Cognito Health has secured $2 million in seed financing to launch its all-in-one, affordable mental health service in Ontario and expand partnerships with insurers, businesses and government.
The Victoria-based startup raised the seed financing round from prominent investors including StandUp Ventures, Garage Capital, Graphite Ventures, Spring Impact Capital, and Simplex Ventures.
Cognito aims to provide Canadians with a single access point for effective, affordable and immediate mental health treatment.
Different from other virtual mental health providers, Cognito’s platform combines cognitive behavioural therapy and support with access to medication and an integrated care team. It’s made affordable with an easy-to-cancel monthly subscription that costs less than a single traditional counselling session.
Initially, Cognito is focused on the treatment of anxiety, depression, insomnia and ADHD.
“Expanding our services across Canada is not just a milestone for Cognito, it’s a leap forward for mental health care accessibility,” says CEO and Co-Founder Armon Arani.
“Thanks to our mission-driven investors, we’re not just envisioning a future where effective mental health treatment is available in a timely and affordable manner, we’re actively building it.”
Following a pre-seed investment round led by Garage Capital, Cognito launched its bundled mental health services in British Columbia where it immediately attracted hundreds of clients.
In 2022, Cognito was chosen by the Island Health Authority as a mental health treatment partner for Vancouver Island’s 800,000 residents. Island Health refers patients to Cognito and fully covers patient costs.
With its latest financing, Cognito will begin to expand its mental health services across Canada in 2024.
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