New York-based psychological well being platform Headway introduced it secured $100 million in Collection D funding, greater than doubling its valuation to $2.3 billion.
Spark Capital led the spherical, joined by current buyers a16z, Thrive Capital and Accel, and new investor Forerunner Ventures.
The corporate additionally introduced its plans to increase its companies for people with Medicare Benefit and Medicaid insurance coverage and extra business plans.
WHAT IT DOES
By means of Headway’s platform, customers enter their well being plan info and seek for in-network and private-practice therapists.
The platform additionally connects therapists to an insurance coverage panel and helps with reserving, billing and different back-end duties.
Headway will use the funds to hurry up product improvement to simplify personal observe operations for clinicians, together with constructing instruments that speed up Medicare and Medicaid credentialing timelines and compliance obligations.
“The corporate is uniquely positioned to convey collectively suppliers, sufferers and payers and unite a fragmented system, and Spark Capital is happy to additional help its mission and development,” Will Reed, common accomplice at Spark Capital and Headway board member, mentioned in an announcement.
MARKET SNAPSHOT
In keeping with Rock Well being’s H1 2024 digital well being funding report launched earlier this month, psychological well being topped the record of highest-funded scientific indications throughout the digital well being sector within the first half of the 12 months, with $682 million raised.
Headway’s current funding comes only one 12 months after the corporate closed a $125 million Collection C spherical, which introduced it to unicorn standing.
The corporate raised $70 million in Collection B funding in 2021, six months after scoring $26 million in a Collection A spherical.
In December, Headway introduced it could increase to all 50 states and the District of Columbia, fueled by collaborations with Evernorth Well being Companies, Blue Cross Blue Defend of Massachusetts and Blue Cross Blue Defend of Texas.
Different firms providing digital psychological well being companies embody on-line remedy firm BetterHelp, pediatric digital behavioral well being firm Brightline, teletherapy firm Talkspace and digital psychological healthcare supplier Iris Telehealth.
