All the fundraising deals in the mental health market (from Q1 2025 to Q1 2026)
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In our mental health market deck, you will find everything you need to understand the market
The mental health market raised about $769 million across 29 verified funding rounds between Q1 2025 and Q1 2026.
Q4 2025 was the most active quarter, with 13 deals closed, while Q1 2026 was the smallest in deal count but the second largest in total capital raised thanks to two mega rounds.
Provider enablement, virtual mental health care, and psychiatric pharmaceuticals were the three categories that attracted the most capital over the period.
And if you want to better understand this new industry, you can download our pitch covering the mental health market.
Insights
- Q4 2025 alone accounted for nearly half of all mental health market deals in the five-quarter period, with 13 rounds totaling about $371 million, suggesting a strong year-end push from both founders and investors.
- The two largest rounds in the dataset, Syremis Therapeutics ($165M) and Grow Therapy ($150M), together represent 41% of all capital raised across the five quarters, showing how a handful of mega-deals can dominate total figures in the mental health market.
- Youth mental health care was the most consistently funded category across the period, with five different companies (Little Otter, Handspring, Cartwheel, Marble Health, Somethings) raising across four different quarters.
- Provider enablement attracted six separate rounds totaling $137.8M, making it the third-largest category by capital and the largest by deal count, pointing to strong investor appetite for operational infrastructure in behavioral health.
- Women's mental health care emerged as a distinct investment category, with Seven Starling and FamilyWell Health both raising in the second half of 2025 and targeting maternal, perinatal, and life-stage mental health needs.
- The average deal size in Q1 2026 ($57.9M) was nearly three times larger than the five-quarter average ($26.5M), driven by the Grow Therapy Series D ($150M), though the number of deals dropped to just three.
- Substance use disorder treatment attracted at least four dedicated rounds (Ria Health, Affect Therapeutics, The Ridge Ohio, Empathy Health), showing that investors in the mental health market are increasingly comfortable backing SUD-specific models.
- General Catalyst is the only investor that appears in three separate mental health market deals in this dataset (Radial, Cartwheel, Somethings), making it the most active institutional backer of the period by deal count.
- The mental health market is splitting into two clear funding tiers: very large rounds ($50M+) for scaled platforms or pharma companies, and a long tail of $3M to $10M raises for niche workflow, specialty clinic, or measurement players.
- AI-powered tools appeared in at least eight of the 29 deals, spanning documentation, diagnostics, clinical decision support, and outcome measurement, suggesting that AI integration has become a standard expectation rather than a differentiator in mental health market fundraising.
In our mental health market deck, we will give you useful market maps and grids
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 | Quarter | Source(s) |
|---|---|---|---|---|
| Eleos Health | AI documentation and session intelligence tools for behavioral health clinicians and SUD workflows | $60M | Q1 2025 | Fierce Healthcare, MobiHealthNews |
| Ria Health | Telehealth provider treating alcohol use disorder with medical care, coaching, and medications | $12.5M | Q1 2025 | BH Business, Business Wire |
| Little Otter | Whole-family mental health care combining pediatric therapy, psychiatry, and care navigation | $9.5M | Q1 2025 | BH Business, Little Otter |
| HelloBetter | Clinically validated digital therapeutics for depression, insomnia, panic, and stress disorders in Europe | ~$6M | Q1 2025 | HelloBetter, XAnge |
| Noma Therapy | Insurance-covered virtual ketamine-assisted psychotherapy plus psychiatry and medication management | $4.25M | Q2 2025 | PRWeb, BH Business |
| Mentaily | AI-powered psychiatric assessment, triage, and diagnosis support tools for clinicians | $3M | Q2 2025 | Sheba Medical Center, HIT Consultant |
| Dazos | Behavioral health-specific software for admissions, CRM, billing, and growth operations | $25M | Q2 2025 | BH Business |
| Brooklyn Health | AI tools to measure mental health outcomes objectively in CNS and psychiatry clinical trials | $6.5M | Q2 2025 | HLTH, MobiHealthNews |
| Handspring | Youth mental health provider offering therapy and psychiatry for children, teens, and young adults | $12M | Q2 2025 | BH Business |
| Cartwheel | School-based mental health provider delivering student therapy and psychiatry through school partnerships | $35M | Q3 2025 | BH Business, SignalBase |
| The Ridge Ohio | Physician-led addiction treatment center offering detox, inpatient rehab, and outpatient SUD care | $18M | Q3 2025 | BH Business, Thesis Capital |
| Cerebral | Virtual mental health provider offering therapy and medication management at scale across the U.S. | $25M | Q3 2025 | BH Business |
| Seven Starling | Virtual women's behavioral health provider focused on fertility, pregnancy, postpartum, and early parenthood | $8M | Q3 2025 | MedCity News, FemTech Insider |
| Blossom Health | In-network virtual psychiatry and therapy provider serving commercially insured patients | $18.4M | Q4 2025 | BH Business |
