Small Business

Talkspace Receives New Funding to Help Patients and Therapists

If you’re unfamiliar with Talkspace, it’s an app that allows you to speak with a mental health counselor right from home on your cell phone or tablet. The concept was put into action when CEO Oren Frank was disappointed with his inability to get counseling and deemed that there were major problems with the mental healthcare field. Today, Talkspace is believed to have over 300,000 active participants and an estimated 5,000 mental health professionals. According to Talkspace reviews, the general opinion of the app is that it’s helpful and less stressful than having to seek out a therapist on your own. The service matches clients and therapists according to their goals and the expertise of the counselor. Currently, the app counsels patients for the following concerns:

  • Addiction issues
  • Anger
  • Anxiety
  • Bipolar disorder
  • Career and workplace concerns
  • Impulsive behaviors
  • Conflict and differing opinions
  • Depression 
  • Eating disorders
  • Educational assessment
  • Family matters
  • Grief and the grieving 
  • Health related matters
  • Intimacy and isolation
  • LGBTQ+
  • Transitioning
  • Parenting and parental concerns
  • Relationships
  • Religion
  • Self-esteem
  • Self-worth
  • Sleeping disorders
  • Social behavior and interpersonal relationships
  • Stress
  • Trauma, abuse, and more

Funding Matters

Talkspace is largely paid for by the members; however, some insurance companies do cover the service. FSA accounts can be used to make payments for counseling services. The company has also recently received funding to make upgrades to the app, so the users, counselors, and administrators will have an easier time with the technology. Frank has also stated that he feels that the app will have better functionality by investing in technology for data to help the service reach its target demographics. $50 million was recently added to bring the total funding up to $110 million. Revolution Growth is the primary contributor with other smaller contributors investing in the technology. As a part of the deal, Principal Patrick Conroy of Revolution Growth will join as a member of the board of directors. The business also wishes to add focus on commercial sales where the services are offered at a discounted rate for employers to offer as a benefit. The other companies that have contributed to this round of funding include:

  • Norwest Venture Partners
  • Omura Capital
  • Spark Capital
  • Compound Ventures

The company has also announced that it will be partnering with Optum Health who will, in turn, provide exposure for the company to five million new prospects. 

The Counseling App Offers Promotions and Trials to Win New Clients

Promotions that provide free counseling for a specified period are common according to Talkspace reviews. The service also matches patients with a counselor with similarities and professional experience in the area they’re providing counseling in. The app is great for people who are anxious around others or have difficulty making it to regular counseling appointments. It’s also a great option for those that are apprehensive about using a counselor and would like to test the waters without any major commitment. The response time is addressed with each membership and members can select which level of care they’re interested in. Talkspace reviews also indicate that the technology works well and that the counselors respond within a reasonable amount of time if they’re not immediately available. More details are provided on the website or app that can be downloaded through Apple or Google. Check out the service and see how they can help you live a better life, today. 

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