Talkspace, an online telebehavioral therapy platform, has clinched USD50 million in a funding round as Revolution Growth led the round, along with existing backers Norwest Venture Partners, Qumra Capital, Spark Capital, and Compound Ventures, amongst others. With leading the funding round, Revolution Growth’s Patrick Conroy will join the Talkspace board of directors. Besides, Talkspace has also formed a new partnership with Optum Health that will support in expanding Talkspace services to cover 5 million lives.
As per the market research reports, the therapy industry is currently around USD17 billion/year in the US. Founded in 2012 in New York, Talkspace came into the view with the intention of making therapy accessible to every individual, with eliminating the stigma conditions that are related to mental health. The company provides an online therapy solution that engages individual users and a network of over 5000 licensed therapists through an easy-to-get and HIPPA-compliant web and mobile platform. Additionally, it offers services to employees through commercial relationships with Aetna, a CVS health company, New Directions Behavioral Health and Magellan Health, amongst others. As the recent report revealed that, Talkspace’s commercial business now covers more than 5 million lives.
By utilizing Talkspace’s online solution, users can send unlimited texts, videos, pictures and audio messages to their dedicated therapists from anywhere, at any time. To respond to their messages, therapists are available to get them back daily, 5 days a week. As part of this fundraising announcement, Talkspace will utilize this fresh capital to expand access to mental health services and advance care quality through its national network of over 5,000 licensed, credentialed caregivers.