| Hipp Health | AI-native admin, documentation, and compliance platform built specifically for behavioral health practices | $6.2M | Q4 2025 | Tech Startups, Healthcare IT Today |
| Onos Health | AI tools for health plans to manage behavioral health pathways, routing, and utilization | $6.3M | Q4 2025 | BH Business, Business Wire |
| Everbright Health | Tech-enabled services helping providers deliver advanced mental health treatments like TMS and Spravato | $7M | Q4 2025 | PR Newswire |
| Marble Health | School-based platform that identifies students needing mental health care and connects them with licensed therapists | $15.5M | Q4 2025 | BH Business, MobiHealthNews |
| Allswell | Virtual identity-centered mental health provider offering therapy tailored specifically to LGBTQ+ adults | $1.3M | Q4 2025 | Fierce Healthcare, Amboy Street Ventures |
| Affect Therapeutics | Digital clinic for substance use disorders blending therapy, medical support, and a gamified recovery app | $26M | Q4 2025 | BH Business |
| Amae Health | Outpatient clinics and tech-enabled care model for severe mental illness including schizophrenia and bipolar disorder | $25M | Q4 2025 | BH Business, Business Wire |
| FamilyWell Health | Embeds women's mental health teams into OB/GYN clinics covering therapy, psychiatry, and maternal care | $8M | Q4 2025 | BH Business, .406 Ventures |
| Empathy Health | Relapse prevention platform for substance use disorder combining peer support and predictive analytics | $7.6M | Q4 2025 | BH Business, Axios |
| Radial | Interventional psychiatry network expanding access to advanced brain medicine including TMS and Spravato | $50M | Q4 2025 | BH Business, Radial |
| Ritten | AI-powered system of record and operating platform built for behavioral health providers | $35M | Q4 2025 | PR Newswire, HIT Consultant |
| Syremis Therapeutics | Clinical-stage biopharma developing new drug treatments for schizophrenia, major depression, and bipolar disorder | $165M | Q4 2025 | Fierce Biotech, Calcalist Tech |
| Oasys Health | AI-native operating system for behavioral health covering documentation, scheduling, billing, and wearable data | $4.6M | Q1 2026 | PR Newswire, BHNet |
| Somethings | Digital mental health platform for teens and young adults built around certified peer support and AI care coordination | $19.2M | Q1 2026 | PR Newswire, BH Business |
| Grow Therapy | Mental health platform helping therapists and psychiatrists deliver in-person and virtual care with full insurance support | $150M | Q1 2026 | PR Newswire, BH Business |
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?
Q4 2025 was by far the most active quarter, with 13 deals and $371M raised, though the Syremis Therapeutics $165M Series A alone accounted for about 44% of that total.
Q2 2025 was the quietest quarter, with just five deals and $50.8M raised, and no single round above $25M to push the numbers higher.
From Q4 2025 to Q1 2026, total capital dropped by more than 50% in absolute terms (from $371M to $174M), but Q1 2026 is up significantly versus Q1 2025 ($88M), largely because of Grow Therapy's $150M Series D.
If you strip out the two largest deals in each quarter, the underlying pace of mental health market fundraising stays relatively stable between $40M and $80M per quarter, suggesting the big swings in total capital are mostly driven by outlier mega-rounds rather than a change in baseline activity.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 4 | $88M | Solid start to the year, with Eleos Health's $60M Series C making up most of the total. |
| Q2 2025 | 5 | $51M | Lowest total in the dataset; five smaller rounds with no mega deal to boost the figure. |
| Q3 2025 | 4 | $86M | Cartwheel ($35M) and Cerebral ($25M) dominated; the quarter returned to Q1 levels despite fewer deals. |
| Q4 2025 | 13 | $371M | The standout quarter; 13 deals including Syremis ($165M) and Radial ($50M) pushed totals to a peak. |
| Q1 2026 | 3 | $174M | Few deals but high capital; Grow Therapy's $150M Series D accounted for 86% of the quarter's total. |
| All quarters | 29 | $769M | Q4 2025 alone represented 48% of total capital raised across the full five-quarter period. |
In our mental health market deck, we identify repeatable patterns you can use if you’re building in this market
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:
- Syremis Therapeutics raised $165M to develop new drug treatments for schizophrenia and bipolar depression, a category where clinical breakthroughs are rare and investor appetite for pharma bets is high.
- Grow Therapy raised $150M on the back of $1B in revenue, using the capital to deepen insurer, employer, and health system partnerships as it scales its therapist and psychiatry platform.
- Eleos Health raised $60M to expand its AI documentation and clinical intelligence tools across behavioral health, particularly in underserved SUD care settings.
- Radial raised $50M to build out a national network of interventional psychiatry clinics offering TMS and Spravato, a high-acuity segment where access remains very limited.
- Cartwheel raised $35M to scale its school-based therapy and psychiatry model, addressing the large unmet need for accessible mental health services for students.
- Ritten raised $35M to expand its AI-powered system of record for behavioral health providers, a market where outdated generic software still dominates.
- Affect Therapeutics raised $26M to grow its digital substance use disorder clinic, which combines therapy, medication, and a gamified app for SUD recovery.
