Mental Therapy Startup Talkspace Raises $50 Million

New York-based online mental therapy app Talkspace, operated by Groop Internet Platform Inc., has raised $50 million in a series D round led by Revolution Growth, the company announced Wednesday. Existing investors Norwest Venture Partners, Qumra Capital, Spark Capital, and Compound Ventures also participated. The round brings Talkspace’s equity funding to date to $110 million.

Founded in 2011 by Israeli couple Roni and Oren Frank, Talkspace developed and operates web and mobile apps that connect users with licensed therapists. The company offers digital mental therapy plans through text messages or recorded voice and video messages at varying subscription prices. SoftBank Group has previously backed the company, leading its series C round, and Olympic medalist Michael Phelps was the face of a Talkspace mental health campaign in 2018.

Talkspace will use the investment to accelerate international business growth, the company stated.