Lowenstein Sandler represented TherapyMatch, Inc. [dba Headway] in its $100 million Series D funding round to support its planned expansion to Medicare Advantage and Medicaid. These developments will further enable clinicians on the platform to scale their practices and provide affordable, effective mental health care to a broader and more diverse community of patients, including seniors, low-income Americans and individuals living with disabilities.
The recent funding values the company at $2.3 billion, a 130% increase from its previous valuation. Led by Spark Capital, with participation from existing investors Thrive Capital, Accel and a16z, and new investor Forerunner Ventures, this round will accelerate platform development to simplify private practice operations so providers can focus on delivering excellent clinical care.
Headway streamlines credentialing, onboarding, clinical training, scheduling, billing and more, making it easy for mental health clinicians to accept patients through insurance. Since launching in 2019, the company has scaled its platform with commercial insurance, and is in-network today with more than 40 commercial health plans across 50 states and the District of Columbia. With 34,000 clinicians leveraging Headway's platform to run their private practice, Headway will now expand its services to allow providers to serve patients through Medicare Advantage and Medicaid. The company and its affiliates have begun working with Medicare Advantage plans in certain states, with thousands of clinicians already participating. Headway expects to be live with Medicare Advantage in 51 markets by the end of the year, and plans to launch with Medicaid in 2025.
The Lowenstein deal team included Eric Weiner, Chandra K. Shih, Jeffrey M. Shapiro, Christian C. Contardo, Frank W. Eucalitto, Rahul J. Devnani, Sydney J. Kaplan, Spencer Kau, and Eric Sands.
