Online Mental Therapy Startup Talkspace Raises $31 Million

Israeli-founded and New York-based startup Talkspace raised $31 million in Series C funding, the company announced Wednesday, bringing its total equity funding raised to $60 million.

 Tel Aviv-based late-stage venture fund Qumra Capital Management Ltd. led the round. Japanese juggernaut SoftBank also particpiated, having invested in TalkSpace in previous funding rounds.

TalkSpace co-founders Oren and Roni Frank

Established in 2012, Talkspace's web and mobile apps connect users with licensed therapists, digitizing mental health care processes. More than 500,000 people in the U.S. have already used the company’s messaging service, which enables users to communicate with therapists through text messages or recorded voice and video messages, the company said in its announcement.

“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," said Erez Shachar, managing partner at Qumra Capital. Mr. Sahchar will join the Talkspace board of directors.

"The additional funding gives us the opportunity to build upon our momentum," said Oren Frank, Talkspace CEO and Co-Founder. "We’re now ready to expand and scale our offering into the commercial health care markets."