Digital therapeutics service My Online Therapy bags £4.2m funding

A virtual psychology clinic providing people with access to psychological therapies via video or web chat has secured £4.2 million in funding.

My Online Therapy offers a bespoke service that is tailored to each individual and their needs. After completing a free online assessment, the platform determines the most appropriate therapeutic approach and matches the user with a psychologist.

Individuals can choose how they wish to connect with the psychologist and receive therapy, which can be delivered by video, live chat or daily messaging.

The London-based startup, which was founded in 2018, will use the funding from the Lighthouse Investment Group to support its next phase of growth.

This will involve improving its customer operations, expanding its product and engineering teams to build in-app self-help therapy tools and psychological well-being skills, in addition to amping-up its marketing efforts.

Elettra Bianchi Dennerlein, co-chief executive and co-founder of My Online Therapy, said: “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.”

An estimated one in four people in the UK struggle with their mental health each year, increasing pressure on the demand for therapy services.

My Online Therapy allows people to access a psychologist from the comfort of their own home and fit therapy sessions around work, home and family life.

All psychologists who work for My Online Therapy are HCPC (Health & Care Professions Council) registered and provide a range of evidence-based therapies tailored to the client’s needs, including cognitive behavioural therapy (CBT), mindfulness-based cognitive therapy, and Schema Therapy.

Vasileios Touronis, COO and co-founder of My Online Therapy, added: “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, 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.”