AAA Talkspace calls in $50m

Talkspace calls in $50m

Talkspace, the US-based on-demand therapy platform backed by telecommunications and internet conglomerate SoftBank, collected $50m on Wednesday from a consortium led by growth equity firm Revolution Growth.

Norwest Venture Partners (NVP), Qumra Capital, Spark Capital and Compound Ventures also took part in the round, as did several undisclosed existing investors. It increased the company’s overall funding to $110m.

Founded in 2012, Talkspace operates an online platform that allows users to access a network of more than 5,000 licensed therapists in order to discuss their mental health.

Patients can send their dedicated therapists unlimited text, video, picture and audio messages through the platform, which also offers psychiatry services such as prescription fulfillment, adolescent therapy and relationship counselling.

The capital will fund commercial growth and an expansion into two new international markets.  Revolution Growth principal Patrick Conroy will join Talkspace’s board of directors in conjunction with the round.

Qumra Capital previously led Talkspace’s $31m series C round in 2017, investing alongside SoftBank, NVP, Spark Capital, Compound and FirstTime. It added to a $15m series B round closed in 2016 that was led by NVP and backed by SoftBank, Spark Capital, Metamorphic Ventures and TheTime.

SoftBank and Spark Capital had co-led a $9.5m series A round for the company in 2015 that also featured Metamorphic Ventures and TheTime, after $3.5m in seed funding from now defunct SoftBank unit SoftBank Capital, Metamorphic and Spark Capital the year before.

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