Talkspace raises another $1M for remote therapy sessions, launches Android app

By Aditi Pai
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TalkspaceNew York City-based startup Talkspace, which offers therapy sessions via the web and mobile devices, raised an additional $1 million in seed funding from Metamorphic Ventures. This brings the company's total funding to at least $3.5 million.

The company raised the first tranche of its seed round in May 2014. Existing investors include SoftBank and Spark Capital.

The new funding will help the direct-to-consumer company build out an additional channel for its service: employers.

The startup is trying to address a perceived problem in the mental health field: because of various factors including time, expense, and social stigma, between 60 and 70 percent of people who could benefit from therapy don’t get help. Consumers can sign up on Talkspace to receive a free consultation with a therapist and after a preliminary assessment, they are paired with a therapist. The company then offers unlimited chat and mobile messaging with the therapist for $25 per week or one 30 minute video therapy session for $29.

This provides users with a lower cost option than traditional therapy, which can more easily be worked into busy schedules and is potentially less stigmatized because users have the option to remain anonymous.

Users also have the option to participate in Talkspace's free therapist-led forums. There are currently 145 forums that serve 75,871 users, according to the website.

Talkspace's app is available on iOS and, as of last month, Android devices.

The company, founded in 2012, offers its service to 70,000 members, up from 50,000 members in May 2014. The number of therapists has also grown -- from 40 in May to 100.