Headway — a software company that aims to make therapy more affordable and accessible — has raised $70 million in Series B funding.
Andreessen Horowitz led the round, with additional participation from existing investors Thrive Capital, GV and Accel. The latest financing, which comes just about six months after the startup announced $26 million in Series A funding, pushes Headway’s total funding raised past $100 million, according to the fundraising tracker website Crunchbase.
Headway provides a free software to connect patients to therapists and therapists to insurers. The goal is to make it easier for clinicians to offer in-network care by providing them with an easy way to submit claims online, eliminating paperwork burdens and giving them more time to treat patients. Patients can then also use Headway to find therapists who accept their insurance.
Currently, the way the mental health care system is set up can make it hard for patients to find in-network therapists, as the majority do not accept insurance due to the administrative burden that comes with it. And when patients do find therapists, they’re often faced with long wait times.
Headway aims to change that, and it’s making progress on doing so. The company has grown quickly since its founding in 2019, bringing on more than 3,000 clinicians and facilitating about 300,000 therapy appointments. Plus, it has grown its employee count to about 80, and, in recent months, expanded operations from one state, New York, into a total of 10.
“We’ve continued to grow at a torrid pace, growing 9x in net revenue over the past year,” co-founder and CEO Andrew Adams recently told Crunchbase News. “We have a big mission in front of us to build a new mental health system for the U.S.”
The recent funding, as well as Headway’s resultant partnership with Andreessen Horowitz, will allow Headway to continue its rapid growth, Adams said in a press release announcing the news.
He added that the company has not yet “spent a dime” of the $26 million dollars it raised last year in Series A funding.