Telemental health providers: State of play

Last updated July 26, 2023

Demand for mental health services spiked during the pandemic, but about 45% of psychiatrists don't accept any form of insurance. Most recently, insurance-accepting telemental health startup UpLift raised $10.7 million in Series A funding, CEO Kyle Talcott told Axios exclusively.

• Headway this February was reportedly in talks to raise $100 million at a $1 billion valuation.
• Alma last August pulled in $130 million at an $800 million valuation.
• Brightside Health last March collected $50 million in Series B funding.

Other telemental health-related deals include:

• Uwill, a Boston-based online therapy platform for college students raised $30 million in Series A funding in May.
• Brave Health, a virtual behavioral health provider focused on serving Medicaid populations, filed notice of an exempt offering of securites in February to raise $38 million in new equity funding. The Miami-based company secured $40 million in Series C funding last October.
• Array Behavioral Care, a virtual psychiatry and therapy practice, closed a $25 million equity round led by CVS Health in January.
• Valera Health, a healthcare software for mental health services, raised $44.5 million in Series B funding in November. The round was led by Heritage Group and included partipcation from Cigna Ventures and Trinnovate Ventures.

Plus, behavioral health enablement startups have attracted significant venture attention as demand continues to outpace supply.

• Blueprint, a developer of patient tracking and outcomes assessment tools for mental health clinicians, this June collected $9 million in Series A funds.
• HelloSelf, a London-based online therapy provider, raised a $20 million Series B round in March led by Octopus Ventures.

• OpenLoop, a virtual care enabler, raised $15 million in Series A funding led by Nava Ventures and joined by UnityPoint Health Ventures and PrimeTime Ventures, plus insiders SpringTide Ventures and ManchesterStory.
• Trek Health raised a $2.7 million seed in September to help mental health providers accept insurance. Lionheart Ventures led the round.
• PsychHub, a startup founded by former U.S. Congressmember Patrick J. Kennedy that directs patients to in-network therapists, last August raised $16 million in Series A capital.
• Heard, which offers therapists administrative services including those for bookkeeping, payroll and taxes, in June raised $15 million after closing a $10 million Series A last May.

Go deeper on funding trends in other telehealth sectors:

• Gastrointestinal care
• Weight management
• Women's health
• Wound care