Statistics from the World Health Organization show a 13% increase in reported mental health disorders over the past 10 years. As such, mental health has consistently been the highest funded clinical indication by venture capitalists: at the height of the pandemic in particular the space was seeing an enormous infusion of cash, raking in over $4 billion in 2022. Things have obviously receded since then, dropping back down to more normal levels, but remaining high even as digital health itself saw year-over-year declines; in 2023 it was the only healthcare sector to raise over $1 billion, and in 2024 it saw funding grow 16% from $1.2 billion to $1.4 billion.
Here are the 25 biggest mental health funding rounds since 2023:
Description: “Everyone benefits when people feel their best. Spring Health is the proven mental health solution for employers and health plans that changes lives and drives business results, everywhere.”
Round size: $100 million; $71 million
Investors: The William K. Warren Foundation, RRE Ventures, Northzone, Kinnevik, Generation Investment Management
Date: July 2024; April 2023
Total funding: $466.5 million
Description: “Community by community, Grow Therapy is expanding access to mental healthcare by connecting clients to qualified in-network therapists.”
Round size: $88 million
Investors: Growth Equity at Goldman Sachs Alternatives, PLUS Capital, Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday, Lauren Holiday, Transformation Capital, SignalFire, TCV
Date: April 2024
Total Funding: $178 million
Description: “We are building a world where everyone has access to exceptional mental health care”
Round size: $72 million
Investors: What If Ventures, Fifth Down Capital, Amplo
Date: April 2024
Total funding: $100 million
Description: “Eleos takes the burden of documentation and compliance off the shoulders of frontline staff, so they can put more energy into giving great care.”
Round size: $60 million; $40 million
Investors: Greenfield Partners, F-Prime Capital, Eight Roads, Menlo Ventures, ION, the Michael & Susan Dell Foundation, Union Tech Ventures, Centerstone, Arkin Digital Health, SamsungNEXT, aMoon, lool ventures
Date: January 2025; November 2023
Total funding: $128 million
Description: “Outcome-focused care that measurably changes lives. Octave therapy combines evidence-based methods with compassionate care for results you can feel.”
Round size: $52 million
Investors: Cigna Ventures, Novo Holdings, Avidity Partners, Health Velocity Capital, Greycroft Partners, Felicis Ventures, Company Ventures, Obvious Ventures
Date: June 2023
Total funding: $91 million
Description: “Holmusk is a provider of healthcare data and technology solutions to support the treatment of mental health and chronic diseases”
Round size: $45 million; $30 million
Investors: Veradigm, Heritas Capital, Health Catalyst Capital, Novartis (dRx Capital), Northwell Holdings,
Date: January 2023; October 2023
Total funding: $106.2 million
Description: “Eleanor Health is an outpatient addiction treatment program that provides online services for people in recovery from substance use disorder. We offer judgment-free support, affordable treatment plans and personalized care. We meet you where you are on your journey, working at your pace on the goals you set.”
Round size: $30 million
Investors: General Catalyst, Town Hall Ventures, Echo Health Ventures, Northpond Ventures, Rethink Impact, Emerson Collective
Date: February 2024
Total funding: $115.1 million
Description: “Founded in 2020 to assist campus counseling centers as they faced overwhelming demand for mental health support, Uwill has quickly earned the reputation as the leading mental health and wellness solution for all people. With its proprietary technology and passionate counselor community, Umatch facilitates immediate appointments with licensed therapists worldwide.”
Round size: $30 million
Investors: Education Growth Partners
Date: May 2023
Total funding: $35.5 million
Description: “Transforming care, support and access for people living with serious mental and physical health challenges through our shared lived experience.
Round size: $28.1 million
Investors: GV
Date: February 2023
Total funding: $42.9 million
Description: “With Nirvana’s automated benefit verification APIs and technology, healthcare providers finally have a simpler, smarter, and shockingly easy way to check patient benefits with 94% accuracy without consuming their staff’s time and resources.”
Round size: $24.2 million
Investors: Surface Ventures, Northzone, Inspired Capital Partners, Eniac Ventures
Date: September 2024
Total funding: $39.4 million
Description: “Rippl provides specialty dementia care and is pioneering a new care model to dramatically expand access to high quality, wraparound services for seniors, their families and caregivers.”
Round size: $23 million
Investors: Tina Hoang-To, Kin Ventures Founding General Partner, ARCH Venture Partners, General Catalyst, GV, F-Prime, Mass General Brigham Ventures, 1843 Capital, JSL Health
Date: October 2024
Total funding: $55 million
Description: “The national leader in the delivery of acute, virtual behavioral health services, specializing in suicide. Vita Health partners with payors, providers, colleges, employers, brokers, and veterans groups to lower the cost of mental health treatment and improve lives.”
