Talkspace, the platform that lets patients and therapists communicate online, has today announced the close of a $50 million financing circular led by Revolution Growth. Existing investors, such as Norwest escapade Partners, Omura Capital, Spark Capital, and Compound Ventures are also participating in the circular.
As part of the deal, Revolution Growth’s Patrick Conroy will join the Talkspace Board of Directors.
Talkspace launched back in 2012 with a quest to make therapy accessible to as many people as feasible. The platform allows users to pay a subscription fee for unlimited messaging with one of the company’s 5,000 healthcare professionals. Since launch, Talkspace has rolled out products accurate to certain users, such as teenagers or couples.
The company also partners with insurance providers and employers to offer Talkspace services to their members/employees as part of a commercial business. Today, Talkspace has announced a partnership with Optum Health. This expands TalkSpace’s commercial approach to 5 million people.
According to the release, Talkspace will use the funding to speed the growth of its commercial business.
Here’s what Talkspace CEO and cofounder Oren Frank had to say in a readied
Our advanced capabilities in data science enable us to not only open access to therapy, but also identify the attributes of successful therapeutic relationships and registerly that knowledge throughout the predictive products we build, to the therapists that use our platform, and in the content we provide.
This brings Talkspace’s total funding to $110 million.