The digitally based therapy company known as Talkspace recently received funding from the investment group called Revolution Growth, which is focused on providing money to businesses and entrepreneurs who have start-up ideas and ventures that they feel will change the world. Due to a number of positive Talkspace reviews, and the app’s growing popularity, it was considered to be a good candidate for the company to invest in, and as a part of this deal, the alternative mental healthcare company’s existing investors Omura Capital, Stark Capital and Compound Ventures will share in the financing. Also, Patrick Conroy, who is a Principal at Revolution Growth, will join the Board of Directors at Talkspace.
In another funding partnership agreement that the innovative Internet-focused psychotherapy providers recently made with healthcare company Optum Health, they will be able to reach up to 5 million people as the company’s growth expands. The New York based mobile therapy session business began making its services accessible through its app in 2012 when it was launched as a way to offer unconventional therapy to those who suffer from mental disorders or challenges, but cannot afford to pay high rates for treatment. For a subscription fee, users can be connected to licensed professionals in that field through text messaging, voice messaging and video chatting. There are currently 5,000 therapists in the online therapy option’s network that are available to clients. Because of Optum Health’s added investment, the company now has $110 million in funding.
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Revolution Growth was started in 2011 by Steve Case, who was a co-founder of America Online (AOL), which was the first Internet business in the world to go public. The company is focused on making investments in business ventures that are still in the early to middle stages of growth. It provides financing of $10 million and above to companies that are based in consumer technology, which is one of the reasons why it partnered with Talkspace. The growth-stage investment company’s other top executives are Ted Leonsis, Donn Davis and Steve Murray. Revolution Growth is one of three major investment funds that are a part of Revolution LLC, which was founded in 2005. Through its two other funds, Revolution Places and Revolution Ventures, the company provides financing for businesses in the real estate and hospitality sectors, and for early-stage technology companies in the amount of $10 million or less.
The online and mobile therapy idea came from founders Oren and Roni Frank, a married couple who came to the U.S. from Israel. It was first used as a platform for group therapy before being offered as an online psychotherapy option to users on an individual basis. The app can be used on iPhones and Android smartphones, as well as on tablets and desktop computers by anyone who is over the age of 18. In some Talkspace reviews, users called the global mental health service convenient and said that it helped to calm their anxiety and address other things that cause them to have mental stress. They reported feeling much more hopeful after talking to their assigned therapist.