Headway
The New York network that lets 90,000+ therapists take insurance without the paperwork. Valued at $2.3B in 2024, it has not raised since and is now betting on AI admin tools.
Headway job postings on Ashby, checked Nov 3, 2026; Pulse 2.0, Jul 2024- Valuation
- $2.3B Series D, July 2024, up 130% on the prior round per the company.
- Raised
- $325M+ Headway's own figure in its 2026 job postings, across seed to Series D.
- Scale
- 90,000+ providers in network per its job postings, up from 34,000 in July 2024 and 60,000+ in Sept 2025.
- Watch
- Privacy suit a California class action over sharing site data with Google has survived two dismissal rounds.
- AI
- Notes and admin free AI-assisted progress notes since Sept 2025; bought the Tezi AI team in March 2026.
- Liquidity
- None found no staff tender offer, secondary sale or IPO filing reported.
- Hiring
- 69 → 64 remote listings since Oct 10.
Insurers pay the therapist, and Headway takes a cut.
Headway does not employ the clinicians. Therapists and psychiatrists in private practice join its network, and Headway handles credentialing, billing, claims and payment so they can take insurance. Reuters reported it earns money by taking a cut of what insurers pay those clinicians. It added Medicare Advantage in 2024 and planned Medicaid for 2025, and its electronic health record is free to providers.
Reuters via Yahoo Finance, Oct 2023; Pulse 2.0, Jul 2024; MedCity News, Sep 2025- 1The biggest insurance-ready therapist networkIts postings cite 90,000+ providers and 2.6 million patients; its Aug 2026 study release said 85,000+ clinicians.Headway job postings on Ashby; Headway release, Aug 25, 2026
- 2Contracts with the big payersIn network with 40+ commercial health plans across all 50 states and D.C. by July 2024, plus Medicare Advantage in 51 markets planned by end of 2024.Pulse 2.0, Jul 25, 2024
- 3Owns the clinician's daily workflowA free EHR with telehealth, scheduling and AI-assisted notes; 200,000+ AI notes in the first weeks and notes usage up 40%.MedCity News, Sep 11, 2025
- LifeStance Health$5.12Blisted, Oct 30 close
- Spring Health$3.30Bprivate, Jul 31
- Headway$2.30BSeries D, Jul 25
- Teladoc Health$1.55Blisted, Oct 30 close
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Headway is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $2.30B
- latest valuation, Series D Jul 25
- $325M
- raised in all
Not disclosed. Reuters noted only that it takes a cut of insurer payments to clinicians.
Headway job postings on Ashby ($325M+); Reuters, Oct 2023Post-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Jul 25Series D$100M at $2.30BLed by Spark Capital. About 4% of the company, if all new sharesThrive, Accel and a16z returned; Forerunner new. Form D shows $99,999,939 of equity sold to 9 investors, first sale Jul 16, 2024.SEC Form D, filed Jul 31, 2024; Pulse 2.0, Jul 25, 2024
- Oct 5Series C$125M at $1.00BLed by Spark Capital. About 13% of the company, if all new sharesThrive, Accel and a16z returned; insurer Health Care Service Corporation joined.Reuters via Yahoo Finance, Oct 4, 2023
- May 5Series B$70M at $750MLed by Andreessen Horowitz. About 9% of the company, if all new sharesThrive, GV and Accel joined. Total raised then $103M; about 75 staff.Built In, May 5, 2021
- Nov 1Series A$26MAbout six months before the Series B, when Headway served only New York City. Source gives the month only (Nov 2020) and no lead.Built In, May 5, 2021
- Down or flat round?Up round. The $2.3B Series D was a 130% step-up per the company, after $1B in the Series C and $750M in the Series B.Pulse 2.0, Jul 2024; Reuters, Oct 2023Clear
- How much the last round soldAbout 4% of the company: $100M of new equity at a $2.3B valuation (our arithmetic, assuming post-money).SEC Form D, Jul 31, 2024Clear
- Time since the last raiseAbout 27 months since the July 2024 Series D, with no new round found. Rival Grow Therapy raised a $150M Series D in March 2026.HLTH, Mar 5, 2026; EDGAR checked Nov 3, 2026Flag
- Unusual terms or debt-heavy?Form D lists equity only, with no sales commissions or finder fees. No debt facility or special terms reported. Preference terms are not public.SEC Form D, Jul 31, 2024Clear
- Who ledSpark Capital led both the Series C and Series D, and its partner sits on the board. Forerunner was the only new name in the D.Pulse 2.0, Jul 2024; SEC Form DFlag
- Can staff sell shares?No tender offer or employee secondary sale found in press or SEC filings. Only one Form D exists under TherapyMatch, Inc.SEC EDGAR, checked Nov 3, 2026Open
- Layoffs in the last 12 months?None found in reputable press. Headway was posting remote roles in Nov 2026 and bought the Tezi team in March 2026.Headway job postings on Ashby, checked Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Watch
A patient privacy class action over Google Analytics is moving forward.
Bloomberg Law, Sep 17, 2024 and May 20, 2025An anonymous user sued TherapyMatch, Inc. (Headway) in 2023, saying its site let Google collect mental health information. In Sept 2024 a federal judge in Northern California let most claims proceed; in May 2025 she let the California medical privacy claim proceed too.
Allegations only, no finding. Tracking-pixel cases have hit many health sites, and a settlement would be a cost and a trust issue for a therapy brand.
- 02Good
The provider network has more than doubled in two years.
Pulse 2.0; MedCity News; Headway release Aug 25, 2026; Ashby postings34,000 clinicians in July 2024, 60,000+ in Sept 2025, 85,000+ in Aug 2026 and 90,000+ in current job postings.
