Talkspace Secures $2.5M Financial Round for Therapist Texting Service.
Current methods of mental health therapy have failed more than 60 percent of the needs for treatment. For that matter, President Obama has called treating psychological illness as” an extraordinary challenge in our society.” During the National Conference on Mental Health in 2013, the president pointed out that more than 45 million people are diagnosed with mental health issues each year, yet only 40 of them every receive actual treatment.
In order to deal with this critical issue, Talkspace (formerly Talktala) invented and created “unlimited Messaging Therapy”, which allows patents to text their professional, licensed therapist every sing fay for the entire week or up to an entire year. Recently, the company has announced a raise of $2.5 million round of found from Spark Capita, led by General Partner Alex Finkelstien, and Softbank Capital, Led by General Partner Jordan Levy. AOL President of Video Ran Harnevo shall also be joining the board. Furthermore, Talkspace has launched its updated website and new iOS application during May 5th.
“Every one of us faces a crisis during our lives – it is the nature of the human condition,” said Talkspace Co-founder and Head of Clinical Relations Roni Frank. “For too long, psychotherapy, which is incredibly beneficial, has suffered from prohibitively high costs and high stigma. We are removing those barriers quickly and effectively. We strongly believe this approach will democratize this valuable profession and help millions of people to access therapy and live better lives.”
Co-founder and CEO Oren Frank of Talkspace commented that 50 million Americans are being referred to a therapist every year, but less than one-third are receiving the help they actually require, which is “simple insane.””
“Five years ago a couples therapist literally saved our marriage,” Frank said of his marriage to co-founder Roni Frank. “It is incredibly unlikely that our relationship would have survived if not for access to this service. Millions of Americans suffering with no access to help because of high cost and the stigma around therapy is a classic market failure situation – it is a massive mismatch between the huge demand for help and the widely available supply of talented therapists. The one-hour-a-week model just isn’t enough anymore.”
Talkspace has reached over 50,000 patients and is continuing to grow rapidly. Patients can write as much as they wish to from their computers or mobile devices to a professional therapist. They are allow to remain anonymous, which makes it much easier to overcome the stigma that causes shame in many cases. The new application complements its current Web and text messages-based services, all of which allow for affordable, daily access to on-demand care.
“There is no question that when it comes to mental health, the general public is grossly undeserved,” said Finkelstein. “Talkspace offers a refreshing, modern-day solution to an old problem by allowing patients on-demand access to leading therapists through their mobile device or PC. We’re excited to help this company grow as it uses affordability and accessibility to help treat one of the most pressing issues of our time.”
Talkspace is made up of a team of 40 professional therapist, which include Dr.Iris Reitzes PhD, the very same couples therapist that help the Franks, and is being advised by clinical consultant Dr.Irvin D. Yalom, Chair Standford Psychiatry Department.