KHP Ventures has launched a new £20 million fund with the goal of supporting international mental health startups with an emphasis on innovation and the UK market.

By creating a new £20 million ($25.5 million) fund dedicated to accelerating entrepreneurs that are treating depression, anxiety, and psychosis, a new initiative from the U.K.'s KHP Ventures plans to rectify that.

The fund's anchor investor, the nonprofit foundation Welcome, has committed £8 million ($10.2 million).

With a goal of raising a total of £20 million ($25.5 million), the fund is anticipated to end early in 2025. It would provide startup investments ranging from £250,000 to £1 million ($319,000 to $1.3 million).

King's College London, King's College Hospital NHS Foundation Trust, and Guy's and St. Thomas' Hospital NHS Foundation Trust currently collaborate as KHP. It makes investments in medtech and healthcare firms that want to operate in the United Kingdom. The South London and Maudsley NHS Foundation Trust, the biggest mental health provider in the United Kingdom, will sponsor KHP's brand-new Innovations in Mental Health Fund.

The company is first offering a 12-week immersion program for free. The fund will assess the chosen startups for potential funding. Startups from all around the world are welcome to apply, but they must demonstrate a commitment to creating products for the UK market.

Startups that secure funding will be given assistance in creating academic and clinical trials, gaining access to patient and service data, and conducting live product testing. Additionally, through the collaboration with the South London and Maudsley NHS Foundation Trust, they will have access to patient focus groups, specialists, physicians, and scholars.

More people are looking for mental health assistance. Over the last year, around 3.8 million people have contacted the NHS mental health services in the United Kingdom, which is nearly two-fifths more than they were prior to the epidemic. Over a million youngsters are included in this, with 16-year-olds being the most likely to be requesting assistance.