Allswell Raises $7 Million to Expand Behavioral Health Services for LGBTQ+ Community

Allswell, a behavioral health company built for the LGBTQ+ community, has raised $7 million in a seed round, bringing its total funding to $8.3 million. The round was led by Rethink Impact, the largest US venture firm investing in female-led technology companies, with participation from Magnify Ventures, Ulu Ventures, and Hopelab Ventures. Existing investors Techstars and Amboy Street Ventures also joined in.

The round follows a $1.3 million pre-seed led by Amboy Street Ventures. Allswell, founded in 2024 and based in San Francisco, California, is expanding its reach beyond its current footprint in Washington, DC, Maryland, and Virginia. The company plans to use the capital to build out the clinical training program that certifies its therapists and move toward becoming the medical home for the LGBTQ+ community, with psychiatric medication management planned for next year.

Despite its size, the community remains underserved and underestimated, creating a greenfield opportunity for a trusted, evidence-based, affordable, and Medicaid-friendly solution.

Allswell pairs patients with licensed therapists who are members of the LGBTQ+ community or screened for their experience serving it. Its therapeutic models are designed to address depression, anxiety, and identity-specific trauma, family dynamics, and social transition. The company is also developing its own curriculum on PTSD and trauma treatment in the LGBTQ+ community.

Demand for services is growing faster than the supply of clinicians equipped to meet it. Half of medical students receive no training in LGBTQ+ care, and 80% of healthcare professionals report they do not feel competent treating LGBTQ+ patients. Allswell launched in spring 2025 and scaled quickly across DC, Maryland, and Virginia. It now sees hundreds of active patients and holds upwards of 1,500 billable sessions per month.

While six to eight sessions is considered the industry benchmark for behavioral health companies, Allswell often retains its patients for over a year, driving revenue per patient 3-9x the industry norm. In their most recent cohorts, 77% of patients showed improvements in anxiety and 71% showed improvements in depression after 60 days of treatment with Allswell.

The company has been operating primarily through Medicaid, with commercial payer agreements now coming online.

Allswell is building the trusted medical home for the LGBTQ+ community, starting with behavioral health covered by insurance and Medicaid. Founded in 2024 and based in San Francisco, the company operates across Washington, DC, Maryland, and Virginia and partners with insurers, providers, and community organizations.