AbleTo Acquires Joyable to Expand Digital Behavioral Health Platform

VCBeat (WeChat Official Account: vcbeat) has learned that on March 6, U.S. digital health services provider AbleTo announced the acquisition of digital health startup Joyable for tens of millions of U.S. dollars, with the exact amount undisclosed.

AbleTo, founded by Michael Laskoff in 2008 and headquartered in New York, is a technology-driven provider of behavioral health solutions. AbleTo connects its members with behavioral health providers across China through an online platform, offering structured behavioral health treatment programs. Currently, there are 600 verified therapists and behavioral coaches on AbleTo’s platform.

On AbleTo’s virtual platform, each member is paired with a trained therapist or behavioral coach who can help them make desired changes via email, text message, or phone. Users can also independently learn techniques for overcoming anxiety or depression on the platform.

Through this acquisition of Joyable, AbleTo aims to integrate its virtual behavioral health care platform with Joyable’s behavioral health application, thereby expanding its service offerings.

Joyable, founded in 2014 and headquartered in San Francisco, is a startup that provides online solutions for social anxiety disorder. Its solution is based on cognitive behavioral therapy (CBT) and reduces users’ anxiety through a series of interactive exercises. Joyable stated in its announcement that 93% of users experienced reduced anxiety after using its online solution.

According to data from the National Alliance on Mental Illness, approximately 43.8 million people in the United States alone suffer from mental illness each year.

According to statistics from Mental Health America, more than 50% of individuals with behavioral health needs do not receive the necessary treatment. Today, virtual and digital therapies help address critical barriers to access, such as provider shortages and cost.

AbleTo delivers virtual therapy through a network platform comprising over 600 therapists and behavioral coaches, while Joyable’s application leverages Cognitive Behavioral Therapy (CBT) to ensure high-quality digital therapeutic services. This acquisition will empower them to significantly improve patients’ behavioral health.

“Joyable’s clinically centered digital therapeutics program is a perfect complement to AbleTo’s virtual healthcare services,” said Trip Hofer, CEO of AbleTo, in a statement. “By combining our robust programs and talented teams, we will create a more integrated approach to delivering behavioral health services, further expanding our reach, enhancing the patient experience, and generating greater value for our clients.”

As part of the transaction, Peter Shalek, co-founder and CEO of Joyable, will join AbleTo as Chief Product Officer, a role in which he will lead the product strategy and development of the combined company.

“Joyable’s philosophy is that everyone has the right to access high-quality behavioral health medical services,” Peter Shalek said in a statement. “Joining AbleTo will enable us to fulfill our mission alongside a team that shares our common goal.”

(Compiled by: Tan Xin)