Spotlight on Protege Ventures Alumni 

In a classic “by youths, for youths” success story, a shrewd student venture capitalist swiftly recognised the potential of an up-and-coming startup and its savvy founder, leading an investment into it and propelling it to greater heights.

As published on Protege Ventures website

In picture: Andrew Lee, Protege Ventures alumnus 

With a honed eye for rising star startups, Andrew Lee – a venture capitalist in training at Southeast Asia’s first student-run venture capital fund Protégé Ventures (PV) – spotted an opportunity in 2019 to invest in a mental health tech startup which he came across, Intellect. 

Andrew, who holds a Bachelor of Business Administration degree from the National University of Singapore then marshalled the resources and talents at PV to assess the startup and identify gaps, leading to a PV investment of $25,000 in the startup in 2020. 

Today, Intellect has grown by leaps and bounds, raising series A funding of US$20 million in 2022  and serving millions of users across Asia. Founded by Theodoric Chew – who impressed Andrew with his knowledge and presentation – Intellect addresses the critical need for accessible and affordable mental health solutions in Southeast Asia, a region where stigma and cost often hinder care. 

This Q&A explores Andrew’s journey with Intellect—how he first discovered the startup, what convinced him to push it to PV’s investment committee, and the insights he gained from the experience. 

1. How did you first hear about Intellect? 

I first met Theodoric (Theo) during my internship at venture capital company TRIVE Ventures, where I managed the SG Founder Grant initiative. Part of my role involved sourcing and pre-qualifying early-stage founders. We organised founder-focused events with our venue partner, JustCo, where Theo presented Intellect.  

2. What was your first impression of Theo and Intellect? 

Theo stood out immediately. His polished elevator pitch effectively communicated Intellect’s “what,” “why,” and “how”, as well as his vision and the potential of his idea. He was proactive, quick to follow up, and demonstrated an exceptional level of clarity for a young founder. I was also impressed by his ability to articulate the problem Intellect aimed to solve and the practical value it could bring to users. 

3. Why did you decide to push it to PV’s Investment Committee (IC)? 

Two key factors drove my decision:  
(i) The unmet need for accessible mental health solutions in Southeast Asia  
Personal experiences with platforms like BetterHelp and Headspace made me realise the importance of self-serve, module-based cognitive behavioral therapy (CBT) solutions like Intellect. The region needed a scalable, affordable alternative for mental health care, and Intellect fit that niche perfectly. 

(ii) Theo’s exceptional leadership  
Theo’s track record of building and exiting startups, coupled with his action-oriented mindset, convinced me he was the right person to lead this venture. His ability to attract talent, secure advisors like Dr Oliver Suendermann, and land corporate pilot programmes early on showcased his leadership and execution capabilities. 

4. What were the PV deal team’s key convictions about Intellect, and are they still valid? 

Our convictions centered on: 

• Riding the mental health awareness wave: Policies and corporate initiatives around mental wellness boosted Intellect’s early traction. However, timing was critical—being a first mover played a significant role in its success. 
• A strong founding team: Theo and Anurag (CTO) brought complementary skills and experience that remain a core strength of the company today. 

5. What challenges were identified during due diligence, and how has Intellect addressed them? 

Two major challenges were discussed: 

• Customer acquisition: Intellect transitioned from a costly B2C approach to a B2B2C model, partnering with corporations to achieve more sustainable growth. 
• Differentiation: Intellect focused on privacy-first, affordable CBT modules that addressed regional stigma while leveraging evidence-based therapy designed by experts like Dr. Suendermann. 

6. What lessons or insights did you gain from this experience? 

The biggest lesson was understanding the importance of building conviction when making decisions with incomplete information. Investing often requires bridging gaps between analysis and action, balancing risk and reward. Additionally, structuring a business to align with market realities, such as adopting B2B2C models, is crucial for scalability and sustainability. 

7. What has been your greatest takeaway from PV? 

The people I met were the highlight of my experience—like-minded, driven individuals who shared a passion for entrepreneurship. Many of them remain close friends and continue to inspire me.

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Key Milestones for Intellect 

Since PV’s investment, Intellect has achieved remarkable success: 

• Serving millions of users across Asia.
• Raised series A funding to US$20 million led by Tiger Global to scale mental healthcare for APAC workforces in 2022.
• Becoming a preferred mental health partner for leading corporations including Singtel, Shell, ByteDance etc. 
• Expanding its offerings to include comprehensive Employee Assistance Programs (EAPs). 

Andrew’s story is a testament to the importance of spotting opportunities early, believing in exceptional founders, and staying committed to solving real-world problems. Through PV, students gain the unique opportunity to invest in startups they believe in while honing their venture capital skills.  

Today, Intellect stands as a shining example of Southeast Asia’s potential in innovation and entrepreneurship. Andrew’s journey highlights the value of identifying opportunities early, backing exceptional founders, and staying dedicated to addressing real-world challenges.  

Interested in seeking funding from Protege Ventures? Visit here: https://protege.vc/investments/