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Profile: Matt Cohen and PracticeSpace

What is PracticeSpace?

We build software for therapists working with children, adolescents, and neurodivergent adults so they can effectively engage patients regardless of setting.

What was the insight/inspiration that led you to launch it?

I have been in therapy for 20 years and have seen the same therapist over this time to treat my bipolar 2, borderline personality disorder, and ADHD.

Working in the digital mental health field, my therapist came to me during the pandemic to ask if there was anything out there she could use to engage children remotely that was secure and safe. She said she couldn’t use the same tools to engage children as I used for business meetings.

When I couldn’t find anything that solved her problem, I partnered with Kartik Ravi and Hamilton Lima, who I had worked with at MindBeacon, and we built a solution.

How has it been received by the market? Why do you think it has been so well received?

The response we are getting from therapists who work with these populations is overwhelmingly positive.

With 99% of sessions being in-person pre-pandemic and now 55% of therapy sessions being delivered virtually, therapists were forced to adapt on their own, and their calls for support have been ignored. They have had to hold up paper to play tic-tac-toe through video, share links, and screens—making virtual care delivery much harder.

Seeing a solution to a problem they face day in and day out, and feeling like they have a team that listens to their needs and builds accordingly, is both exciting and a relief. They immediately understand the product and are excited to use it.

How did you know you were ready to found a company?

I have been in therapy for serious mental health conditions my whole life. For someone like me, mental health is managed, not cured. Through this experience, I was inspired to improve the mental health system that is so broken and, until a few years ago, was largely overlooked.

I was fortunate to be the first business hire at MindBeacon, Canada’s first digitally native mental health platform. There, I had the opportunity to contribute from ideation to the eventual IPO roadshow. I also worked with a few other digital health companies in sleep, mental health, and diabetes before my therapist came to me with this problem to solve.

As someone who benefited firsthand from art and play therapy, and later played a central role at a leading digital mental health company, I have both an authentic passion for our mission and the skills formed through my professional experiences to navigate the challenging early stages and build a sustainable, impactful business.

How did you meet your founders/know they were the right people to start a company with?

I met Kartik Ravi and Hamilton Lima Jr at MindBeacon, where we first worked together.

There, I learned about their inspiring, unique stories and their motivation to make mental healthcare more effective and accessible. Beyond their overwhelming passion, they also had the direct experience needed for us to be efficient and effective with our spending. Their backgrounds in banking, video game development, digital mental health, and Fortune 100 tech companies gave me confidence in our ability to move quickly while ensuring the utmost privacy and security needed in any health-tech company.

What has been the hardest thing on your journey so far?

The most significant challenge has been the disconnect between our customers and investors, and the distractions that result.

Our customers immediately understand the solution and quickly become our champions. However, fundraising has been challenging.

It could be the broader fundraising environment, or the limited pool of investors with knowledge of the mental health space. What is clear is that we are operating in a new space. Child and adolescent mental health has only recently gained attention, and convincing investors of the market potential has been tough.

This creates a chicken-and-egg scenario—our growth proves our value, but we need investment to accelerate that growth. As founder and CEO, I spend a significant amount of time fundraising, which comes at the cost of focusing on revenue-generating activities—a major opportunity cost for a small team.

What has been the most pleasant surprise?

The engagement from therapists.

Therapists are very busy, and our goal is to make their lives easier, not add more work. What we didn’t anticipate was that making them feel heard and supported would lead to such high levels of engagement.

Many of the therapists on our platform act more like partners than customers. They help improve the platform, refer new users, create content, and validate our product’s impact.

Since most therapists only introduced technology into their practice in response to the pandemic, we expected resistance. Their openness and enthusiasm have been a pleasant surprise.

What is your super strength?

Passion.

Passion drives me to go all in and avoid a defeatist attitude in the face of adversity. It’s also infectious—it motivates the team, inspires investors, and resonates with customers. In a business that balances purpose and profit, passion is necessary.

Who is the unsung hero on the team? Why?

Kartik (CPO) and Hamilton (CTO).

As a non-technical founder, I can define the vision, but I rely on them to make it a reality. They also manage the product team and, sometimes, even manage me.

I’m incredibly grateful for the culture they’ve built and the trust we’ve established. Being a CEO can be lonely, but with co-founders like them, no one ever feels alone.

What are you trying to achieve over the next 12 months?

We aim to add 1,500 new therapists to the platform and close a few enterprise deals currently in the pipeline.

We are also in talks with two of the three largest toy and entertainment companies in the world, hoping to secure a partnership that brings their brands and products to our customers.

What advice do you wish you had been given prior to launching?

I wish I had known the difference between a leadership role at a startup and being a CEO. I was a bit naive about the pressures and responsibilities.

“It’s one thing to make a material impact under a CEO. But doing those same things as a CEO is totally different and certainly gives me much more appreciation for the unique adversities faced by CEOs I previously worked under.”

Who are the 5 Canadian startups you like in your market?

• Curv Health – The new digital private practice
• Lucid Therapeutics – Creating digital therapeutics using EmotionAI
• UpBeing – Automates how you measure, understand, and improve your habits
• Greenspace Health – The measurement-based care platform that helps everyone thrive
• Cerebra Health – Transforming the future of sleep diagnoses

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