The funding helped Headway’s valuation hit the $750M mark. Here are the top-line bullets you need to know.
Headway, a mental health consultation platform, has raised $70M in a Series B funding with participation from Andreessen Horowitz, Thrive Capital, Google Ventures, and Accel.
How’s the company performing?
- New York-based Headway connects patients, in-network and private practice therapists, and insurance providers.
- The number of therapists on its platform has swelled in the last 6 months, growing from 1,800 in November 2020 to over 3,000 currently.
- Headway has helped facilitate over 300,000 appointments to date, averaging 30,000 each month. Each month, 2,000 patients join the platform.
- The company reported its net revenue increased by 9x and its team quintupled to more than 75 employees in the last year.
- The insurers listed on its platform include Aetna, United Healthcare, Cigna, Oscar, and Oxford.
Why does the market matter?
- The telemental health market is projected to grow at a CAGR of 24.65% and reach a value of $15.15B by 2026, according to Databridge Market Research.
- Cost advantages of telehealth and rising awareness of mental illness have contributed to the growth of the industry.
- The Covid-19 pandemic has increased the need for virtual mental health counselling and support services owing to a rise in psychological and mental disorders.