Allswell Raises $7M Seed to Build the Behavioral Health Home for the LGBTQ+ Community

Allswell (Techstars 2025) has raised a $7M seed round, bringing its total funding to $8.3M. The company provides behavioral health care built for the LGBTQ+ community and covered by insurance, and the new capital will help it grow into a full medical home for the patients it serves.

Allswell offers one-on-one virtual therapy, group programs, and trauma-informed care, all covered by commercial insurance and Medicaid. With this round, the company plans to expand beyond its current footprint in Washington, DC, Maryland, and Virginia, build out the clinical training program that certifies its therapists, and add psychiatric medication management next year.

A Market Health Care Wasn't Built to Serve

The LGBTQ+ community is large, yet it remains underserved, and the health care system hasn't kept pace.

The gap shows up in training. Half of medical students receive no training in LGBTQ+ care, and 80 percent of health care professionals say they don't feel competent treating LGBTQ+ patients. Demand for care is growing faster than the supply of clinicians prepared to provide it.

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

Momentum Behind the Round

Allswell launched in spring 2025 and scaled quickly across DC, Maryland, and Virginia. Today it sees hundreds of active patients and holds more than 1,500 billable sessions each month.

Retention is where the model stands out. Behavioral health companies typically see patients for six to eight sessions. Allswell often keeps patients for more than a year, which drives revenue per patient to 3 to 9 times the industry norm.

Patients are getting better, too. In Allswell's most recent cohorts, 77 percent of patients showed improvement in anxiety and 71 percent showed improvement in depression after 60 days of treatment. The company reached this scale operating primarily through Medicaid, and commercial payer agreements are now coming online.

"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.

Support From the Techstars Network

Allswell's founders worked with mentors from across the health care field during their time in the Techstars Healthcare Accelerator powered by Permanente Medicine Mid-Atlantic States, including clinicians who serve LGBTQ+ patients every day.

"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.

The People Building It

Allswell was founded in 2024 by Dawn Androphy, CEO, and Connor Gordon, CTO. The two started the company at Stanford's Graduate School of Business, where they completed the Startup Garage program and won a Stanford Impact Founder Fellowship.

Congratulations to Dawn, Connor, and the entire Allswell team. We're proud to back a company building care that so many people have gone without, and we can't wait to see where you take it next.

In the News

Read more about Allswell's raise in Axios Pro and Behavioral Health Business.

To learn more about Allswell, visit joinallswell.com.