September 4, 2017

Tel Aviv-based Qumra Capital led the series C effort with participation from existing investors, including Palo Alto, California-based Norwest Venture Partners. Spark Capital, SoftBank, Compound Ventures and FirstTime also returned.

New York based Talkspace will use the investment to accelerate the company’s growth as it continues to erase the barriers for those seeking treatment and attract new clients to its innovative online therapy platform. Founded in 2012 by CEO Oren Frank and head of clinical services Roni Frank, Talkspace has introduced a more affordable and convenient way of accessing mental health care for over 500,000 people in the US and created a national network of thousands of professional therapists. 70% of Talkspace’s clients have never previously had therapy.

Talkspace says that clinical research has established that online therapy can be better than face-to-face, and that Talkspace clients have higher satisfaction compared to traditional therapy in areas concerning convenience, affordability and getting help when needed.

Oren Frank said, “This round comes at a time when Talkspace is experiencing dramatic growth. More people than ever are using our platform for their mental health needs. The additional funding gives us the opportunity to build upon our momentum. We have built a consumer-grade Behavioral Health Platform and proven its efficacy and superior efficiency. We’re now ready to expand and scale our offering into the commercial health care markets. We appreciate the vote of confidence from our investors as we profoundly change the way mental health care is delivered.”

Shachar said, “Beyond Talkspace’s strong growth, we see a huge opportunity to prove that technology cannot only make our material needs more accessible, but is also an excellent fit to help far more complicated, emotional and personal needs. Roni and Oren Frank have successfully married technology with the very fundamental need of almost everyone for accessible and affordable professional behavioral care.”