February 8, 2023, 8:05am PT – ShareWell, the first peer-to-peer mental health platform, today announced a $1.3 million pre-seed round from notable investors and the milestone of 10,000 support groups joined by members since launch. The company provides a digital peer support marketplace to connect people over shared life experiences and mental health challenges.
Peer support is a science-backed modality proven to increase self-worth, hopefulness and reduce re-hospitalization. The pandemic aggravated an already critical mental health crisis triggering a 25% increase in depression and anxiety nationally while 77% of Americans live in counties with a gap in care. ShareWell offers a direct solution for those looking for live human support that is effective, affordable and accessible.
The company announced today over 10,000 support groups have been joined by members through the ShareWell platform. The company’s $1.3 million pre-seed round includes investments from Adrian Aoun, CEO & Co-Founder of Forward, Kyle Vogt, Co-founder of Twitch and CEO and Co-founder of Cruise, Russell Simmons, former CTO and Co-founder of Yelp, Margo Georgiadis, former CEO of Ancestry.com, Charlie Cheever, former CTO & Co-founder of Quora, Rob Hayes, first investor in Uber, and Quiet Capital.
ShareWell Founder & CEO, CeCe Cheng, says, “We are thrilled to be supported by entrepreneurs and investors who have deep experience building industry-leading companies. As the first digital peer-to-peer solution, we seek to revolutionize mental health care by leveraging technology to bring safe, effective peer support to anyone in need. This initial funding round allows us to expand our offerings significantly, bringing us a step closer to fulfilling our vision.”
The company offers a subscription membership to access unlimited live, online peer support groups for a $90 annual plan. Members can use the ShareWell marketplace product to both join or host support groups on any topic such as a mental health challenge or a major life transition. Members that host peer support groups are able to access an additional suite of features including a Host Training program and a private community for hosts with support tools and on-going facilitation education.
According to Cheng: “ShareWell’s mission is to provide an affordable solution for mental health care as the average therapy session in the U.S. costs $100-$150 per hour, a price point that is out of reach for most Americans. A year of ShareWell membership costs less than 1 therapy session and 90% of our members report feeling happier immediately after a ShareWell group, proving that effective mental health care can be achieved at a much more accessible price point than what has been available historically.”
About ShareWell
ShareWell is the first peer-to-peer support platform providing an affordable and accessible alternative to teletherapy. It connects everyday people for mutual support and healing in a safe, virtual environment. Through unlimited access to live support groups and a digital community platform, ShareWell’s vision is to create a world where everyone has access to the support they need when they need it. The company was launched in October 2021 and is founded by CeCe Cheng, a former venture capitalist, startup executive and executive coach. To learn more about ShareWell, visit www.sharewellnow.com.
