OpenUp raises 20 million euros

The mental wellbeing platform OpenUp has closed a financing round worth 20 million euros. The round is led by the Belgian venture capital fund Smartfin with 18 million euros. Existing investor Rubio Impact Ventures is participating with a further two million euros.

The company intends to use the fresh capital to further expand its market position in Europe, particularly in Germany, and prepare for expansion into additional countries.

Profitable growth as the basis

Five years after its foundation, OpenUp is already profitable and generates an annual recurring revenue (ARR) of around 20 million euros. The platform is currently active in the Netherlands, Germany, the UK, France and Belgium.

In total, the company serves more than 2,000 corporate customers and reaches around 600,000 employees and their families.

Growing demand for mental support

The market for mental health is growing rapidly: around 30 percent of employees in the EU report stress, depression or anxiety. At the same time, public healthcare systems are increasingly reaching their limits.

This results in considerable costs for companies - including sickness-related absences. Against this backdrop, digital solutions for mental health in the working environment are becoming increasingly important.

Low-threshold access to psychological help

The OpenUp platform offers employees direct access to psychological support. This includes conversations with psychologists, coaching services and advice in areas such as lifestyle and finances.

A key feature is the low-threshold access: it can be used anonymously, without waiting lists and in over 35 languages. Customers in Germany include STRABAG, Statista and Decathlon.

Combination of technology and human support

A key component of the strategy is the combination of personal support and technological scaling. Artificial intelligence should help to provide offers more efficiently and tailor them better to individual needs.

The investors see this as a key growth driver for making mental health services more widely accessible.

Start-up wants to become the leading platform in Europe

OpenUp intends to use the new capital to drive forward its European expansion strategy and further expand its product portfolio.

The company's long-term goal is to establish itself as the leading mental wellbeing platform in Europe and to support companies in taking increasing responsibility for the mental health of their employees.