Joyable

About Joyable

Joyable emerged in 2014 as a digital therapy platform designed to make mental healthcare more accessible and affordable. The company was founded by Peter Shalek and Steve Marks. Shalek's interest in the intersection of business and mental health was sparked during his time at Stanford Business School, where he shadowed emergency room doctors and recognized a significant unmet need for mental health services. This experience, combined with his background in mathematics, economics, and business, drove him to create a scalable solution. Marks, a close friend from business school with a background at firms like KKR and Amazon Web Services, shared this passion and joined as a co-founder.

The company's primary offering was a digital platform centered on Cognitive Behavioral Therapy (CBT), an evidence-based approach for treating conditions like anxiety and depression. Joyable's business model targeted both individuals and employers, providing its services as an employee benefit. The platform delivered self-paced programs, initially focusing on social anxiety, which combined online CBT activities with personalized support from trained coaches accessible via phone, text, or email. This hybrid approach was designed to increase user engagement and motivation, addressing a common challenge in purely digital self-help tools. For individuals, the service was offered as a monthly subscription, priced significantly lower than traditional in-person therapy.

Joyable successfully raised over $10 million in venture capital, including a $2.05 million seed round in 2014 and an $8 million Series A round in 2015, with investors like Thrive Capital and Harrison Metal. This funding supported the development of its mobile app and service expansion. After reaching over 500,000 people, Joyable was acquired by AbleTo, a provider of virtual behavioral healthcare, in March 2019. The acquisition, reportedly an eight-figure deal, integrated Joyable's digital platform with AbleTo's network of therapists and coaches to create a more comprehensive virtual care system. Following the acquisition, co-founder and CEO Peter Shalek transitioned to the role of Chief Product Officer at AbleTo.