Estonian health tech startup Siffi raised €175K

Estonian health tech startup Siffi (a new brand of Minudoc) raised €175K from a group of business angels from Estonia. Among them was an early employee of money transfer unicorn Wise, the product lead of food ordering startup Wolt, health tech investors Malte Bintig, Dag Nurm and the owner of real estate investment firm Capital Mill Igor Mölder. Siffi received financing at the beginning of 2023. The company plans to raise €125K more in this €300K bridge round of investment.

Siffi was founded by Tarmo Pihl and Mika Peltola in 2021. It is a mental health platform for employers and employees, focused on providing online and on-demand therapy and coaching. After having subscribed to the platform, a customer gets access to therapists, psychologists, and coaches. 

The new funding will be used to expand into the DACH (Germany, Austria, and Switzerland) region and the UK, add new features to the service, and invest more in increasing customers.

As the company commented, Siffi has grown quickly from few thousand in MRR in the first quarter of 2021 to 40K+ MRR at the end of 2022. The startup is still fundraising because the round is open-ended. Over the previous 2 years, the company has raised a total of €825K from co-founders of Estonian online time tracking software Toggl and insurance company IIZI, founder of New York-based investment firm iCapital Sven Illing and others. The funding has been raised in the form of convertible loans in different rounds. Siffi accepts tickets between €25K – €200K.