UK’s first virtual psychology startup raises £4.2 million to expand provision of affordable high-quality care
My Online Therapy, the UK’s first virtual psychology clinic, which provides people with easy access to psychological therapies by connecting them with leading psychologists via video or web chat, has secured £4.2 million in funding to help further provide affordable, high-quality care to individuals.
My Online Therapy is an online mental health service that provides easy access to evidence-based psychological therapies by connecting people with psychologists via video or online web chat. It can be accessed on a computer, laptop, tablet, iPhone or Android phone seven days a week offering morning, afternoon and evening appointments.
According to Mind, one in four people in the UK will struggle with their mental health in any given year, which places increasing pressure on the demand for psychological therapy. However, My Online Therapy notes that for many, visiting a therapist in person can be challenging due to life commitments, time constraints, or feelings of embarrassment, highlighting the need for people to embrace technology and access online therapy.
The London-based startup, which was founded in 2018 by siblings Dr Elena Touroni and Vasileios Touronis, as well as Dr Tom Pennybacker and Elettra Bianchi Dennerlein, will use the funds to support its next phase of rapid growth. This will involve expanding its product and engineering teams to build in-app self-help therapy tools and psychological well-being skills.
The company secured the funding from the Lighthouse Investment Group.
Elettra Bianchi Dennerlein, Co-CEO 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.”
My Online Therapy provides the latest contemporary range of evidence-based therapies based on the client’s needs, such as Cognitive Behavioural Therapy (CBT), Mindfulness-based Cognitive Therapy, and Schema Therapy.
All psychologists who work for My Online Therapy have been carefully selected, ensuring that clients have access to HCPC (Health & Care Professions Council) registered psychologists. People can access a psychologist from the comfort of their own home and the platform allows them to fit therapy sessions around work, home and family life.
When using the platform, the client selects the way they want to connect with the psychologist and receive therapy. They have three options: by video, live chat or daily messaging. The latter is a weekly subscription service, which allows clients to send unlimited messages to their psychologist whenever and as often as they like, and the psychologist will respond once a day with support and guidance.
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.
My Online Therapy is available here or by downloading the free app from the App Store or Google Play Store.