Heard is a company that is known as being an all-in-one financial solution for therapists that combines software and human support to handle bookkeeping, taxes, payroll, etc. The company recently announced that it raised $15 million in funding from investors led by Headline with participation from GGV.
Combined with the previous funding rounds, including $10 million from the Series A funding last year and $1.3 million from the seed round earlier this year, Heard has now raised $26.3 million.
The use of telehealth and digital care delivery has been causing a surge in independent practice among therapists. And this shift has allowed them to reach more people and provide better care while also improving their work-life balance and financial stability. In fact, a large percentage of therapists have seen their take-home income increase by over 50%.
But, when the team began developing Heard in 2019, they discovered that therapists often lack the tools, resources, and support necessary to manage their practices as small business owners. Rather than attracting new clients, many therapists simply want more breathing room and less mental burden. And balancing client care with business management can be very overwhelming as therapists spend upwards of 20-30 hours each week on client sessions and paperwork along with normal back-office tasks of a small business owner: record keeping, paying yourself, staying on top of legal and compliance activities.
What the funding will be used for: With this funding round, Heard can continue to focus on assisting therapists throughout their journey of starting, growing, and managing their businesses. And the main focus is on product development with a particular emphasis on improving key bookkeeping, payroll, and tax workflows for therapists.
“As therapists’ businesses are personal, trust and quality is paramount. That’s why we’ve brought in experienced leaders such as COO KK Mulligan and support leader Brandon Wolf. We’re also in the process of hiring a VP of Engineering and a Head of Tax Operations to ensure that we surround ourselves with leaders who have built challenging, dynamic products in highly regulated environments all the way through scale,” said the company in a statement.