- Dazos raised $25M to expand its behavioral health-specific admissions and operations software, filling the gap left by generic CRM tools that do not meet SUD and mental health provider needs.
- Cerebral raised $25M to fund its next operating phase after its first acquisition of Resilience Lab, as the virtual mental health provider continues to rebuild and scale.
- Amae Health raised $25M to open more outpatient clinics and expand its AI platform targeting severe mental illness, one of the most historically underserved segments in psychiatry.
And, yes, we do cover most of them in 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.
In our mental health market deck, we answer all the common questions from investors and entrepreneurs
Is the mental health market shifting toward smaller or bigger deals?
Across all 29 deals in the dataset, the average mental health market funding round came in at about $26.5M, but that figure is heavily pulled up by a few very large raises.
The average deal size ranged from $10.2M in Q2 2025 to $57.9M in Q1 2026, though these extremes are largely explained by the absence or presence of a single mega-round in each quarter. When Q1 2026 is stripped of Grow Therapy's $150M, the remaining two deals average just $11.9M, which is closer to the Q2 2025 baseline.
If you remove the single largest deal from each quarter, average deal sizes across the mental health market stay in a tighter $10M to $20M range, suggesting the underlying deal activity is fairly consistent and that the volatility in averages is driven almost entirely by outliers.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 4 | $22M | 0 | 1 |
| Q2 2025 | 5 | $10.2M | 0 | 0 |
| Q3 2025 | 4 | $21.5M | 0 | 0 |
| Q4 2025 | 13 | $28.6M | 1 | 1 |
| Q1 2026 | 3 | $57.9M | 0 | 1 |
| All quarters | 29 | $26.5M | 1 | 3 |
In our mental health market deck, we help you understand how the market is structured
How concentrated was funding activity in the mental health market?
Funding concentration in the mental health market was very high throughout the period: the single largest deal in each quarter captured between 41% and 86% of all capital raised that quarter, meaning most deals competed for just a small share of the total.
Q1 2026 was the most extreme case, with Grow Therapy's $150M round representing 86% of all mental health market capital raised that quarter, while the remaining two deals split the other 14%.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 4 | 68.2% | 93.2% | 100.0% |
| Q2 2025 | 5 | 49.3% | 85.7% | 100.0% |
| Q3 2025 | 4 | 40.7% | 90.7% | 100.0% |
| Q4 2025 | 13 | 44.4% | 67.3% | 96.3% |
| Q1 2026 | 3 | 86.3% | 100.0% | 100.0% |
| All quarters | 29 | ~42% | ~69% | ~95% |
In our mental health market deck, we have designed useful charts to give you full market clarity
Which categories in the mental health market received the most funding?
Virtual mental health care led all categories with $193.4M across three deals (Cerebral, Blossom Health, Grow Therapy), and Grow Therapy's $150M Series D alone accounts for about 78% of that total, meaning the category's dominance is largely a function of one very large late-stage round.
Psychiatric pharmaceuticals came second at $165M from just one deal, Syremis Therapeutics, which shows how a single well-funded drug development bet can dwarf the output of several quarters of digital health investing in the mental health market.
Provider enablement was the third-largest category at $137.8M across six separate deals, making it the broadest and most evenly distributed funding category, with round sizes ranging from $4.6M (Oasys Health) to $60M (Eleos Health).
| Category name | Number of deals | Total raised ($) | Startups and amounts |
|---|---|---|---|
| Virtual mental health care | 3 | $193.4M | Cerebral ($25M), Blossom Health ($18.4M), Grow Therapy ($150M) |
| Psychiatric pharmaceuticals | 1 | $165M | Syremis Therapeutics ($165M) |
| Provider enablement | 6 | $137.8M | Eleos Health ($60M), Dazos ($25M), Ritten ($35M), Everbright Health ($7M), Hipp Health ($6.2M), Oasys Health ($4.6M) |
In our mental health market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the mental health market?
General Catalyst is the most active investor in this dataset with three deals (Radial, Cartwheel, Somethings), backing interventional psychiatry, school-based youth care, and peer support, suggesting a broad thesis across high-acuity and access-focused mental health models.
Pathlight Ventures participated in two deals (Onos Health, Oasys Health), both in the provider and payer enablement space, showing a consistent focus on the operational infrastructure layer of the mental health market.
HealthX Ventures backed two deals (Brooklyn Health, Empathy Health), one in mental health measurement for clinical trials and one in SUD relapse prevention, pointing to an interest in outcome-oriented tools in behavioral health.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| General Catalyst | 3 | $104.2M | Radial ($50M), Cartwheel ($35M), Somethings ($19.2M) |
| Pathlight Ventures | 2 | $10.9M | Onos Health ($6.3M), Oasys Health ($4.6M) |
| HealthX Ventures | 2 | $14.1M | Brooklyn Health ($6.5M), Empathy Health ($7.6M) |
In our mental health market deck, we track adoption trends and shifts in consumer behavior
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
