Mental well being platform Headway at this time introduced it has raised $70 million in a Series B funding spherical. Andreessen Horowitz led the spherical with participation from Thrive, GV and Accel.
Coming in six months after its $26 million Series A round, Headway now boasts $103 million in complete funding and a brand new valuation of $750 million.
WHAT THEY DO
Headway operates a platform connecting sufferers to in-network therapists and personal observe therapists to insurance coverage corporations.
The startup’s free device permits customers to punch of their present well being plan and search a community of therapists for a match. On the therapist facet, it connects them to an insurance coverage panel after which helps to deal with reserving, billing and different back-end duties.
It hopes that by making a community of therapists who settle for insurance coverage, it could make psychological healthcare extra accessible and reasonably priced.
Headway at present works in New York, New Jersey, Florida, North Carolina, Texas, Georgia, Michigan, Virginia, Washington, Illinois and Colorado.
WHAT IT’S FOR
With the brand new capital, Headway will develop its workforce to greater than 300 individuals as it really works towards scaling to full nationwide protection, in accordance with the announcement.
Since its begin in 2019, the corporate has allowed greater than 3,000 therapists to start accepting insurance coverage, linked greater than 2,000 sufferers to an in-network therapist and grown its workforce to 75 staff.
Throughout the COVID-19 pandemic, there was an elevated demand for psychological well being companies. In flip, funding within the house elevated by 2.9x in contrast with funding in 2019, in accordance with Rock Health’s 2020 funding report.
Startups which have acquired monetary backing in latest months embody Meru Health, a digital psychological platform for workers; Mantra Health, a digital psychological healthcare service for greater schooling establishments; and Happify Health, a platform for psychological well being and illness administration packages.
ON THE RECORD
“We are breaking the vicious cycle and building a new mental healthcare system that will render inaccessibility an anachronism,” Andrew Adams, the cofounder and CEO of Headway, mentioned in a press release.
“We are proud of what we have built in just over a year, and humbled by the grateful responses we have received from patients, therapists and insurance companies. We have created a better way for accessing mental healthcare and are working tirelessly to bring quality care to every American that needs it. State by state, we are committed to offering our solution to help solve the mental health affordability crisis. We’re just getting started.”