Headway declined to comment.
Late last year, the startup said it had expanded its service to all 50 states and was working with more than 25 insurance plans. Headway, which has more than 500 employees, also said that there are about 33,000 providers on its platform.
The company was founded in 2019 after its Chief Executive Officer Andrew Adams struggled to find a therapist that accepted his insurance. Digital mental health services surged in popularity during the pandemic, as many people experienced traumatic events or went through lockdowns.
In a recent blog post, the company said, “In a post-pandemic world, it’s more important than ever to support people in getting care in the best way for them.”
Headway’s rapidly climbing valuation is notable, particularly during a difficult period for startups that aren’t exclusively focused on artificial intelligence. Total venture funding is still well below its highs in 2021, and AI companies are vacuuming up much of that investment.
The startup previously raised about $100 million in a funding round Bloomberg reported on early last year. At the time, the company’s valuation was more than $1 billion.
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