Headway Valuation, Funding & Investors
Headway is valued at $2.3B as of July 2024.
Last Headway valuation
$2.3B
Series D · Jul 2024
Last Headway funding round
$100M
Series D · Jul 2024
Cumulative funding Headway raised
$326M
across 5 funding rounds
Key investors in Headway
Accel
Thrive Capital
Andreessen Horowitz
GV
Global Founders Capital
Spark Capital
About Headway
Headway is a virtual mental health platform connecting patients with licensed therapists who accept insurance. New York-headquartered Headway streamlines booking for video or in-person sessions across all 50 U.S. states. The platform verifies provider credentials, handles billing with major insurers like Aetna and UnitedHealthcare, and supports 200 therapy specialties including anxiety and trauma. Launched in 2019, Headway serves over 10 million covered lives, enabling practices to scale through technology.
Founded
2019
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Services
Valuation
$2.3B (Jul 2024)
Headway Valuation
Headway is currently valued at $2.3B, based on its Series D in July 2024.
The $100M round was led by Spark Capital, with participation from Global Founders Capital, Forerunner, Andreessen Horowitz, Thrive Capital, Accel and 1 other investor.
Headway's valuation has grown 3.1x from $750M at its Series B in May 2021 to $2.3B in July 2024, across 3 priced rounds.
Headway valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2024 | Series D | $2.3B |
| Oct 2023 | Series C | $1B |
| May 2021 | Series B | $750M |
Headway Funding History
Headway has raised a total of $326M across 5 funding rounds.
Headway's first fundraising round was a $5M seed round in July 2019. The most recent completed round was a $100M Series D in July 2024.
Headway funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Series D | Spark Capital (lead); Global Founders Capital; Forerunner; Andreessen Horowitz; Thrive Capital; Accel; Ironwood Ventures | $100M | $2.3B | Headway is a New York-based mental health platform that connects patients with in-network private-practice therapists who accept insurance, handling booking, billing, credentialing, and administrative tasks to reduce barriers to care. The company operates nationwide across all 50 states and the District of Columbia, partnering with over 40 insurance plans including Evernorth, Cigna, and Blue Cross Blue Shield entities, and supports around 34,000 providers while powering over 600,000 therapy appointments monthly. In July 2024, Headway raised $100 million in a Series D funding round led by Spark Capital, with participation from existing investors Andreessen Horowitz (a16z), Thrive Capital, Accel, Global Founders Capital, and new investor Forerunner Ventures, more than doubling its valuation to $2.3 billion from the prior $1 billion-plus unicorn status achieved in the October 2023 Series C round of $125 million, also led by Spark Capital. This brings total funding to over $321 million across five rounds since its Series A in 2021. Headway plans to use the capital to accelerate product development for clinician operations, expand services to Medicare Advantage and Medicaid patients, and strengthen payer partnerships to address compliance and credentialing challenges. The company reports revenue more than doubling in the past 12 months with strong unit economics and a clear path to profitability, positioning it amid recovering digital health funding where mental health led with $682 million in H1 2024 per Rock Health. Competitors include BetterHelp, Talkspace, Brightline, and Iris Telehealth in the virtual mental health space, but Headway differentiates with its insurance-focused, asset-free national therapist network tackling high out-of-pocket costs and administrative burdens affecting 70% of therapists who avoid insurance. |
| Oct 2023 | Series C | Spark Capital (lead); Andreessen Horowitz; Health Care Service Corporation; Thrive Capital; Accel | $125M | $1B | Headway is a mental health platform that connects patients to in-network therapists and private practice therapists to insurance companies, offering tools for searching providers, booking, billing, and administrative tasks. The company raised $125 million in a Series C funding round in October 2023, led by Spark Capital, with participation from existing investors Andreessen Horowitz, Accel, Thrive Capital, and new investor Health Care Service Corporation. This round boosted Headway's valuation to $1 billion, achieving unicorn status. The funding supports nationwide expansion to all 50 U.S. states and the District of Columbia, technology advancements, and products enabling providers to work across state lines. Headway's model facilitates insurance acceptance for therapists, addressing access barriers, and earns commissions from payer partners like Aetna, Cigna, and Blue Cross Blue Shield. At the time, the platform had affiliations with 26,000 in-network providers across 19 insurance plans. Post-Series C, Headway partnered with over 25 payers and continued growth, leading to a $100 million Series D in July 2024 led by Spark Capital, doubling valuation to $2.3 billion. The company had raised about $225 million total by October 2023 and over $321 million by mid-2024, with investors including GV and Forerunner Ventures. Headway powers over 600,000 therapy appointments monthly and plans expansions into Medicare Advantage and Medicaid. |
