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.”
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
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.
Photo credit: bojanstory, Getty Images
