In a sign of the red-hot market for telemental health care, Talkspace announced Wednesday it would go public via a merger with special purpose acquisition company Hudson Executive Investment Corp in a $1.4 billion deal.
Talkspace, which offers therapy through text and video chat, has become among the best-known virtual therapy startups thanks to eye-catching advertising campaigns fronted by Olympian Michael Phelps. The company sells its services directly to consumers and through company-sponsored health plans. In a presentation shown to investors this morning, the company said it has served over 2 million people total since it was founded in 2012 and that it currently has 46,000 active members treated by 2,600 providers in all 50 states.
Talkspace raised $50 million in a Series D round in May, as it was becoming clear the coronavirus pandemic would have a long-lasting effect on mental health and how care is delivered. Like other telemental health startups, it has reported a surge in use as the pandemic has kept people home and put more pressure on their mental health.
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