Talkspace Talks Up $50 Million Funding

NEW YORK — Talkspace, a healthcare company that lets users connect with over 5,000 therapists online, has raised $50 million in new financing led by Revolution Growth. Existing investors Norwest Venture Partners, Qumra Capital, Spark Capital and Compound Ventures, amongst others are also participating in the round.

Talkspace will use the investment to expand access to mental health services and improve quality of care through its national network of over 5,000 licensed, credentialed providers. This funding will accelerate the growth of Talkspace’s commercial business, where it partners with employers, health plans, employee assistance programs (EAP) and educational organizations to make therapy available and affordable.

With Talkspace, users can send their dedicated therapists unlimited text, video, picture and audio messages from anywhere, at anytime. Therapists engage with clients daily, 5 days a week. Talkspace also provides psychiatry services, including prescription fulfillment, adolescent therapy and couples counseling.

The company was founded in 2012 and says it has been used by more than one million people.

“With all of our groundbreaking, strategic relationships, millions of members will benefit from unprecedented access to our services through managed Behavioral Healthcare.  It is a testament to over two years of efforts to build the infrastructure, capabilities and industry-leading, evidence-based quality of care needed to deliver a healthcare solution that can improve accessibility at scale,” said Lynn Hamilton, Talkspace’s Chief Commercial Officer.

Talkspace also provides services to employees via commercial relationships with Aetna – a CVS Health company, New Directions Behavioral Health and Magellan Health, amongst others. Talkspace’s commercial business now covers over five million lives.

Talkspace most recently raised its Series C round in 2017. To date, the company has raised a total of $110 million.