All the fundraising deals in the mental health market (from Q2 2025 to Q2 2026)
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In our mental health market deck, you will find everything you need to understand the market
Mental health startups raised $1.69 billion across 38 publicly announced funding rounds from Q2 2025 to Q2 2026.
Psychiatric drug developers attracted the most capital, while therapy providers completed the largest number of deals.
Q1 2026 was the strongest quarter, but a small number of large rounds shaped the overall mental health funding figures.
And if you want to better understand this new industry, you can download our pitch covering the mental health market.
Insights
- Psychiatric medication companies received $762.5 million, equal to 45.0% of all mental health market funding, despite completing only five of the 38 deals.
- Therapy care providers completed ten rounds, making clinical care delivery the most active mental health market category by deal count.
- Q1 2026 generated $650.5 million, or 38.4% of all funding recorded across the five-quarter period.
- Talkiatry and Grow Therapy raised a combined $360 million in Q1 2026, showing strong investor demand for insurance-connected mental health platforms.
- MapLight Therapeutics alone represented 79.6% of Q3 2025 funding, so the quarter depended heavily on one large biotechnology round.
- The ten largest rounds captured 77.2% of all mental health market funding, leaving 28 smaller rounds to share less than one-quarter of the capital.
- Youth mental health remained a consistent investment theme, with six companies raising funds through schools, pediatric practices, peer support and specialist care.
- Q2 2026 funding fell sharply from Q1 2026, but the quarter still included six deals across therapy, clinical software, devices and care delivery.
- Four of the five quarters had at least one deal worth $140 million or more, which made quarterly totals sensitive to a few major transactions.
- Investors favored companies connected to formal treatment, including licensed clinicians, regulated medicines, medical devices and clinical care infrastructure.
This market map, featured in our mental health market deck, highlights top companies and startups in the mental health market
Summary table of the funding deals in the mental health market (last 5 quarters)
We define the mental health market as the set of services and products that diagnose, treat, or clinically manage mental and substance use disorders.
We include licensed providers, facilities, medications, and clinically validated digital tools that are used to assess or treat recognized mental and substance use conditions.
We exclude general wellness, self-help, fitness, and lifestyle products that aim to improve mood or wellbeing but are not used as formal clinical treatment.
You can also read our detailed analysis to understand how funding activity in the mental health market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the mental health market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Jones / HC Jones | Provides digital smoking-cessation treatment with nicotine-replacement products and personalized support in the United States. | $9.00M | Q2 2025 |
| TadHealth | Helps U.S. schools manage mental health crises, referrals and student behavioral-health care. | $5.50M | Q2 2025 |
| Noma Therapy | Provides virtual ketamine treatment and psychiatric medication management for U.S. patients. | $4.25M | Q2 2025 |
| Mentaily | Develops AI tools that support psychiatric assessment, diagnosis and clinical triage. | $3.00M | Q2 2025 |
| Draig Therapeutics | Develops new medicines for major depression and other neuropsychiatric disorders. | $140.00M | Q2 2025 |
| Handspring Health | Delivers virtual therapy for children, teenagers and families across the United States. | $12.00M | Q2 2025 |
| Clearly | Combines licensed online therapy with AI-supported care between sessions for European patients. | $1.35M | Q3 2025 |
| MapLight Therapeutics | Develops precision medicines for schizophrenia and other serious neuropsychiatric conditions. | $372.50M | Q3 2025 |
| Cartwheel Care | Provides therapy, psychiatry and care coordination through U.S. school districts. | $35.17M | Q3 2025 |
| Seven Starling | Provides virtual mental health care for pregnancy, postpartum, fertility and loss. | $8.00M | Q3 2025 |
| Cerebral | Provides virtual therapy, psychiatric evaluation and medication management across the United States. | $25.00M | Q3 2025 |
| Affect Therapeutics | Provides digital clinical treatment for alcohol and stimulant-use disorders in the United States. | $26.00M | Q3 2025 |
| Everbright Health | Helps U.S. providers launch and operate TMS, Spravato and interventional psychiatry services. | $7.00M | Q4 2025 |
| Marble Health | Connects U.S. students with licensed therapists through schools and insurance networks. | $15.50M | Q4 2025 |
| Triplemoon | Embeds pediatric behavioral-health specialists into primary-care practices in the United States. | $3.50M | Q4 2025 |
| Allswell | Connects LGBTQ+ patients with affirming, licensed and insurance-covered therapists. | $1.30M | Q4 2025 |
| FamilyWell Health | Embeds therapy and psychiatry into U.S. obstetric and women’s-health practices. | $8.00M | Q4 2025 |
| Amae Health | Operates outpatient centers for schizophrenia, bipolar disorder and serious mental illness. | $25.00M | Q4 2025 |
