Talkspace raises $50M to make mental health professionals more accessible

by Katie Fustich
May 29, 2019
image via shutterstock

More than 40 million Americans are affected by anxiety, and more than 26 million are affected by depression. While conversations about these struggles are becoming increasingly open, treatment options have yet to catch up with the shift in cultural attitudes.

As a result, more and more people are turning to platforms like Talkspace, a virtual network of therapists, for treatment. Today, Talkspace announced it has secured $50 million in Series D funding to continue expanding its service.

The funding was led by Revolution Growth, and brings Talkspace’s funding total to $110 million since its founding in 2012. Additionally, Talkspace announced a new partnership with Optum, a branch of health insurance provider UnitedHealth Group.

The partnership will make Talkspace’s services available to Optum’s two million customers.

Currently, Talkspace is home to a network of more than 5,000 licensed therapists. Unlike traditional therapy, which can be difficult to access, Talkspace’s therapists are available to their clients five days a week via text, voice and video messages. Users also have the option to add live video chats for an additional cost.

Talkspace’s services begin at $49 a week — a far cry from the $200 hours some NYC therapists are known to charge. With nearly half of those living with mental illness declaring cost as the most prohibitive factor to their treatment, Talkspace is, in this sense, changing the game.

The company is part of a new wave of therapy and mental well-being oriented apps and digital services, including companies like BetterHealth, Calm and Headspace. Together, these businesses are focused on solving some of the most pressing health concerns of our time.

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