Psychiatry platform Headway announced that it has closed a $125M Series C funding round led by Spark Capital, valuing the company at over $1B.
The round included new strategic investors led by Health Care Service Corporation, in addition to existing investors a16z, Accel and Thrive.
Will Reed, General Partner at Spark Capital, will join the company’s board of directors.
Headway’s platform connects patients with in-network therapists and private practice therapists with insurance companies.
Through the company’s free tool, users enter their health plan information and can search a network of in-network therapists. The platform also connects therapists to an insurance panel and assists with booking, billing and other back-end tasks.
The new investment is helping the firm further develop its technology and plans to expand the availability of its platform to all 50 US states and the District of Columbia. In addition, the company said it is building a product that will allow providers to work across state lines in 2024.
“I started Headway after I couldn’t find a therapist who accepted my insurance – a problem millions of Americans face every year,” said Andrew Adams, founder and CEO of Headway, in a statement. “This funding will enable that nationwide expansion, and allow us to continue investing in the partnerships and tools that help providers grow their practices.”