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Psychological well being platform Headway introduced it closed a $125 million Sequence C funding spherical led by Spark Capital, boosting its valuation to greater than $1 billion.
Current traders a16z, Accel and Thrive participated within the spherical, in addition to new strategic traders led by Well being Care Service Company.
Will Reed, basic companion at Spark Capital, will be part of the corporate’s board of administrators.
WHAT THEY DO
Headway’s platform connects sufferers to in-network therapists and personal follow therapists to insurance coverage corporations.
By way of the corporate’s free device, customers enter their well being plan info and may search a community of therapists in-network. The platform additionally connects therapists to an insurance coverage panel and helps with reserving, billing and different backend duties.
The brand new funding will assist the corporate advance its know-how and its plans to increase the supply of its platform in all 50 states within the U.S. and the District of Columbia. The corporate additionally stated it’s constructing merchandise to assist suppliers work throughout state strains in 2024.
“I based Headway after I couldn’t discover a therapist who accepted my insurance coverage–an issue thousands and thousands of People face annually,” Andrew Adams, founder and CEO of Headway, stated in a press release. “This funding will allow that nationwide enlargement and permit us to additional put money into the partnerships and instruments that may assist suppliers develop their follow.”
MARKET SNAPSHOT
Headway raised $70 million in Series B funding in 2021, simply six months after scoring $26 million in a Series A round.
Different corporations within the tech-enabled psychological well being house embody Meru Health, a digital psychological platform for workers; Happify Health, a platform for psychological well being and illness administration applications; meditation and psychological well being firm Headspace Health; and meditation app Calm, which final 12 months revealed a new mental health product supplied by conventional healthcare trade gamers like suppliers, payers and self-insured employers.
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