Dubai-based investment firm Wamda Capital has invested in a new funding round for Turkey’s health tech startup Salus.
The mental health platform, which was founded by two ex-McKinsey consultants, raised $4.7 million in a fundraising led by Northzone, with participation from 500 Emerging Europe, Pitchdrive and the CVC arm of Iş Bank, the largest financial group in Turkey, according to a statement on Monday.
The seed round, which is said to be one of the largest ever raised by a Turkish startup just 16 months post-founding, also saw “double-down investments” from existing investors Wamda Capital and Collective Spark, alongside several angel investors.
The fresh capital will be used to expand Salus’ clinical network, enhance user experience and scale its B2B business. Currently operating in Turkey, the platform plans to expand its services across the Middle East and Eastern Europe.
Salus seeks to make preventive health services – particularly in mental health – affordable and accessible. Most preventive health services, especially those surrounding mental health, require out-of-pocket expenses, creating a financial barrier for many.
“Salus offers a science-backed, measurable approach to persuade employers to invest in their employees mental health, demonstrating a substantial return on investment and enhancing employee well-being at scale,” the statement said.
(Writing by Cleofe Maceda; editing by Seban Scaria)