Zenovate announced a $1 million Seed round of venture capital as it pivots from providing on-demand physical wellness services like massage onsite to employers to a virtual wellbeing app providing teletherapy, physical wellness classes, and mental wellness in addition to its on-demand onsite services. Zenovate focuses its message on mental wellbeing.
Mental wellbeing apps have been on the rise for several years and part of the overall employee wellbeing trend. The global pandemic has spurred on both increased adoption of mental wellness applications by employers that have increased its priority in light of the workforce’s mental stress and anxiety and increased the pace of global HR technology VC investment. In 2020 employee wellness saw $485 million of VC invested globally.
We expect to see more innovation and adoption in the mental wellbeing category of HR tech provided as both a part of the employee experience and as an employer provided elective benefit.