Round size: $22.5 million; $11.8 million
Investors: Polaris Partners, LFE Capital, CVS Health Ventures, Athyrium Capital Management, Flare Capital Partners, Connecticut Innovations, CU Healthcare Innovation Fund, HopeLab
Date: January 2024; July 2023
Total funding: $34.3 million
Description: “Cartwheel is a trusted mental health partner to schools. We help kids and families get back on their feet when they’re struggling and help schools build Multi-Tiered Systems of Support to catch more kids before they fall.”
Round size: $20 million
Investors: Menlo Ventures. Reach Capital, General Catalyst, BoxGroup, Able Partners
Date: September 2023
Total funding: $20 million
Description: “Headlight is for everyone. Taking care of your mental health is a sign of strength, and choosing to better oneself is an empowering decision. We provide mental health services to those seeking a bright path forward.”
Round size: $18 million
Investors: Matrix Partners China, EPIC Ventures
Date: February 2024
Total funding: $18 million
Description: “Blackbird Health is a mental health practice for kids and young adults struggling with social, developmental, and school-related challenges.”
Round size: $17 million
Investors: GreyMatter, Frist Cressey Ventures, Define Ventures
Date: February 2024
Total funding: $17 million
Description: ” Vitable is an enhanced Primary Care membership that makes it easy for you to get high quality care, whenever you need it. Experience delightful in-home primary care visits and virtual visits from a dedicated team of providers who really get you. The membership also comes with access to over 1,000 free prescriptions, labs, and a mental health program for you and your family.”
Round size: $16 million
Investors: Cherryrock Capital, Newark Venture Partners, Citi Impact Fund, First Round Capital, Commerce Ventures, Y Combinator
Date: July 2024
Total funding: $24.8 million
Description: “Discover a personalized path to enhance your child’s social and emotional skills through game-based learning”
Round size: $14.6 million
Investors: Undisclosed
Date: July 2023
Total funding: $14.6 million
Description: “Backpack Healthcare provides accessible, inclusive and comprehensive pediatric, individual and family mental healthcare”
Round size: $14 million
Investors: PACE Healthcare Capital, ECMC, Techstars, Collab Capital, Bridge Builders Collaborative, Portland Seed Fund, Hopelab, Rethink Education, Genius Guild, Unlikely Collaborators, Maya Ghosn Bichara, Jeffrey Walker
Date: May 2024
Total funding: $16.7 million
Description: “West Lake Xinchen is a technology company which develops psychological counseling robots to provide mental health services”
Round size: $13.6 million
Investors: Tisiwi Ventures, CXVC, Benchi Capital
Date: January 2025
Total funding: $13.6 million
Description: “Inclusively empowers companies to improve productivity and retention while fostering inclusive workplaces. We help employers adopt a universal approach to accommodations that easily integrates into existing operations.”
Round size: $13 million
Investors: Firework Ventures, Benson Capital Partners
Date: November 2023
Total funding: $19.9 million
Description: “BeMe helps teens and young adults find well-being. We give them a safe space to learn about themselves.”
Round size: $12.5 million
Investors: Flare Capital, Polaris Partners, Fiore Ventures, the California Health Care Foundation
Date: October 2024
Total funding: $27.2 million
Description: “Specialized mental health care designed for your motherhood journey. Get the care you need with personalized therapy, group support, and expert medical evaluations—all covered by insurance.”
Round size: $10.9 million
Investors: RH Capital, Pear VC, Expa, Magnify Ventures, Emerson Collective, Inflect Health, Zeal Capital Partners, Ulu Ventures, Fiore Ventures, the March of Dimes, Rogue Venture Partners, Graham & Walker, Wisdom Ventures
Date: July 2024
Total funding: $14.4 million
Description: “teale is the first mental health platform for businesses and their teams.”
Round size: €10 million
Investors: Isai, Bpifrance Digital Venture, Alter Equity 3P
Date: August 2023
Total funding: €12 million
Description: “Designed for therapists, psychiatrists, and coaches. Our AI‑generated notes help you stay more present during sessions and save precious time.”
Round size: $10 million
Investors: KAYA, Headline, Credo Ventures
Date: Octobet 2024
Total funding: $14.3 million
Description: “Tetra Pharm Technologies specializes in the development of pharmaceutical drugs aimed at the central nervous system (CNS) and the immune system to treat neurological diseases and mental health disorders.”
Round size: €9 million
Investors: Undisclosed
Date: Janauary 2023
Total funding: €9 million
(Image source: nonprofitquarterly.org)
