Talkspace operates a subscription platform that provides users unlimited messaging access to one of the company’s 5,000 healthcare professionals. The company launched in 2012 and has developed product variations for specific users, such as teenagers and couples. Talkspace also sells services through partnerships with insurance providers and employers as part of a commercial business. It recently announced a partnership with Optum Health that expands its commercial reach to 5 million people. The company says it will use the new funding to accelerate growth of its commercial business and leverages data science to inform therapist matching and predictive products. Total funding to date is $110 million. Talkspace is a NYC-based provider of an online therapy platform that connects people with licensed therapists through its web and mobile apps. Its flagship product, Unlimited Messaging Therapy™, has been used by more than 500,000 people. The company was founded in 2012 by Oren Frank, who serves as CEO. Talkspace closed a $31M Series C financing to accelerate growth. The round was led by Qumra Capital with participation from existing investors Norwest Venture Partners, Spark Capital, SoftBank, Compound Ventures and FirstTime. As part of the financing, Qumra Managing Partner Erez Shachar will join Talkspace's board of directors. Talkspace offers therapy through an online platform and app, including an unlimited messaging plan that lets users message their therapist as often as they want. The unlimited messaging plan is priced at $25/week. The company reports 300,000 people are using that plan, with its user base tripling in the last year, and it has grown its therapist network to 1,000 specialists. In October Talkspace launched asynchronous voice and video messaging to compete more directly with traditional therapy. With the new funding the company plans to introduce features including group therapy and to expand geographically. CEO Oren Frank said Talkspace intends to leverage its data to build predictive products and surface best practices for therapists. According to Crunchbase, Talkspace has raised a total of $28 million including this new round. Talkspace operates a web and mobile platform that connects patients with licensed, certified therapists through text-based messaging. The product uses introductory consultations and semantic analysis powered by IBM’s Watson to match users to therapists based on personality, thinking style, and emotional stress. Patients pay a flat weekly or monthly fee to send unlimited messages and receive feedback, allowing more immediate and frequent support compared with traditional weekly in-office sessions. On the supply side, the platform enables therapists to serve multiple clients without dealing with insurance paperwork or renting office space, and provides tools for therapist communication and support. Talkspace reports more than 250 certified therapists on its platform and has seen a high rate of consumer growth. The company says the new funding will be used to expand its tech team and build better technology going forward. Talkspace is a web and mobile platform that connects users with licensed therapists through unlimited messaging for a flat $25/week fee. The service allows users to remain anonymous and to message their therapist at any time rather than scheduling traditional sessions. Talkspace reports over 200 therapists on the platform and around 70,000 members since launch. The company recently launched an Android app in addition to its web presence. It raised a $1M bridge from Metamorphic Ventures to close its seed round, bringing total funding to $3.5M. Proceeds are intended to build enterprise partnerships so employers can set up company-wide Talkspace accounts for employees, and CEO Oren Frank emphasized reducing stigma and improving access to care.

Total raised

$109M

Funding rounds

6

Latest round

Series D

Latest activity

May 2019