Talkspace, A Trailblazer In Mental Health Care Innovation, Raises $9.5 Million In Series A Funding Led By Spark Capital And SoftBank

Offering millions of people affordable access to therapy, Talkspace leads the way toward the future of healthcare technology and services with the first major funding round in its category

May 12, 2015, 11:45 ET from Talkspace

NEW YORK, May 12, 2015 /PRNewswire/ -- Talkspace (http://www.talkspace.com), the web and mobile platform connecting people with licensed therapists for online therapy, announced today it has raised $9.5 million in a Series A round of financing led by Spark Capital and SoftBank. Existing investors Metamorphic Ventures and TheTime also participated in the round, and the new funds will further Talkspace's mission to provide affordable and accessible therapy for all. Representing the first major financing round in its category, Talkspace's disruptive approach to delivering mental health care has attracted over 100,000 users in the United States, connecting people who suffer from depression, anxiety, stress, PTSD and more with dedicated therapists who are available one-on-one and on-demand.

"Mental illness is a worldwide epidemic and that's the problem we're here to solve," said Roni Frank, co-founder and Head of Clinical Services at Talkspace. "By removing the barriers to entry for millions of people, we're making it easy for people to be proactive about their mental health. Our users, team members and investors have been hugely supportive of our mission and we're excited to continue helping everyone around the world live happier and healthier lives."

Talkspace offers "Unlimited Messaging Therapy" and Couples Therapy via its web and mobile apps, taking a messaging-based approach to delivering treatment in real-time. Through the familiarity, simplicity, immediacy and popularity of messaging, Talkspace's new modality eliminates the powerful stigma that is still associated with therapy, to offer a safe, anonymous way to get help.

"Access to proper mental health care should be made available for everyone," said Alex Finkelstein, General Partner at Spark Capital. "Mental illness affects one out of four people every year, and the awareness surrounding this global crisis has become even more prevalent in the past few years. Talkspace provides a professional, affordable and convenient alternative to traditional therapy, and we couldn't be more excited to continue supporting such a groundbreaking company."

On Talkspace's website or its iOS and Android apps, anyone can sign up and connect directly with a licensed therapist. After a free consultation, members are matched with one of Talkspace's hundreds of therapists and can choose their membership level, which typically costs only $25 per week. Members can then immediately begin treatment with a specialized therapist in a private chat room where they can communicate with each other whenever and wherever. With Talkspace, users no longer have to wait for an appointment or go through the endless reimbursement processes that accompany traditional, face-to-face therapy. Additionally, Talkspace members can request to change therapists at anytime, without missing a beat and free of charge.

About Talkspace
Talkspace is a global online therapy platform that connects people with licensed therapists anytime, anywhere. Founded in 2012 with a mission to make therapy affordable and accessible for all, Talkspace introduced Unlimited Messaging Therapy™ to provide unprecedented on-demand access to a therapist for only $25 per week. By eliminating the stigma, fear, anxiety and cost associated with traditional therapy, Talkspace is making it easy for millions of people to finally be proactive about their mental health. In the United States alone, Talkspace has amassed over 100,000 members with hundreds of licensed therapists in its network. For more information, please visit http://www.talkspace.com.

About Spark Capital
Spark Capital is a venture capital firm that partners with exceptional entrepreneurs seeking to build disruptive, world-changing companies. Founded in 2005, the firm manages approximately $1,500,000,000 across four funds. Headquartered in Boston, Spark maintains an office in New York and invests across the globe. Spark Capital focuses on Internet and mobile investments across the following key categories: advertising & monetization, commerce & services, content & media, financial services, hardware & infrastructure, mobile and social. Some of Spark Capital's most notable investments include Adap.tv (acquired by AOL), AdMeld (acquired by Google), Oculus (acquired by Facebook), OMGPOP (acquired by Zynga), Tumblr (acquired by Yahoo!), and Twitter. For more information, visit www.sparkcapital.com.

About SoftBank Capital
SoftBank Capital makes early and growth stage investments in companies that connect people, devices and the world. SoftBank Capital invests in category leaders in consumer and enterprise mobile, online advertising, ecommerce, social media and cloud computing. We have been making investments since 1995, with recent exits including Bluefin Labs, Buddy Media, Hyperpublic, Huffington Post, OMGPOP, Pivot and ZipList. To learn more, visit http://www.softbank.com.

SOURCE Talkspace



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