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Telemental health providers: State of play

Illustration of an overhead projector illuminating a square that says State of Play

Illustration: Natalie Peeples/Axios

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:

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:

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