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 buyers a16z, Accel and Thrive participated within the spherical, in addition to new strategic buyers led by Well being Care Service Company.
Will Reed, common associate 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 apply therapists to insurance coverage firms.
Via the corporate’s free device, customers enter their well being plan data 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 expertise and its plans to broaden the supply of its platform in all 50 states within the U.S. and the District of Columbia. The corporate additionally mentioned it’s constructing merchandise to assist suppliers work throughout state traces in 2024.
“I based Headway after I couldn’t discover a therapist who accepted my insurance coverage–an issue tens of millions of People face every year,” Andrew Adams, founder and CEO of Headway, mentioned in an announcement. “This funding will allow that nationwide enlargement and permit us to additional spend money on the partnerships and instruments that may assist suppliers develop their apply.”
Different firms 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 packages; meditation and psychological well being firm Headspace Health; and meditation app Calm, which final 12 months revealed a new mental health product provided by way of conventional healthcare trade gamers like suppliers, payers and self-insured employers.