| May 2021 | Series B | Andreessen Horowitz (lead); GV; Thrive Capital; Accel | $70M | $750M | Headway is a mental health platform that streamlines credentialing, onboarding, clinical training, scheduling, billing, and insurance acceptance for therapists and psychiatrists, enabling them to treat insured patients efficiently. Founded in 2019 and headquartered in New York, it operates a B2C marketplace model, taking a percentage of insurance reimbursements without charging providers or patients upfront fees. This provider-focused approach differentiates it from competitors like Alma by handling administrative burdens for free, leading to higher provider retention and referrals. In May 2021, Headway raised $70 million in its Series B funding round led by Andreessen Horowitz, with participation from Accel, GV, and Thrive Capital, following a $26 million Series A in November 2020 led by Google Ventures and Thrive Capital. The round aimed to scale the platform and increase market reach amid rising mental health demand during the COVID-19 pandemic. By May 2021, Headway had facilitated over 300,000 appointments that year, with 30,000 monthly and over 2,000 new patients joining monthly. Traction was strong, with revenue growing ninefold in 2020, reflecting nationwide attention to mental health. The company expanded its provider network to 22,000 by later years and powered 600,000+ therapy appointments monthly in subsequent periods. later rounds included a $125 million Series C in October 2023 at $1 billion valuation and a $100 million Series D in July 2024 at $2.3 billion. Headway's strategy emphasizes insurance reimbursement efficiency, targeting commercial plans initially and later expanding to Medicare Advantage in all 50 states and Washington, D.C., with Medicaid planned for 2025. This positions it to access over 100 million publicly insured individuals and large employer benefits, reducing absenteeism and costs. Investors like Spark Capital joined in later rounds, bringing total funding to approximately $325-327 million across eight rounds. |
| Nov 2020 | Series A | GV (lead); Thrive Capital (lead); Global Founders Capital; IA Ventures; Prehype; Accel; Bossa Invest | $26M | - | Headway is a New York-based mental health platform that connects patients with in-network therapists, handling credentialing, booking, billing, and administrative tasks to enable private-practice therapists to accept insurance. The Series A round raised $26 million in November 2020, co-led by GV (Google Ventures) and Thrive Capital, with participation from Accel (seed lead), Global Founders Capital, IA Ventures, and others including Prehype; total funding at the time reached $33 million including a prior $4.5 million seed in July 2019 led by Accel. At Series A close, Headway had about 1,800 therapists in the New York area, with tens of thousands of patients using the service for bookings. The funds supported team expansion and platform enhancements. By the subsequent Series B in May 2021 ($70 million led by Andreessen Horowitz), Headway's therapist network grew to over 3,000, facilitating over 300,000 appointments (30,000 monthly), with 2,000 new patients monthly and net revenue up 9x year-over-year alongside a team of 75 employees; valuation reached $750 million then. Insurers included Aetna, UnitedHealthcare, Cigna, Oscar, and Oxford. Headway's business model involves commissions from payer partners like Evernorth, Cigna, and Blue Cross Blue Shield plans. Later rounds included $125 million Series C (October 2023, led by Spark Capital, >$1B valuation, unicorn status) and $100 million Series D (July 2024, $2.3B valuation). The company expanded nationwide, powering 600,000+ monthly appointments by 2024, with focus on Medicare Advantage and Medicaid. |
| Jul 2019 | Seed | Accel (lead) | $5M | - | Headway, a New York-based mental health platform, closed a $4.5 million seed round led by Accel in July 2019. The platform connects patients seeking mental health care with in-network and private-practice therapists by allowing users to enter their insurance information and search for available providers. Headway also helps therapists manage the back-end operations of their practices, including insurance panel connections, booking, and billing services. The seed round was intended to further develop the platform and begin scaling operations. Post-money valuation for this 2019 seed round was not publicly disclosed, and revenue figures for the company at that time are not available in public sources. |
Who has invested in Headway?
