My Therapy Journal
We're still working up our take on this deal. (Sometimes it takes us a little bit.) However, you might find our quick take interesting in the meantime. Check back when we've updated this deal to see all of our thoughts.
My Therapy Journal is an online service from San Francisco, CA, started by a pair of entrepreneurial brothers from Brazil. This service helps people in therapy keep track of their journals while also giving them progress graphs based on several "progress questions" the service presumably asks for the duration of the subscription.
As mentioned, this is a subscription service but a very new one. My Therapy Journal booked just $4,000 in revenue in the previous year and the service only has 1,100 customers. Which isn't as good as it sounds.
My Therapy Journal only has about a 10% conversion rate from free trial customers into paying customers which translates into a whopping 120 paying customers when this deal was filmed.
My Therapy Journal had three different payment tiers, $7.95 per month if paid annually, $11 per month if paid quarterly, and $14 per month if billed monthly.
The entrepreneurs invested $125,000 into the business and were in conversations with health insurance provider Aetna to provide system wide services.
All of this was enough to somehow get Robert and Kevin O'Leary to partner up and go in on the deal, though they were extra sharky and essentially took control of the business by asking and getting 51% of the equity of the business.