TherapyChat, Spain’s leading online psychology platform, has raised a € 5 million Series A funding round led by Next Chance Group in addition to its initial investment.
Founded in Madrid in 2016, TherapyChat offers video therapy through a network of over 350 licensed psychologists in Spain and the UK serving patients in 30 countries. Through its mobile and web application, the company aims to democratize access to therapy, promoting mental health as part of a healthy lifestyle. In addition, it is one of the few market players to rely heavily on applied artificial intelligence, which has enabled them to improve interactions between psychologists and patients and to automate 95% of their operations, a key factor. to achieve profitability.
“We have been forced to invest very aggressively in technology in order to deal with the hyper-growth that we have experienced as a result of the pandemic,” explains Alessandro De Sario, founder and CEO of TherapyChat. Indeed, since the start of containment, the number of TherapyChat users has increased ninefold. 92% of these users returned for a second session and 89% admit to seeing an improvement in their anxiety and depressive symptoms in the medium term. “Technology is our ally. In addition to enabling this exponential growth, it was also the main stepping stone towards a profitable business model, ”continues De Sario.
Nicolás Luca de Tena, President of Next Chance Group, totally agrees. “TherapyChat impressed us as the only company in the industry to have experienced strong growth without sacrificing profitability. This combination is unique in a sector with particularly high acquisition costs. In fact, this was the main reason why we chose to continue our association with the company, ”explains Luca de Tena.
The investment round will allow the company to export its model and develop in new markets in Europe, particularly in Italy and France. The funds will also be used to further develop its product and expand its corporate clientele, which already includes collaborations with more than 150 companies or partners such as the insurer Sanitas and Gympass.
“During the pandemic, several companies contacted us to offer our services to their employees. This is the reason why we have decided to expand our offer and include B2B services, a channel which today has more than 250,000 beneficiaries and which will be an important source of growth in the future ”, explains From Sario.
The global health crisis has had a major impact on mental health in Europe. According to CIS data, around 15% of the population in Spain suffered for the first time an anxiety or panic attack due to the situation generated by COVID-19. In addition, WHO forecasts indicate that 25% of the population will experience a mental health problem at some point in their life and suggest that by 2030 they will be the leading cause of disability. With the growing social demand for greater attention to mental health in all areas, TherapyChat provides quality therapy, being the first and one of the few platforms to adhere to the Code of Practice established by the Official College of psychologists from Madrid.