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Psychological well being platform Headway introduced it closed a $125 million Collection 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 accomplice at Spark Capital, will be a 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.
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 develop 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 thousands and thousands of People face every year,” Andrew Adams, founder and CEO of Headway, mentioned in an announcement. “This funding will allow that nationwide growth and permit us to additional put money into the partnerships and instruments that can assist suppliers develop their apply.”
MARKET SNAPSHOT
Headway raised $70 million in Collection B funding in 2021, simply six months after scoring $26 million in a Collection A spherical.
Different firms within the tech-enabled psychological well being area embrace Meru Well being, a digital psychological platform for workers; Happify Well being, a platform for psychological well being and illness administration applications; meditation and psychological well being firm Headspace Well being; and meditation app Calm, which final 12 months revealed a brand new psychological well being product supplied by way of conventional healthcare business gamers like suppliers, payers and self-insured employers.
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