| Circular Genomics | Develops RNA tests for psychiatric diagnosis and treatment-response prediction. | $15.00M | Q4 2025 |
| Radial | Builds U.S. clinics for TMS, Spravato and other interventional psychiatric treatments. | $50.00M | Q4 2025 |
| Syremis Therapeutics | Develops medicines for schizophrenia, depression, bipolar disorder and related conditions. | $165.00M | Q4 2025 |
| Oasys Health | Provides treatment, measurement, billing and operating software for behavioral-health clinics. | $4.60M | Q1 2026 |
| Somethings | Connects young people with trained peer specialists and supervised mental health support. | $19.20M | Q1 2026 |
| Talkiatry | Operates an insurance-covered virtual psychiatry and therapy group across the United States. | $210.00M | Q1 2026 |
| Salma Health | Combines psychiatry, neurology, diagnostics and neuromodulation in specialist clinics. | $80.00M | Q1 2026 |
| Ease Health | Builds clinical, billing and customer-management software for behavioral-health providers. | $41.00M | Q1 2026 |
| Grow Therapy | Helps therapists and psychiatric providers accept insurance and deliver clinical care. | $150.00M | Q1 2026 |
| Amani Therapeutics | Develops a clozapine-based treatment for resistant schizophrenia and related disorders. | $25.00M | Q1 2026 |
| Gilgamesh Pharma | Develops neuroplastogen medicines for depression and other psychiatric disorders. | $60.00M | Q1 2026 |
| Blossom Health | Combines psychiatrists with AI tools for intake, documentation and ongoing care. | $20.00M | Q1 2026 |
| Jimini Health | Provides supervised AI support for behavioral-health systems and patients between appointments. | $17.00M | Q1 2026 |
| Big Health | Develops regulated digital treatments for insomnia, anxiety and related conditions. | $23.70M | Q1 2026 |
| Tava Health | Provides employer-sponsored therapy and operating tools for licensed mental health clinicians. | $40.00M | Q2 2026 |
| Ampa | Develops a portable transcranial magnetic-stimulation device for treating depression. | $17.00M | Q2 2026 |
| The Path | Offers AI-supported therapy with crisis detection and access to human therapists. | $14.30M | Q2 2026 |
| Trayt Health | Helps health systems screen patients, coordinate referrals and track behavioral-health treatment. | $7.17M | Q2 2026 |
| Radley Health | Provides structured peer-supported care for adults with serious mental illness. | $3.00M | Q2 2026 |
| InStride Health | Provides specialist treatment for young people with anxiety, OCD and related disorders. | $30.00M | Q2 2026 |
In our mental health market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the mental health market changed over time?
Q1 2026 was the most active quarter, with 11 deals and $650.5 million raised, although Talkiatry and Grow Therapy contributed $360 million of the total.
Q2 2026 was the least active quarter by funding value, with six deals raising $111.47 million and no round above $50 million.
Mental health market funding fell by 82.9% between Q1 2026 and Q2 2026, and Q2 2026 funding was also 35.8% below Q2 2025.
Without the two largest deals in each quarter, funding increased from $21.75 million in Q2 2025 to $290.5 million in Q1 2026, before falling to $41.47 million in Q2 2026. This shows that Q1 2026 had broader strength, while other quarters depended more heavily on a few large rounds.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 6 | $174M | Draig Therapeutics contributed more than four-fifths of the quarter’s mental health market funding. |
| Q3 2025 | 6 | $468M | MapLight Therapeutics made Q3 2025 the second-largest quarter despite only six completed deals. |
| Q4 2025 | 9 | $290M | Funding became more diverse, with activity across medicines, clinics, therapy providers and diagnostics. |
| Q1 2026 | 11 | $651M | The quarter combined large care-platform rounds with active investment in software, medicines and digital treatments. |
| Q2 2026 | 6 | $111M | No mega-round occurred, but investors still backed six different mental health business models. |
| All quarters | 38 | $1.69B | The five-quarter period was shaped by large drug-development and clinical care-platform rounds. |
This chart, featured in our mental health market deck, shows why Talkspace is winning in mental health
Which startups in the mental health market raised the largest rounds over the last months?
These startups raised the most recently in the mental health market:
- MapLight Therapeutics raised $372.5 million to finance late-stage trials and prepare precision psychiatric medicines for possible regulatory approval.
- Talkiatry raised $210 million to recruit clinicians, expand payer relationships and scale insurance-covered psychiatry across the United States.
- Syremis Therapeutics raised $165 million to build a new psychiatric drug company and move several acquired programs into clinical development.
- Grow Therapy raised $150 million to expand insurance access, provider tools and measurement-based mental health care.
- Draig Therapeutics raised $140 million to advance depression medicines and complete early clinical studies.
- Salma Health raised $80 million to open integrated clinics and build psychiatric, neurological and diagnostic infrastructure.
- Gilgamesh Pharma raised $60 million to move neuroplastogen medicines through clinical trials and expand its psychiatric drug pipeline.
- Radial raised $50 million to open or acquire interventional psychiatry clinics and add regulated treatment options.
