Wellbeing startup Psychological Technologies (PSYT) has raised over £1.7m, supported by Angel Investment Network, the world’s largest online angel investment platform. The startup turnsthe advice of the world’s leading self-development authors into digital, action-based summaries to help individuals create real change.
Founded by the former Head of Research at Headspace Nick Begley, PSYT launched an MVP last year based on a single book called “The Anxiety Solution” to test the proposition. The MVP was featured by Apple in the “Best Apps of March 2020” and has an average rating of 4.9*. The raise took eight weeks with the funding being used to bulk out the full-time team, develop more content and launch a multibook platform.
The multi-platform book will include working with a number of best-selling authors including Adam Grant, Dan Pink, Johann Hari, Dan Goleman, Robert Cialdini and a number of others, with a number of authors also investing. The team is backed by advisors from Headspace, Masterclass and Audible.
Nick Begley, CEO says: “Whether you want to become a better leader, better sleeper or reduce your anxiety, we all want to improve our lives. However we discovered the self-development market fails to deliver, not because the advice isn’t good, but because information isn’t enough. Our platform enables us to deliver interactive practices through mobile, so people can access tools to help them the moment they need them, whatever the situation. We have been thrilled with the support we have received from investors and some of the biggest self-development authors in the world as we look to scale our offering.”
According to Ed Stephens, Global Head of Brokerage, Angel Investment Network: “This is a brilliantly observed gap in the market for the millions across the globe interested in self-development. As well as being a winning idea, the team has the most impeccable credentials with Nick having been at the forefront of one of the best known and life changing apps ever developed. With a team of world class advisors and so many authors already signed up, we saw huge interest from our investor database who spotted the potential of the business.”
PSYT is open to accepting up to a further £400,000.