LGBTQ+ mental health provider Allswell has raised $1.3 million in pre-seed funding led by Amboy Street Ventures, with participation from Seae Ventures’ Unseen Capital, Techstars and other investors.
The company, founded in 2024, offers virtual therapy specifically designed for LGBTQ+ adults and currently operates in Maryland. Allswell plans to use the funding to expand into additional states, develop digital tools and grow its therapist network. The startup plans to expand to the entire DMV region in early 2026.
“We really just saw a lack of options in particular for LGBTQ adults,” co-founder and CEO Dawn Androphy stated in an interview with Fierce Healthcare. “What we noticed is that a lot of mental health programs aren’t really thinking about LGBTQ, if they’re targeting adults.”
Allswell provides one-on-one and group therapy sessions led primarily by social workers, using affirmative cognitive behavioral therapy. The company also offers cognitive processing therapy and eye movement desensitization and reprocessing for trauma treatment. Group therapy addresses the higher rates of loneliness reported among LGBTQ+ individuals compared to the general population.
The clinical focus on trauma reflects documented health disparities. While up to 8% of the general population experiences PTSD, up to 48% of LGBTQ+ individuals meet diagnostic criteria for PTSD, according to research cited by the company.
Allswell screens therapists for experience working with diverse LGBTQ+ populations and requires completion of additional training modules designed by OutCare Health, a nonprofit offering LGBTQ+ healthcare resources. The company emphasizes evidence-based treatment approaches that account for minority stress and discrimination factors affecting LGBTQ+ mental health.
“In standard cognitive behavioral therapy, there’s a lot of focus on yourself and avoiding the world around you, but that just doesn’t work for marginalized groups,” Androphy stated in the Fierce Healthcare interview.
The company is in-network with Maryland Medicaid, UnitedHealthcare, CareFirst and Cigna, and also accepts cash payment. According to Androphy, 83% of patients show reduced depression symptoms over four to eight weeks. The company serves a predominantly Medicaid population.
Over 30 million American adults identify as LGBTQ+, though experts suggest this figure may undercount the actual population. The new funding will support development of AI-enabled digital tools for patient engagement between therapy sessions, including journaling features and skills practice worksheets.
