Talkspace is an online and mobile therapy company based in New York City. It was founded by Oren and Roni Frank in 2012. Talkspace users have access to licensed therapists through the website or mobile app on iOS and Android.
History
Talkspace was founded in 2012 by Oren and Roni Frank who both moved to the US from Israel. Prior to cofounding Talkspace, Roni Frank worked as a software developer. The company was conceived after a transformative experience in couples therapy that saved their marriage. The results of psychotherapy were so meaningful for Roni Frank that, wanting to share it with others, she chose to pursue a master's degree in psychoanalysis and psychotherapy. Talkspace began as a group therapy platform, but has evolved to a company offering online psychotherapy from licensed therapists. Talkspace introduced Unlimited Messaging Therapy in 2014, providing users unlimited text messaging with a therapist on the Talkspace website or mobile app. Clients and therapists can also send audio and video messages on the platform. In February 2015, the therapy platform was expanded to include couples therapy, and in September 2015 Talkspace launched “Social Media Dependency Therapy,” a 12-week program that addresses mental health issues related to social media use. As of July 2016, users and licensed therapists can use real-time voice and video calls during therapy sessions for its Unlimited Messaging Therapy™ and LiveTalk Online Therapy™ programs. Talkspace's Live Video programs are powered by Agora.io, a provider of HIPAA compliant video services. Linda Sacco, LCSW, Ph.D, was hired on in 2016 as the Vice President of Behavioral Health. In addition to reporting on a nationwide uptick in demand for psychotherapy, Talkspace saw requests for therapy appointments triple in the wake of the 2016 presidential election, with increases seen across demographic groups, but were particularly high for minorities. According to a study conducted in partnership with HealthMap researchers at Boston Children's Hospital, a quarter of Talkspace users polled reported feeling “very stressed.” In 2018, Talkspace hired Neil Leibowitz, MD, JD, as its Chief Medical Officer. In January 2020, Talkspace partnered with USA Swimming to provide a new mental health service available at no cost to all National Team athletes, as well as 2016 Olympic swimmers. Talkspace saw a significant uptick in demand for psychotherapy during the COVID-19 pandemic, attributed to both the increased emotional toll of the pandemic and the restrictions put in place on people's physical movements. The company offered a free month of online therapy services to medical workers during the pandemic. In May 2020, Cigna added Talkspace virtual therapy services to the company's telehealth offerings. In June 2020, Talkspace announced it would pull out of a six-figure content partnership agreement with Facebook after Facebook decided not to moderate Donald Trump's posts during the George Floyd protests.
Funding
Talkspace has raised a total of $110 million in funding. In May 2015, Talkspace raised $9.5 million from Spark Capital and SoftBank. In June 2016, the company raised $15 million from Norwest Venture Partners. In September 2017, the company raised $31 million from a Series C round led by Qumra Capital. In August 2019, the company raised $50 million Series D funding and entered into a partnership with Optum.
Product
Talkspace provides psychotherapy via smartphone, tablet, or desktop where anyone can get help from a licensed therapist without traveling to a brick and mortar office for care. The app is available on iPhone and Android. Based on initial information provided, clients are paired with a psychotherapist by an intake specialist or can select one from several suggested by a matching algorithm. Therapeutic approaches offered by therapists include Cognitive Behavioral Therapy and other evidence-based treatment options. Talkspace has grown to include over 500,000 clients. The platform includes over 1,000 therapists. The company uses machine learning and artificial intelligence tools to analyze transcripts of therapy sessions in order to improve services. The platform works via unlimited texting where therapists respond once or twice per day, depending on the plan, and conversations are seamless across devices. The platform uses banking-grade encryption to maintain client confidentiality and protect privacy. The same privacy rules governing clients’ confidentiality and protection exist as in brick and mortar therapy. All therapists are licensed and screening involves background-checks, technical training, and clinical interviews. Similar to brick and mortar therapy, clients work with their therapist in a structured environment to set goals and work through mental health and life challenges. Goals are continually assessed and clients play an active role in their therapeutic journey by providing feedback to their therapist. Talkspace is a monthly subscriptions service with several tiered options for therapy and online counseling, all of which are significantly less expensive than equivalent in-person therapy. It has been noted for serving individuals and providing increased access to those with mobility issues as well as those who are non-verbal, and to those with young children. Talkspace is also HIPAA BAA compliant.
