October 5, 2023
A milestone at Headway
Today, I’m excited to announce a significant step in our mission to build a new mental healthcare system that everyone can access. We’ve raised an additional $125 million in a Series C fundraising round, led by Spark Capital and supported by existing investors Accel, Thrive, and Andreessen Horowitz. Spark’s General Partner Will Reed will be joining our Board of Directors, bringing invaluable experience helping technology-led businesses scale. We’ve also welcomed new strategic investors, led by Health Care Service Corporation (HCSC).
Widening access for mental healthcare across the country
This milestone would not have been possible without the support and partnership of over 26,000 mental health care providers who deliver mental health care through our platform. Today Headway is the largest network of therapists and psychiatrists in the country who actively accept insurance. Our providers work tirelessly to provide critical care to thousands of Americans every day, and we remain in awe of what they do.
I often say that I’m a patient before anything else. Over six years ago, I experienced firsthand the challenges of being unable to find a therapist who accepted my health insurance. Once I did, I couldn’t get an appointment when I needed it most. Turns out, this challenge was not unique to me. Today, 43% of people who need mental health care do not receive it.
As I set off to change this reality, I quickly learned about the immense hurdles mental health providers face to work with insurance and provide in-network care to patients. It became clear that addressing our country’s mental health crisis is not about increasing the number of providers — it’s improving access to those who already deliver great care, but face barriers.
Acting as a partner to mental healthcare providers
Headway lowers the barriers to accepting insurance and empowers providers to run their practices efficiently. We know that managing administrative burdens like scheduling, documentation, and revenue cycle management takes valuable time and energy, pulling providers away from the work that matters most and they’re exceptional at: patient care.
This latest round of capital will go towards continuing to build world-class technology and tools, allowing our providers to grow their practice and seamlessly deliver the best care. We have plans to make Headway available to individuals seeking care in all 50 states and the District of Columbia very soon, and will be building products to help providers deliver care across state lines in 2024. We’re also further investing in ensuring patients have a simplified experience understanding their insurance benefits and changes, with excellent visibility, support, and accuracy.
I’m incredibly grateful to our community of providers for doing the work every single day to get us to this milestone.
To all of our investors and partners: we thank you for your unwavering commitment to our mission.
And to every single Headway employee, supporter, and friend: thank you for devoting yourselves to building a new mental health system that is accessible to all.
We’re just getting started.