect how quickly we can actually serve the very glaring needs.”

When asked how he copes with the anxiety and stress of being a startup founder, he says that he manages his emotions and stress, and tries to compartmentalize them.

“A parking job at the office is sometimes really necessary,” he said.

“Having my own personal downtime in space is important for me to be able to use it for the long term.”

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