Psychological health platform Headway revealed it closed a $125 million Series C financing round led by Glow Capital, increasing its assessment to more than $1 billion.
Existing financiers a16z, Accel and Thrive took part in the round, along with brand-new tactical financiers led by Healthcare Service Corporation.
Will Reed, basic partner at Glow Capital, will sign up with the business’s board of directors.
WHAT THEY DO
Headway’s platform links clients to in-network therapists and personal practice therapists to insurance provider.
Through the business’s complimentary tool, users enter their health insurance details and can browse a network of therapists in-network. The platform likewise links therapists to an insurance coverage panel and aids with reservation, billing and other backend jobs.
The brand-new financial investment will assist the business advance its innovation and its strategies to broaden the schedule of its platform in all 50 states in the U.S. and the District of Columbia. The business likewise stated it is constructing items to assist service providers work throughout state lines in 2024.
” I established Headway after I could not discover a therapist who accepted my insurance coverage– an issue countless Americans deal with each year,” Andrew Adams, creator and CEO of Headway, stated in a declaration. “This financing will allow that across the country growth and permit us to even more buy the collaborations and tools that will assist service providers grow their practice.”
MARKET PHOTO
Headway raised $ 70 million in Series B financing in 2021, simply 6 months after scoring $ 26 million in a Series A round
Other business in the tech-enabled psychological health area consist of Meru Health, a digital psychological platform for staff members; Happify Health, a platform for psychological health and illness management programs; meditation and psychological health business Headspace Health; and meditation app Calm, which in 2015 exposed a brand-new psychological health item provided through conventional health care market gamers like service providers, payers and self-insured companies.