Seed round led by Rethink Impact brings total funding to $8.3M as the company builds toward a full medical home for the LGBTQ+ community.

LGBTQ+ therapy platform Allswell raises $7M. Allswell, a virtual behavioral health provider specializing in LGBTQ+ care, has announced a $7 million seed round led by ReThink Impact. With $1.3 million raised in an earlier pre-seed fundraise, Allswell now has a total capital runway of $8.3 million to expand into new territories. Allswell CEO and co-founder Dawn Androphy is focused on expanding services to regions with sizable LGBTQ populations and large unmet needs to start. The company will also use the capital to build out its internal clinical excellence training programs for all therapists who come onto its platform, with special LGBTQ-focused content. "[Our focused training] means that you really know how to serve this population and you really know the right evidence-based modalities to use," Androphy told Behavioral Health Business. "It will also look like continuing to grow our presence in the region and continuing to grow the ways in which we serve our patients, be that through new clinical programs that we'll have more details about in the coming months, but also through adding new lines of business such as medication management." Although Allswell is headquartered in San Francisco, the company only provides care in the Washington, D.C., Maryland and Virginia area currently. Androphy noted that expanding to serve patients via medication needs as well will also be an opportunity to add new expertise to its blended 1099 and W2 workforce model. "We work with early-career therapists who have recently graduated from their master's program and require supervision," Androphy said. "So for us, when we talk about the provider shortage, in many ways we are talking about the shortage of fully licensed providers with specific training in LGBTQ issues. We solve for both of those by providing direct supervision and also training our providers specifically on how to work with LGBTQ patients from the baseline that they bring from lived experience or academic work." Allswell serves hundreds of patients and has around 40 clinicians on its platform. The telehealth company is in-network with commercial insurance and Medicaid, which around two-thirds of its patient population benefits from. And while some may consider serving only the LGBTQ+ population as a "niche" market, this focus is partially what attracted investment attention from ReThink, which previously backed SpringHealth and often invests in female-led technology companies. "It's anything but niche," Heidi Patel, Managing Partner at Rethink Impact, told BHB. "It is specialty care and that is something I'm seeing being rewarded by the investment community, by payers, to the benefit of the whole healthcare system. That's where I think the market is going. This population is almost a 31-million-person community that's growing incredibly fast. It's this huge generational shift that we're witnessing that's showing no signs of slowing down." Patel will also be joining Allswell's board to continue advising the company on strategy as it grows. According to the most recent data from the Human Rights Campaign, there are around 25.6 million adults in the U.S. who identify as LGBTQ+ and 54% of that population is younger than 35 years of age. As Allswell expands, its long-term goal is to become a centralized behavioral health care home for the LGBTQ+ community. That said, M&A activity is not yet on the horizon. "I see across our entire U.S. healthcare system that the majority of medical students are getting little to no training on LGBTQ+ issues," Androphy said. "Around 80% say that they don't feel competent serving LGBTQ+ patients and their needs. As a whole, in our entire system, we have huge gaps... What we're looking to do is something much bigger and more disruptive, where we are building a medical home that's truly designed for this community and brings to market clinical modalities and scales those that are proven to work for this population." Companies featured in this article: Ashleigh Hollowell is a professional journalist who has spent her career covering a range of local news, contributing to independent magazines and trade publications, and providing in-depth national health care reporting. Her work has appeared in Becker's Hospital Review, VentureBeat, PopSugar, MSN Singapore, and related outlets. She received her bachelor's degree from Colorado State University-Pueblo and her master's from Syracuse University. In her free time, she volunteers with local organizations, enjoys hiking, reading, and yoga. October 14, 2026 October 13, 2026 October 1, 2026