Louisville startup acquired, marking second exit for local founder

A local startup by a former Procter & Gamble Co. executive has been acquired, marking the second exit for one of its founders.

Resolv, co-founded by CEO Lydia Henshaw in 2019, has been acquired by Mindfully, a Fairfield, Ohio-based mental health service provider. The companies announced the deal in June and the terms were not disclosed.

This is Henshaw's second exit, as prior to her time at P&G, she founded Sow Organic Inc., which was acquired for $900,000 in 2018.

It’s a "crucial” win for Resolv, Henshaw said. The startup, formerly known as Moxie Girl, offers virtual mental health support through its app, where youth can connect with certified peer counselors trained to provide guidance, mentoring and mental health support as well as shared life experiences. The platform allows for both text and video calls.

Henshaw said the deal allows the company to accelerate its mission, which is critical. “With mental health, time is not on our side with all the challenges we're facing,” she told me.

It also moves the core of the business back to Cincinnati. Henshaw relocated to Louisville shortly after the Vogt Award-winning company's founding. Mindfully is based in Fairfield with seven area locations and 13 overall.

It’s also huge for Cincinnati's Flywheel Social Enterprise Hub, one of Resolv’s first investors. Resolv joined Flywheel’s “Elevator” cohort in 2019.

It’s the first exit for the 11-year-old organization, which Flywheel’s recently appointed executive director Laura Randall-Tepe considers a “badge of honor.”

“Some people may not realize the businesses we support through Flywheel, these social enterprises, are growable, scalable, exitable,” Randall-Tepe said. “It’s a proof point that you can do good and do well. It really puts a notch in our belt.” 

Mindfully’s marketing director Anne Flanery told me Resolv’s peer support offering complements the traditional mental health services it offers, particularly for the adolescent age group. It fill a gap in terms of continuity of care but also reaches a population that might not otherwise be accessible from a traditional mental health standpoint.

She said Mindfully could also expand that service to adults as part of a longer-term vision.

“Peer support is the secret sauce. As cliche as it sounds, it's like the piece that makes us whole and really sets us apart from some of the other mental health providers in the area,” Flanery said. “It's a great judgment-free, relaxed way to get into mental health, which for some teens and young adults, can be overwhelming. People can use it one-on-one, or sometimes they need a little bit more than what they can get in a weekly session with their therapist.” 

In terms of leadership changes with the transition, Henshaw is now chief product officer for Mindfully. Co-founder Heather Moster will focus on growing the peer support business and consumer insights. 

Henshaw said the rest of the Resolv team also has moved into positions with Mindfully.

There are big plans to expand the technology capability and to add more peer supporters across the country. The company is actively recruiting those roles. The goal is to expand into new channels and grow others, including public schools, community health centers and YMCAs nationwide.

“We’re going to be able to increase our impact and strengthen our offering for millions of individuals and families globally,” Henshaw said. “It’s a natural fit.”