Fast growth in supply. Provider counts are not revenue, and Headway publishes no revenue figure.
- 03Neutral
Bought the team behind AI startup Tezi.
Built In, Apr 2, 2026Announced around March 31, 2026; Tezi built systems pairing human judgment with AI agents for routine work. Terms were not disclosed and the team joined engineering and product.
A talent buy, not a product purchase. It points the company toward AI that cuts admin work.
- 04Neutral
Pushing into Medicare Advantage and Medicaid.
Pulse 2.0, Jul 25, 2024The Series D was raised to expand into Medicare Advantage (51 markets planned by end of 2024) and Medicaid (planned for 2025).
A bigger market, but government plans pay less and carry heavier compliance. We could not confirm current Medicaid coverage.
- 05Good
Published its first peer-reviewed study.
Headway release via PR Newswire, Aug 25, 2026A JMIR Mental Health paper using 189,225 intake visits found 18.6% of patients reported some suicidal thoughts at their first visit.
Shows the data asset a network this size builds. The study is company-authored.
- 06Neutral
A listed rival was bought by a hospital company.
HLTH, Aug 18, 2026Universal Health Services closed its $835M purchase of Talkspace in Aug 2026, and Talkspace left Nasdaq.
Shows strategic buyers will pay for virtual mental health, though at far below Headway's last valuation.
- 07Watch
Its closest rival raised more recently.
HLTH, Mar 5, 2026Grow Therapy, another insurance-based therapy network, raised a $150M Series D in March 2026 led by TCV and Goldman Sachs Alternatives.
Rivals are funded and growing. Headway's own last round is now over two years old.
Product is paid 62% over market. Sales, 37% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Headway?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Closed to machines. No public API or MCP server, and the main site served a bot challenge even for robots.txt.
Still Remote read- MixedLets AI crawlers read its siteheadway.co returned a Cloudflare challenge (403) for robots.txt, the home page and the blog to our fetcher, so we could not read its rules.checked Nov 3, 2026
- Not foundA site summary AI tools can readheadway.co/llms.txt also returned the 403 challenge; no llms.txt could be confirmed.checked Nov 3, 2026
- Not foundA public API or MCP serverA third-party API report card (verified Oct 2026) found no public API, developer program, docs or MCP server; data leaves only via iCal, calendar sync and PDF exports.Supergood API report card, Oct 27, 2026
- Not foundCan an agent book a visit?Patients search by location, concern and insurance and book in Headway's own app; no agent or partner booking channel is described.MedCity News, Sep 11, 2025
Where Headway puts AI to work.
- 1AI writes the first draft of notesThe free EHR's AI-assisted notes produced 200,000+ notes in the first weeks after the Sept 2025 launch, and overall notes usage rose 40%.MedCity News, Sep 11, 2025
- 2An AI team bought in, not builtThe Tezi team joined engineering and product in 2026 to build AI that takes routine operations off clinicians, which the CEO framed as more time with patients.Built In, Apr 2, 2026
- 3Network data as researchIts clinical product team published a peer-reviewed study on 189,225 intake visits, a sign it treats network data as a product asset.Headway release, Aug 25, 2026
More listings than on Sep 7, led by clinical.
What has to be true for $2.3 billion to hold?
Headway does not publish revenue, so the starting number is your assumption, not ours. A way to think, not a forecast, and not investment advice.
At 25x, Headway needs $92 million of revenue to be worth $2.3 billion. Your world gets there with $180 million, so the next round likely prices above the last.
$100,000 of equity valued at the $2.30B Series D price would be worth about $196,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Pulse 2.0, Jul 25, 2024; SEC Form DThe signals, and which way they push.
- TailwindClinicians keep joining.
The network went from 34,000 to 90,000+ providers between July 2024 and Nov 2026.
- TailwindAI cuts the paperwork it sells.
Free AI notes and the Tezi team target the admin work that keeps therapists off insurance panels.
- HeadwindPrivacy suit still live.
California medical privacy claims over Google Analytics survived dismissal in May 2025.
- HeadwindFunded rivals.
Grow Therapy raised $150M in March 2026, while Headway's last raise was July 2024.
Where Headway ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Headway lists publicly by 2031.
Coin flip 50%IPOIt has raised $325M+ at a $2.3B valuation with no staff liquidity program on record, which builds pressure for an exit. No IPO filing or plan has been reported.
Ashby postings; Pulse 2.0 - 2
A hospital group or insurer buys Headway outright.
Long shot 16%M&AUHS bought Talkspace for $835M in 2026, but Headway's last valuation was nearly three times that. An insurer already sits on its cap table, which could help or complicate a sale.
HLTH, Aug 18, 2026; Reuters, Oct 2023 - 3
Medicare Advantage and Medicaid become a large share of visits.
Likely 72%ProductsThe Series D was raised to expand into both. Government plans cover tens of millions of people that commercial-only networks miss.
Pulse 2.0, Jul 25, 2024 - 4
AI handles most notes, intake and insurance checks for Headway clinicians.
Likely 72%AIAI-assisted notes launched in Sept 2025 and the Tezi team was bought to automate routine work. Its model sells admin relief, so AI fits the core product.
MedCity News, Sep 2025; Built In, Apr 2026 - 5
Headway needs a new round or a deal to keep pace with Grow Therapy.
Coin flip 50%CompetitionGrow raised $150M in March 2026 and Headway has not raised since July 2024. Whether Headway is profitable enough not to need cash is not disclosed.
HLTH, Mar 5, 2026
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.