My Online Therapy, a virtual psychology clinic has raised $4.2 million in funding from the Lighthouse Investment Group.
The virtual clinical provides people with access to psychological therapies by connecting them with leading psychologists via video or web chat.
The company said one in four people in the UK struggle with their mental health and most do no visit a therapist, which is why there is a need to embrace technology and offer online therapy.
The start-up was founded in 2018 and is based in London, and was launched by Dr Elena Touroni and Vasileios Touronis, as well as Dr Tom Pennybacker and Elettra Bianchi Dennerlein. The funds will be used to grow the business, enhance customer operations and to expand its product and engineerings teams. The company also plans to build in-app self-help therapy tools and psychological well-being skills, and expand its B2C and B2B marketing.
Elettra Bianchi Dennerlein, co-CEO and co-founder of My Online Therapy “With psychological issues impacting so many people’s lives, My Online Therapy was established to provide easier access to mental health services. This £4.2 million in funding will accelerate our mission to provide convenient, reasonably priced, high quality care at the click of a button to those in the UK and beyond.”
“By applying groundbreaking technologies, we plan to revolutionise the mental health space for those who have previously been restricted by salient barriers, such as cost, access and stigma, and we are excited to have the support of an incredible partner in the Lighthouse Investment Group.”
Vasileios Touronis, Chief Operating Officer & Co-founder of My Online Therapy “Raising £4.2 million and reaching a post-money valuation of £18 million is a testament to 18 months of efforts and resources invested to build and design the infrastructure and industry-leading therapeutic approaches needed to offer unprecedented access to psychological wellness solutions.”
“Global health and wellness is a £3.2 trillion industry[2] and we believe that with this cash injection, we can build a leading company in this rapidly growing space which will change the way people think about their psychological health and dramatically improve their quality of life.”
Prices for the video option range from £49 to £99, live chat costs a fixed fee of £49 and daily messaging costs £75 for a full week.
