Talkspace

Talkspace provides virtual mental health services through its digital platform. The company offers therapy for individuals, couples, and teens, as well as psychiatric treatment and medication management for adults. Talkspace connects users with licensed therapists and psychiatrists for video, audio, and text-based therapy sessions. Similar to traditional treatments, Talkspace healthcare providers can treat mental health conditions, such as schizophrenia-spectrum disorders, bipolar disorders, and depression, including through prescription medication and management. 

The company initially launched as a B2C business comprising individuals who subscribe directly to the platform and later ventured into the B2B2C market consisting of large enterprise clients such as Google and Expedia as well as health plans and employee assistance programs such as Aetna, Cigna, Humana, and Optum. The B2C service includes online therapy, psychiatric medication and evaluation, couples therapy, and teen therapy, covering a range of conditions. Talkspace’s personalized text-based sessions are available under five different plans costing between USD 260–396 per month.

Talkspace began trading on the Nasdaq in June 2021, following the special purpose acquisition company merger with Hudson Executive Investment Corp. For FY2023 , the company’s net loss improved 76% YoY to USD 19.2 million, while its annual top-line revenue grew 25% YoY to USD 150 million, driven by a 99% YoY increase in B2B revenue. 

Key customers and partnerships

As of September 2024, Talkspace had connected individuals with a network of 5,300 licensed mental health providers, covering more than 150 specializations through virtual counseling, psychotherapy, and psychiatry. Furthermore, it covered 151 million lives (September 2024) via its B2B2C channels and 11,700 members (FY2023) via its D2C channel.

Talkspace has key partners, including 1) ŌURA , to allow members to share sleep and activity data from the OURA ring with their therapists (August 2023), 2) Evernow , to utilize each other's services for expansion purposes (December 2023), 3) Wheel , to integrate solutions to offer comprehensive virtual healthcare in US (February 2024), 4) Thirty Madison , to bring mental health care to the Thirty Madison’s members using its Nurx and Cove platforms (April 2024), and 5) Amazon Health Services , to increase awareness and discoverability of its mental health services on Amazon.com (September 2024).