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Allswell secures $7M to expand LGBTQ+ mental health services. By Whitney Blake - October 19, 2026 Allswell, a behavioral health company focused on the LGBTQ+ community, has secured $7 million in seed funding. The company offers virtual therapy, group programs, and trauma-informed care, connecting patients with therapists who are either part of the LGBTQ+ community or have experience serving it. Allswell addresses issues like depression, anxiety, and family relationships, and is developing a PTSD curriculum. Its services are covered by commercial insurance and Medicaid. With this funding, the company aims to expand its clinical training program and launch a medication management service next year. The funding round was led by Rethink Impact, with participation from Magnify Ventures, Ulu Ventures, and Hopelab Ventures. Existing investors Techstars and Amboy Street Ventures also joined, bringing Allswell's total funding to $8.3 million. "We are building the medical home for LGBTQ+ people, starting with behavioral healthcare," said Dawn Androphy, CEO of Allswell. "Our ambition is to keep developing thoughtful clinical programs specifically for the LGBTQ+ community, regardless of the political climate." Julie Wroblewski, managing partner at Magnify Ventures, highlighted the team's understanding of the patient population and the model's effectiveness. "What drew us to Allswell was the combination of a founding team that deeply understands this patient population and a model that actually works," she said. Allswell currently serves patients in Washington, D.C., Maryland, and Virginia, with about 1,500 billable sessions per month. The company launched in spring 2025 and has since focused on addressing gaps in LGBTQ+ care. According to The Trevor Project's 2025 report, 36% of LGBTQ+ young people seriously considered suicide in the past year, and 44% of those seeking mental health care were unable to access it. Androphy noted that fewer than 50% of medical students receive LGBTQ+ care training, and 80% feel unprepared to serve this community. Allswell's approach centers on insurance coverage, ensuring accessibility. "LGBTQ+ adults are more likely to postpone or skip care they need, and Medicaid covers a larger share of our community than of the population overall," Androphy said. "Being in-network determines who actually gets care, so we built Allswell around insurance and Medicaid from the start."

Allswell raises $7M to grow LGBTQ+ behavioral health platform. Allswell's seed round was led by Rethink Impact, and included participation from Magnify Ventures, Ulu Ventures and Hopelab Ventures, joining existing investors Techstars and Amboy Street Ventures. Allswell, a behavioral health company for the LGBTQ+ community, announced on Wednesday that it raised $7 million in seed funding. The company provides one-on-one virtual therapy, group programs and trauma-informed care. It connects patients with therapists who are part of the LGBTQ+ community or are screened for their experience serving the community. Allswell treats depression and anxiety, and supports patients through family dynamics and social transition. It is also building its own curriculum for PTSD. Its services are covered by commercial insurance and Medicaid. "We are building the medical home for LGBTQ+ people, starting with behavioral healthcare," said Dawn Androphy, CEO of Allswell. "Our ambition is to keep developing thoughtful clinical programs specifically for the LGBTQ+ community, regardless of the political climate. This is a sleeping-giant category that has been underestimated at every step, and continues to grow every day." presented by What if health plans could identify member decline before an avoidable hospitalization occurs? Real-time clinical visibility into long-stay SNF members uncovers risk earlier and drives better outcomes. The seed round was led by Rethink Impact, and included participation from Magnify Ventures, Ulu Ventures and Hopelab Ventures, joining existing investors Techstars and Amboy Street Ventures. In total, Allswell has raised $8.3 million. "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," said Julie Wroblewski, managing partner at Magnify Ventures, in a statement. The financing will be used to grow the company's clinical training program so it can onboard more clinicians who can serve the LGBTQ+ community, Androphy said. In addition, Allswell is launching a medication management offering next year, which the funding presented by In an interview, Kyan Health Co-Founder and Chief Commercial Officer Konstantin Struck discussed how Kyan gives mid-market and enterprise employers access to premium workforce mental healthcare, at a price point that is affordable. will support. The company's clinicians currently refer patients out for medication needs. "We want to be a holistic care provider for patients and allow them to get all their mental health needs met in one place," Androphy said. Allswell first launched in spring 2025 and now serves patients in Washington, D.C., Maryland and Virginia. It holds about 1,500 billable sessions per month, according to its announcement. According to The Trevor Project's 2025 report, 36% of LGBTQ+ young people seriously considered suicide in the past year, and 44% of those who wanted mental health care were unable to access it. Part of the issue is a training gap, Androphy said, noting that fewer than 50% of medical students receive any LGBTQ+ care training and 80% don't feel confident caring for this community. Coverage is a major part of what Allswell is building, Androphy added. "LGBTQ+ adults are more likely to postpone or skip care they need, and Medicaid covers a larger share of our community than of the population overall. Being in-network determines who actually gets care, so we built Allswell around insurance and Medicaid from the start," Androphy said.