Allswell has raised $7 million in seed funding to expand its insurance-covered behavioral health platform for the LGBTQ+ community and continue building toward a broader medical home model. The round was led by Rethink Impact, with participation from Magnify Ventures, Ulu Ventures, and Hopelab Ventures. Existing investors Techstars and Amboy Street Ventures also participated. The financing follows a $1.3 million pre-seed round led by Amboy Street Ventures and brings Allswell’s total funding to $8.3 million.
Allswell provides one-on-one virtual therapy, group programs, and trauma-informed behavioral healthcare covered through commercial insurance and Medicaid. The company currently operates across Washington, D.C., Maryland, and Virginia and plans to use the new funding to expand geographically, grow its clinical training program, and broaden the services available through its platform.
The company also plans to introduce psychiatric medication management next year as part of its effort to become a more comprehensive medical home for LGBTQ+ patients. Allswell pairs patients with licensed therapists who are members of the LGBTQ+ community or have been screened for relevant experience working with LGBTQ+ patients.
Its clinical approach is designed to address conditions including depression and anxiety alongside identity-specific trauma, family dynamics, and social transition. Allswell is also developing a proprietary curriculum focused on PTSD and trauma treatment within the LGBTQ+ community.
Allswell launched in spring 2025 and now serves hundreds of active patients while conducting as many as 1,500 billable sessions per month. The company said many patients remain in treatment for more than a year, compared with an industry benchmark of roughly six to eight sessions, resulting in revenue per patient that can be three to nine times the industry norm.
The company also reported improved clinical outcomes in recent patient cohorts. After 60 days of treatment, 77% showed improvements in anxiety and 71% showed improvements in depression.
Allswell has reached its current scale primarily through Medicaid reimbursement, with additional commercial payer agreements now coming online. The company was founded by CEO Dawn Androphy and CTO Connor Gordon after participating in Stanford Graduate School of Business’ Startup Garage program, where the team also received a Stanford Impact Founder Fellowship.
KEY QUOTES:
“Nobody realizes how big this market is. Only 5% of Gen X identifies as LGBTQ+, compared with 25% of Gen Z. That’s a massive generational and cultural shift, and we want to do for LGBTQ+ health what Midi did for menopause.”
Heidi Patel, Managing Partner At Rethink Impact
“A lot of people told me this business wouldn’t work, because patients stay with you for six or eight sessions and leave. Our patients aren’t used to being served with care and respect, or to having something built for them. We still have patients from every cohort since we launched. This is a sleeping-giant category, and it has been underestimated at every step. Our ambition is to continue developing new, thoughtful clinical programs specifically for the LGBTQ+ community, regardless of the political climate.”
Dawn Androphy, Co-Founder And CEO Of Allswell
“What drew us to Allswell was the combination of a founding team that deeply understands this patient population and a model that actually works — reimbursed by insurance, grounded in clinical outcomes, and built around the kind of trust that drives real retention. We are proud to be investors.”
Julie Wroblewski, Managing Partner At Magnify Ventures
“I had the pleasure of working with Dawn and Connor as a mentor during the Techstars Accelerator. As an LGBTQ+ care provider and clinic program director, I was impressed by their passion for improving mental health care for LGBTQ+ people using an evidence-based, innovative care model. They continually displayed creativity and flexibility in navigating obstacles and working towards expanding Allswell’s reach. I can’t wait to see Allswell continue to grow!”
Dr. Keith Egan, Physician And Program Director For LGBTQ+ Health At Kaiser Permanente Medical Group Mid-Atlantic States