12 investors have backed Headway across its funding rounds, including Accel, Thrive Capital, Andreessen Horowitz, GV, Global Founders Capital and Spark Capital.
Lead investors include Spark Capital, Andreessen Horowitz, GV, Thrive Capital and Accel.
Headway Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Palo Alto, CA | 5 | Lead | Jul 2019 | |
| New York City, NY | 4 | Lead | Nov 2020 | |
| San Francisco, CA | 3 | Lead | May 2021 | |
| San Francisco, CA | 2 | Lead | Nov 2020 | |
| San Francisco, CA | 2 | Lead | Oct 2023 | |
 Berlin | 2 | Participant | Nov 2020 | |
| San Francisco, CA | 1 | Participant | Jul 2024 | |
| United States | 1 | Participant | Nov 2020 | |
| New York City, NY | 1 | Participant | Nov 2020 | |
| Chicago, IL | 1 | Participant | Oct 2023 | |
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Start Free TrialAcquisitions by Headway
Headway has acquired 1 company to date.
Last acquisition by Headway was on March 30th 2026. Headway acquired Tezi for undisclosed valuation.
Latest Acquisitions by Headway
| Description | Tezi is an autonomous AI system automating end-to-end hiring processes. It sources candidates from LinkedIn and job boards, screens resumes with NLP, schedules via calendars, and compiles scorecards. New York-based, Tezi integrates with ATS like Greenhouse and Lever. Launched in 2023, it reduces hiring time for tech firms. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 30 Mar 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Headway acquisitions and their M&A valuation multiples. Start Free Trial | |
Headway Competitors
Headway competitors include listed companies like Teladoc and Talkspace, and private ones like Grow Therapy, Nourish, Apricus Health and Elemy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $1B | - | $3B | - | |
| New York City, NY | Private | $160M | - | $1.8B | 10.9x | |
| Phoenix, AZ | Private | - | - | $1.5B | - | |
| San Francisco, CA | Private | - | - | $1.1B | - | |
| United States | Publicly listed | $2.5B | $124M | $1.1B | 0.6x | |
| United States | Publicly listed | $229M | $6M | $871M | 3.4x |
Headway Public Comps
Headway is still privately-owned, but its public comps include Compass Pathways, Ping An Healthcare, JMDC, GoodRx, Teladoc, Talkspace, Guiyang Longmaster, Medley Inc., ACADIA Pharmaceuticals and Doximity.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($293M) | - | - | (5.8x) | (8.4x) | |||
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $44M | $5M | 10.0x | - | 87.9x | - | |||
| $236M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
This data is available for Pro users. Sign up to see all Headway competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Headway
| When was Headway founded? | Headway was founded in 2019. |
| Where is Headway headquartered? | Headway is headquartered in New York City, NY, United States. |
| Is Headway publicly listed? | No, Headway is a private, VC-backed company. |
| What is Headway's valuation? | Headway was last valued at $2.3B in its Series D in July 2024. |
| How much funding has Headway raised? | Headway has raised $326M across 5 funding rounds. |
| What was Headway's last funding round? | Headway's last funding round was a $100M Series D in July 2024, led by Spark Capital. |
| Who are Headway's investors? | Headway's investors include Accel, Thrive Capital, Andreessen Horowitz, GV, Spark Capital, Global Founders Capital, Forerunner, IA Ventures, Prehype, Health Care Service Corporation and 2 others. |
| Which companies are comparable to Headway? | Companies comparable to Headway include Grow Therapy, Nourish, Apricus Health, Elemy, Teladoc and Talkspace. |
| How many companies has Headway acquired? | Headway has acquired 1 company, including Tezi. |
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