by Matthew Martin
Pathfinder is investing $800,000 in Kirwin’s technology-driven mental health app Mentemia, and while the details of ACC’s investment aren’t being made public, its investment sits within the $2 million to $15 million range that its Impact Fund targets.
Mentemia, co-founded by Kirwan and Kiwi tech entrepreneur Adam Clark, is a mobile application created to provide a seamless and integrated platform for mental health care.
The digital mental wellbeing platform helps employers embed a wellbeing-first culture across their organisation, their leaders and their people.
Mentemia will use the funds for software enhancements and direct marketing to secure corporate clients.
Pathfinder chief executive John Berry says KiwiSaver providers were increasingly moving into private equity investment because of the potential for delivering higher long-term returns.
“Social impact investments can deliver better outcomes for our planet and its people," Berry says.
“We believe KiwiSaver investors are entitled to both higher returns and higher social impact. At Pathfinder, we’ve made renewable energy, healthcare, social housing and micro-finance investments to deliver these.
“The world has changed, business as usual is no longer good enough in KiwiSaver. Kiwi investors now want great financial returns and positive social impact. The large providers are not delivering on this,” Berry says.
The investment is the second for the ACC’s $50 million Impact Fund which was launched last year with the twin aims of improving the health, safety, and wellbeing of New Zealanders and providing a commercial investment return that helps keep levies low.
Mentemia has become the market leader in digital mental wellbeing since launching in 2020, with leading companies like Fletcher Building, Chorus and Kiwibank among their client base.
Along with specially designed events and programs for leaders, Mentemia provides a practical way for employees to build mental health literacy and improve their wellbeing in a private, secure and personalised way.
Mental health is the primary cause of lost working days and productivity loss in most Westernised countries and supporting good mental health has benefits to businesses and workers alike.
“Improving mental health and wellbeing can help bring down injury rates, speed recovery and reduce the cost in ACC claims,” says Impact Fund advisor George Adams.
“We encourage more companies to recognise the benefits of supporting the wellbeing of their workers including better productivity and less time lost to injuries.”
Pathfinder and ACC join existing investors including Icehouse Ventures and Sir Stephen Tindall’s K One W One.
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