- Ease Health raised $41 million to build operating software for behavioral-health providers and support new customer deployments.
- Tava Health raised $40 million to expand psychiatry, clinical measurement and support services for mental health providers.
And, yes, we do cover most of them in our our beautiful pitch about the mental health market.
You may also want to check our ranking of the most funded startups in the mental health market as well as our list of the most valued startups.
This chart, featured in our mental health market deck, illustrates yearly funding for mental health startups
Is the mental health market shifting toward smaller or bigger deals?
The average mental health market funding round was $44.58 million across all 38 deals recorded during the five-quarter period.
The quarterly average ranged from $18.58 million in Q2 2026 to $78.00 million in Q3 2025. The difference came mainly from large rounds such as MapLight Therapeutics, Talkiatry and Syremis Therapeutics.
Without the five largest rounds, the average deal size falls to about $19.90 million, which shows that most mental health funding rounds remained much smaller than the headline average.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 6 | $28.96M | 0 | 1 |
| Q3 2025 | 6 | $78.00M | 1 | 1 |
| Q4 2025 | 9 | $32.26M | 1 | 1 |
| Q1 2026 | 11 | $59.14M | 0 | 4 |
| Q2 2026 | 6 | $18.58M | 0 | 0 |
| All quarters | 38 | $44.58M | 2 | 7 |
This chart, featured in our mental health market deck, compares the main business model options for tele-mental health platforms
How concentrated was funding activity in the mental health market?
Mental health market funding was highly concentrated, with the largest deal representing more than half of quarterly funding in Q2, Q3 and Q4 2025. Q1 2026 was more balanced because several companies raised large rounds at the same time.
Across all five quarters, the ten largest rounds captured 77.2% of total funding, which left 28 other mental health startups sharing 22.8% of the capital.
| Quarter | Number of deals | Top 1 share | Top 3 share | Top 10 share |
|---|---|---|---|---|
| Q2 2025 | 6 | 80.58% | 92.66% | 100.00% |
| Q3 2025 | 6 | 79.59% | 92.66% | 100.00% |
| Q4 2025 | 9 | 56.84% | 82.67% | 100.00% |
| Q1 2026 | 11 | 32.28% | 67.64% | 99.29% |
| Q2 2026 | 6 | 35.88% | 78.05% | 100.00% |
| All quarters | 38 | 21.99% | 44.13% | 77.24% |
This chart, featured in our mental health market deck, shows how market revenue is split across customer segments in the mental health market
Which categories in the mental health market received the most funding?
Psychiatric Medication Services received $762.5 million, or 45.0% of all mental health market funding. MapLight Therapeutics, Syremis Therapeutics and Draig Therapeutics accounted for most of this amount.
Therapy Care Providers received $303.47 million across ten deals, or 17.9% of total funding. The high deal count shows broad investor interest in insurance access, clinician networks and specialist care.
Psychiatry Care Platforms received $259.25 million across four deals, or 15.3% of total funding. Talkiatry represented most of the category because the company raised $210 million.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Psychiatric Medication Services | 5 | $762.50M | Draig Therapeutics $140M; MapLight Therapeutics $372.5M; Syremis Therapeutics $165M; Amani Therapeutics $25M; Gilgamesh Pharma $60M |
| Therapy Care Providers | 10 | $303.47M | Handspring Health $12M; Cartwheel Care $35.17M; Seven Starling $8M; FamilyWell Health $8M; Marble Health $15.5M; Triplemoon $3.5M; Allswell $1.3M; Grow Therapy $150M; Tava Health $40M; InStride Health $30M |
| Psychiatry Care Platforms | 4 | $259.25M | Noma Therapy $4.25M; Cerebral $25M; Blossom Health $20M; Talkiatry $210M |
This chart, featured in our mental health market deck, shows how therapy matchmaking platform technology has evolved over time
Who are the biggest investors in the mental health market?
General Catalyst was the most active publicly named investor, with three deals involving Cartwheel Care, Somethings and InStride Health.
Andreessen Horowitz appeared in two deals with a combined round value of $251 million, led by the large Talkiatry financing.
.406 Ventures participated in two clinical care rounds involving FamilyWell Health and InStride Health.
Town Hall Ventures participated in two deals involving Marble Health and Jimini Health, both focused on improving access to clinical care.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| General Catalyst | 3 | $84.37M | Cartwheel Care; Somethings; InStride Health |
| Andreessen Horowitz | 2 | $251.00M | Talkiatry; Ease Health |
| .406 Ventures | 2 | $38.00M | FamilyWell Health; InStride Health |
| Town Hall Ventures | 2 | $32.50M | Marble Health; Jimini Health |
This chart, featured in our mental health market deck, shows how teletherapy adoption has driven growth in the mental health market over time
Related blog posts
- An overview of all funding deals in the mental health market
- The startups that have raised the most funding in the mental health market
- How strong is fundraising in the mental health market right now?
