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.”
