Talkspace

Talkspace was founded in 2012 by Roni and Oren Frank. The company was conceived after a transformative experience in couples therapy that saved their marriage. The results of psychotherapy were so meaningful for Roni Frank that, wanting to share it with others, she chose to pursue a master's degree in psychoanalysis and psychotherapy.Talkspace began as a group therapy platform, but has evolved to a company offering online psychotherapy from licensed therapists. Talkspace introduced Unlimited Messaging Therapy in 2014, providing users text messaging with a therapist on the Talkspace website or mobile app. Clients and therapists can also send audio and video messages on the platform or schedule live video sessions.In February 2015, the therapy platform was expanded to include couples therapy. As of July 2016, real-time voice and video calls are available during therapy sessions.In May 2015, Talkspace raised $9.5 million from Spark Capital and SoftBank. In June 2016, the company raised $15 million from Norwest Venture Partners.In addition to reporting on a nationwide uptick in demand for psychotherapy, Talkspace saw requests for therapy appointments triple in the wake of the 2016 presidential election, with increases seen across demographic groups, but were particularly high for minorities. According to a study conducted in partnership with HealthMap researchers at Boston Children's Hospital, a quarter of Talkspace users polled reported feeling “very stressed.” In 2018, Talkspace hired Neil Leibowitz, MD, JD, as its Chief Medical Officer.In September 2017, the company raised $31 million from a Series C round led by Qumra Capital. In August 2019, the company raised $50 million Series D funding and entered into a partnership with Optum.Talkspace saw a significant uptick in demand for psychotherapy during the COVID-19 pandemic, attributed to both the increased emotional toll of the pandemic and the restrictions put in place on people's physical movements. The company offered a free month of online therapy services to medical workers during the pandemic.In May 2020, Cigna added Talkspace virtual therapy services to the company's telehealth offerings.In November 2021, the Chief Operating Officer, CEO, and head of clinical services all resigned within a span of weeks. The company disclosed that some of the resignations were in connection to an offsite company events. Shareholder rights law firms announced investigations that the company's former leadership violated securities law.