NEW YORK, May 29, 2019 /PRNewswire/ -- Talkspace, the global leader in telebehavioral health announced today $50 million in new financing led by Revolution Growth. Existing investors Norwest Venture Partners, Qumra Capital, Spark Capital and Compound Ventures, amongst others, will also participate in the round. Patrick Conroy of Revolution Growth will join the Talkspace board of directors.
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 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.
"We view the addressable market for Talkspace as an enormous opportunity that is growing in both size and importance," said Patrick Conroy of Revolution Growth. "Talkspace is a rare breed of company that is applying novel technologies to help consumers dramatically improve their quality of life. The progress they've made thus far underscores the overwhelming demand for greater and easier access to mental health services. Affordable, convenient, and high quality care is a critical need for tens of millions of Americans and our partnership will help ensure that treatment can be available at the click of a button."
In addition to its commercial expansion, Talkspace will leverage this investment to develop capabilities in two new international markets and continue to define new standards for therapeutic quality and integrity through its breakthrough capabilities in machine learning and AI.
"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," said Oren Frank, Talkspace Co-Founder and CEO.
Talkspace most recently raised its Series C in 2017. To date, the company has raised a total of $110 million.
About Talkspace Talkspace is a telebehavioral healthcare company. Its signature psychotherapy product connects individual users with a network of over 5,000 licensed therapists through an easy-to-use and HIPAA-compliant web and mobile platform. 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.
Founded by Roni Frank and Oren Frank in 2012, with the mission to make therapy available to all, and eliminate the stigma associated with mental health, Talkspace has already been used by over 1 million people.
Led by Steve Case, Ted Leonsis, and Steve Murray, Revolution Growth is an investment fund at Revolution that partners with companies that can change the world. Its mission is to build disruptive, innovative businesses that offer consumers more choice, convenience and control in their lives. By taking a long-term approach and developing a true, hands-on partnership with entrepreneurs and management teams, Revolution Growth brings a unique strategy and passion to investing in and building significant companies.