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Allswell, a teletherapy platform focused on LGBTQ+ patients, has raised $7 million in seed funding, CEO Dawn Androphy tells Axios Pro exclusively.

What's next: The company plans to raise up to $20 million in Series A funding within the next 18 months.

Follow the money: Rethink Impact led, joined by Magnify Ventures, Ulu Ventures and Hopelab Ventures. Allswell has raised $8.3 million total.

How it works: Allswell offers talk therapy to patients, focusing on fee-for-service care. It accepts private insurance as well as Medicaid, with the vast majority covered and paid for by insurance.

It does not currently prescribe medication for patients but can refer to other clinicians, and hopes to add medication management next year.

San Francisco-based Allswell operates in Maryland, Virginia and Washington, D.C., with no immediate plans to expand beyond that region.

What they're saying: Allswell's approach differs from teletherapy peers focused on rapidly expanding their geographic footprint.

"If you have a business where someone's coming to you for six to eight sessions, then it makes sense," Androphy says. 

"You need to geographically expand so you can reach more people. But we're really thinking about the depth of care that we're providing to individuals, and we already see that in our retention."

State of play: Health tech investors are showing a willingness to fund niche virtual behavioral plays. 

Youth peer support startup Somethings raised a $19.2 million Series A round in February.

InStride Health, which provides youth-focused OCD and anxiety treatment, raised a $30 million Series C round in June.

Virtual adult autism care provider Prosper Health raised roughly $10 million in August.

What we're watching: M&A among virtual behavioral health companies has been picking up as companies scale and pandemic-era valuations normalize. 

Exclusive: Allswell raises $7M seed for teletherapy

The company is planning to raise a Series A round in the next 18 months that could reach up to $20 million.

Illustration of a hundred dollar bill with a brain in place of Benjamin Franklin

Allswell, a teletherapy platform focused on LGBTQ+ patients, has raised $7 million in seed funding, CEO Dawn Androphy tells Axios Pro exclusively.What&#x27;s next: The company plans to raise up to $20 million in Series A funding within the next 18 months.

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Exclusive: Allswell raises $7M seed for teletherapy

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