Headway Raises $100 Million Led by Spark Capital, Expands Services

Jul 23, 2024, 03:44 PM

Mental health startup Headway announced on Tuesday that it has raised $100 million in a late-stage funding round. The round was led by venture capital firm Spark Capital and more than doubled Headway's valuation to $2.3 billion. The company, which has built the largest provider network in the country, aims to improve access to mental healthcare by ensuring therapists are covered by insurance. Headway is also expanding its services into Massachusetts and Medicaid. Other investors in this round include a16z, Accel, and Thrive Capital. Over the past 18 months, Headway has worked towards building a new mental healthcare system, addressing the issue that 70%+ of therapists don't take insurance.