Telemedicine company Thirty Madison has partnered with behavioral telehealth company Talkspace to bring mental health offerings to Thirty Mason’s Nurx and Cove users and allow Talkspace users to access migraine treatment and women’s healthcare.
Talkspace will now serve as the therapy partner for Nurx, which specializes in comprehensive care for women’s dermatology, reproductive health and sexual health, and Cove, which focuses on treating migraines.
Nurx and Cove currently offer users mental health treatment for depression and anxiety as well as medication management. Talkspace will be offered as a therapy option within the platforms, where users can connect with a licensed provider, and have access to the platform’s self-guided app.
Talkspace will also connect its users to Cove for migraine care and Nurx for women to obtain care options pertaining to dermatology and reproductive and sexual health.
“Too many people experience mental health conditions and are unable to access the care they need. Since we began offering Nurx patients mental health treatment in 2022, we have seen consistently strong and increasing demand. There is a clear need for women to have more affordable options at their fingertips. Asynchronous care is effective and convenient, and we’re excited to expand by partnering with Talkspace for therapy,” Caroline Hofmann, chief business officer at Thirty Madison, said in a statement.
THE LARGER TREND
In 2020, Thirty Madison closed a $47 million Series B funding round with participation from Polaris Partners and Johnson & Johnson Innovation alongside existing investors Maveron Northzone.
In the same announcement, Thirty Madison appointed Polaris Partners managing partner Amy Schulman to the company’s board of directors.
In 2021, the telemedicine company landed $140 million in Series C funding led by HealthQuest Capital with participation from Bracket Capital, Mousse Partners, Greycroft and past investors Johnson & Johnson Innovation, Northzone and Polaris Partners. The funding round sent the company into unicorn status bringing its valuation to more than $1 billion.
The company planned to use the Series C funding to expand its specialist care options, including launching new brands.
Thirty Madison bought The Pill Club in 2023 after the online birth control platform declared bankruptcy. The company ensured continuity of care for The Pill Club patients through Nurx.
Talkspace went public through a special purpose acquisition company (SPAC) merger with Hudson Executive Investment Corp in 2021. The deal gave Talkspace $250 million in growth capital. The company’s opening stock price was $8.90 per share and is currently trading at $3.08 per share as of the date of this article.
The telehealth company faced a class action lawsuit related to its SPAC merger in 2022. Investors alleged the company misled them in a statement that misrepresented its financial performance and prospects and overvalued its income pertaining to its deals with health plans.
Talkspace partnered with Bicycle Health to allow Bicycle Health patients to connect to therapists outside the realm of opioid use disorder, and Talkspace patients to access opioid use disorder specialty care.
In March, virtual care and staffing platform Wheel added Talkspace to its virtual care platform. Wheel also added pharmacy savings company Mark Cuban Cost Plus Drug Company and diagnostic services company Health Gorilla to its platform.