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.

San Francisco, CA October 14, 2026 –(PR.com)– Allswell, a behavioral health company built for the LGBTQ+ community, today announced a $7 million seed round. The round was led by Rethink Impact, the largest US venture firm investing in female-led technology companies and an early backer of Spring Health, with participation from Magnify Ventures, Ulu Ventures and Hopelab Ventures, joining existing investors Techstars and Amboy Street Ventures. The round follows a $1.3 million pre-seed led by Amboy Street Ventures and brings total funding to $8.3 million.

Allswell offers one-on-one virtual therapy, group programs and trauma-informed care to LGBTQ+ patients, covered by commercial insurance and Medicaid. The company will use the capital to expand beyond its current Washington, DC, Maryland and Virginia footprint, 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.

A Market the Healthcare System Was Not Built to Serve

“Nobody realizes how big this market is. Only 5% of Gen X identifies as LGBTQ+, compared with 25% of Gen Z. That’s a massive generational and cultural shift, and we want to do for LGBTQ+ health what Midi did for menopause,” said Heidi Patel, Managing Partner at Rethink Impact.

Despite its size, the community remains underserved and underestimated. This leaves 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 were built for patients navigating depression and anxiety alongside identity-specific trauma, family dynamics and social transition, and the company is developing its own curriculum on PTSD and trauma treatment in the LGBTQ+ community.

Demand 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.

Traction

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.

“A lot of people told me this business wouldn’t work, because patients stay with you for six or eight sessions and leave. Our patients aren’t used to being served with care and respect, or to having something built for them. We still have patients from every cohort since we launched. This is a sleeping-giant category, and it has been underestimated at every step. Our ambition is to continue developing new, thoughtful clinical programs specifically for the LGBTQ+ community, regardless of the political climate,” said Dawn Androphy, Co-Founder and CEO of Allswell.

Patients are also getting better. In their most recent cohorts, 77% showed improvements in anxiety and 71% showed improvements in depression after 60 days of treatment with Allswell.

The company reached that scale operating primarily through Medicaid, with commercial payer agreements now coming online.

“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. We are proud to be investors,” said Julie Wroblewski, Managing Partner at Magnify Ventures.

“I had the pleasure of working with Dawn and Connor as a mentor during the Techstars Accelerator. As an LGBTQ+ care provider and clinic program director, I was impressed by their passion for improving mental health care for LGBTQ+ people using an evidence-based, innovative care model. They continually displayed creativity and flexibility in navigating obstacles and working towards expanding Allswell’s reach. I can’t wait to see Allswell continue to grow!” said Dr. Keith Egan, Physician and Program Director for LGBTQ+ Health at Kaiser Permanente Medical Group Mid-Atlantic States.

Allswell was founded by Dawn Androphy, CEO, and Connor Gordon, CTO, out of Stanford’s Graduate School of Business, where the team completed the Startup Garage program and won a Stanford Impact Founder Fellowship.

About Allswell

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.

Learn more at www.joinallswell.com. Health plans, providers, and others interested in partnering can reach out to dawn@joinallswell.com.

Media Contact

Dawn Androphy, Co-Founder and CEO
dawn@joinallswell.com

Contact Information:
Allswell
Dawn Androphy
347-714-2665
Contact via Email
www.joinallswell.com

Read the full story here: https://www.pr.com/press-release/981801

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