Patient-matching platform Headway is in the midst of closing a $100 million funding round, boosting its valuation to $2.3 billion, reports say.

Spark Capital led the round, according to Bloomberg. Headway’s new valuation is roughly double what it was a year prior.

Headway’s existing investors include Thrive Capital, Accel, Andreessen Horowitz and Global Founders Capital.

Headway declined to comment on the new raise.

The funding comes less than a year after Headway achieved its unicorn status during a relatively dry spell for digital behavioral health funding.

Headway raised $125 million in a Series C funding round in October 2023, also led by Spark Capital.

The company quickly followed the news of the Series C with an announcement that it partnered with more than 25 payers across the country.

Headway’s digital platform connects patients to mental health providers in their insurance networks and supplies behavioral health providers with a suite of free technology products to assist with administrative burdens. The company’s business model relies on commissions from its payer partners, which include Evernorth, Cigna and Blue Cross Blue Shield of Massachusetts.

“One of the big things [payers] look to us to do is have accurate reporting and visibility into the availability of their networks,” Olivia Davis, chief commercial officer of Headway, previously told Behavioral Health Business.

Headway’s reported $100 million raise comes as digital health funding appears to be recovering after a few years of lower investment dollars.

Investors pumped $682 million in digital health funding in the first half of 2024, according to Rock Health. If this momentum is maintained in the second half of the year, total funding dollars and deal counts could exceed those of 2019 and 2023.

“It’s been a rocky few quarters, but the digital health sector is resilient—and we’re seeing measured momentum in funding and exits to prove it,” Rock Health authors wrote.

Another major digital mental health player also completed a significant raise this summer. Virtual psychiatry provider Talkiatry raised $130 million in June.