Talkspace picks up $50 million Series D

Published May 29, 2019

Talkspace, the platform that lets patients and therapists communicate online, has today announced the close of a $50 million financing round led by Revolution Growth. Existing investors, such as Norwest Venture Partners, Omura Capital, Spark Capital and Compound Ventures, are also participating in the round.

As part of the deal, Revolution Growth’s Patrick Conroy will join the Talkspace board of directors.

Talkspace launched back in 2012 with a mission to make therapy accessible to as many people as possible. 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 specific 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 reach to 5 million people.

According to the release, Talkspace will use the funding to accelerate the growth of its commercial business.

Here’s what Talkspace CEO and co-founder Oren Frank had to say in a prepared statement:

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 apply 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.