US-based on-demand therapist platform Talkspace closed a $31m series C round on Thursday that featured telecommunications and internet conglomerate SoftBank.
The round was led by late-stage venture fund Qumra Capital and also included Norwest Venture Partners (NVP), the VC firm affiliated with financial services firm Wells Fargo, as well as Spark Capital, Compound Ventures and FirstTime.
Founded in 2012, Talkspace has created an app that enables users to discuss their mental health with a licensed therapist. The service allows for unlimited text-based messages and charges fees weekly, monthly or annually. Users can also schedule a video session.
The company claims more than 500,000 people have used the service to date. It has also launched a couples therapy service and an enterprise platform for businesses to offer Talkspace as a benefit to employees.
The series C money will go towards accelerating growth. Erez Shachar, managing partner at Qumra Capital, will join the company’s board of directors.
SoftBank previously participated in a $15m series B round for Talkspace in June 2016 that was led by NVP and backed by Spark Capital, Metamorphic Ventures and TheTime, after SoftBank and Spark Capital co-led its $9.5m series A round the year before, with participation from Metamorphic and TheTime.
SoftBank Capital, a SoftBank investment unit that has since wound down, and Spark Capital had already backed the company’s $2.5m seed round in May 2014, which was extended by Metamorphic seven months later with a $1m commitment.