The Telebehavioral health company, TalkSpace raised $50 million Series D funding and entered a partnership with Optum’s health business in order to make its services accessible to 2 million additional customers. The funding round was carried out by Revolution Growth and it involved the participation of many investors namely, Norwest Venture Partners, Qumra Capital, Spark Capital, and Compound Ventures.
Since its establishment in 2012, Talkspace has raised a total of $110 million and the new capital will be utilized in boosting the company’s commercial business to sell its service to employers, health plans, and employee assistance programs. As the investment in the online therapy space has been increasing with the help of technology, behavioral health resources have been expanding to a high number of people.
Talkspace has over 5,000 licensed therapists on its platforms, acting as independent contractors for the healthcare company. The popularity of Talkspace free trial has also helped the company to spread the word about its work on a large scale. It offers $49 a week for text, video, and audio messaging with a therapist to $79 a week a package including five sessions a month.
Talkspace has been known for entering with a partnership with firms like Optum and it has reached over 5 million lives with the help of its direct-to-consumer business. The motive of the company for entering in partnership with Optum is to provide the large scale access of its services in both rural outposts and major cities as it is hard to spot a therapist and psychiatrist in these areas at the right time.