Two Chairs
An in-network therapy and psychiatry provider that employs its 600+ clinicians on W-2 pay, now hiring them remote across about 22 states, last funded with a $72M round in 2024.
Two Chairs, Apr 30, 2025; MedCity News, Apr 2024- Valuation
- Not disclosed no valuation was reported for any of its three announced rounds.
- Raised
- About $103M $7M Series A and $21M Series B in 2019, then a $72M Series C of equity and debt in April 2024.
- Pay
- $61.3K to $104K posted salary for full-time therapists, set by four location zones; part-time therapists earn $58.50 to $85 an hour.
- Watch
- 30 months since money no new round has been announced since April 2024, while it grew from 3 to 22 states.
- AI
- Optional AI notes clinicians may use an AI note-taking tool with client consent; no AI agent product or MCP server found.
- Liquidity
- None reported no staff tender offer or secondary sale found. Corporate postings list equity; the clinician postings we read do not.
- Hiring
- 36 → 32 remote listings since Oct 10.
Insurance pays for therapy delivered by its own staff.
Two Chairs is a provider, not a marketplace: it employs licensed therapists, psychiatrists and nurse practitioners as W-2 staff and bills health plans in network, so patients pay a copay or coinsurance. Named plans include Aetna, Kaiser Permanente, Florida Blue and Curative, and a 2026 study covered Medicare and Medicaid members. Care starts with a virtual matching consult, then runs by video or at six clinics in California, Washington and Florida. It does not publish revenue.
HIT Consultant, Apr 2024; Two Chairs, Apr 2025 and Aug 2026; locations page- 1Employed clinicians, not contractorsTherapists and psychiatric providers are W-2 staff with paid admin time, paid no-shows, malpractice cover and company-paid licenses in other states.Two Chairs careers page, checked Nov 3, 2026
- 2Published outcome dataA study in Frontiers in Psychology of 7,161 adults with moderate to severe depression found a median of six sessions to clinical response. Two Chairs says 90% of patients reach a fourth session.Two Chairs, Aug 25, 2026
- 3In-network deals with big plansAetna nationally and Kaiser Permanente in Washington and Northern California since at least 2024; Florida Blue and Curative added later. It says its plans cover over 30 million lives.Two Chairs, Aug 25, 2026; HIT Consultant, Apr 2024
- LifeStance Health$5.12Blisted, Oct 30 close
- Spring Health$3.30Bprivate, Jul 31
- Headway$2.30Bprivate, Jul 25
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.
Two Chairs is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $103M
- raised in all
Not disclosed. In 2024 it said it had grown eightfold over three years.
MedCity News, Mar 30, 2025 and Apr 16, 2024- Apr 16Series C$72MLed by AmploMix of equity and debt; split not disclosed. Fifth Down Capital joined. MedCity names Amplo and Fifth Down as co-leads.MedCity News, Apr 16, 2024; HIT Consultant, Apr 18, 2024
- Aug 17Series B$21MLed by AmploGoldcrest and Maveron returned. Total raised reached $31M. Date is the article date.Pulse 2.0, Aug 17, 2019
- Feb 28Series A$7.0MLed by MaveronGoldcrest joined. Four Bay Area clinics and 30 therapists at the time.TechCrunch, Feb 28, 2019
- Down round or flat round?Cannot tell. No valuation was reported for the Series A, B or C.HIT Consultant, Apr 18, 2024Open
- How much of the company the last round soldUnknown: no post-money valuation, and part of the $72M was debt with no split given.MedCity News, Apr 16, 2024Open
- Time since the last raiseAbout 30 months since April 2024, with a 19-state expansion and a psychiatry launch since. No new round or profit figure has been announced, so how this is funded is not public.MedCity News, Mar 30, 2025Flag
- Structured or unusual termsThe Series C was described as equity and debt, which means loans sit alongside the equity. Lender terms were not disclosed. No Form D from Two Chairs itself was found on EDGAR.MedCity News, Apr 16, 2024; EDGAR search, Nov 3, 2026Flag
- Who led the last roundAmplo, which also led the 2019 Series B. An insider led again rather than a new outside firm.Pulse 2.0, Aug 2019; HIT Consultant, Apr 2024Flag
- Tender offers or secondary sales for staffNone reported. Two small investor SPVs filed Form Ds naming Two Chairs (2022, 2024), which are outside investors buying in, not staff sales.SEC Form D, Two Chairs C (What If Ventures SPV), filed Mar 2024Open
- Layoffs in the last 12 monthsSearched news for layoffs, closures and lawsuits; found none. The locations page still lists all six clinics.Two Chairs locations page; news search, Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Every open clinical role is remote.
Two Chairs Greenhouse board, 34 postings, checked Nov 3, 2026; careers and locations pagesAll 34 Greenhouse postings on Nov 3, 2026 are listed as remote, by state license. Six clinics remain (San Francisco, Oakland, Santa Monica, Los Angeles, Seattle, Miami) and full-time clinicians may use them; HQ teams are fully remote.
Clinic work looks optional, not required. Ask whether any in-person days come with a clinic-area offer.
- 02Neutral
Clinician pay is set by where you live.
Two Chairs Greenhouse board, 34 postings, checked Nov 3, 2026Full-time therapists: $78,795 to $98,900 in NYC and San Francisco, down to $59,500 to $77,300 in other areas, plus quarterly incentives. Part-time: $58.50 to $85 an hour for sessions and $17.50 to $25.50 for admin time. California part-time posts $85 flat.
Moving to a cheaper state could change your band. Admin and no-show time is paid, which many 1099 networks do not do.
- 03Watch
Full-time means about 25 sessions a week.
Two Chairs Greenhouse board, 34 postings, checked Nov 3, 2026 (Washington LMHC full-time posting)The full-time therapist posting asks for about 25 attended sessions weekly, scheduled at about 29 to allow for cancellations, Monday to Friday.
That is a full clinical load. Check how the quarterly incentive ties to hitting it.
- 04Neutral
Psychiatry is paid by the hour, with a ramp.
Two Chairs Greenhouse board, 34 postings, checked Nov 3, 2026Psychiatric nurse practitioners post $62 to $96 an hour, at 100% for a 90-day ramp, then 80% guaranteed plus a productivity incentive. Supervising psychiatrists post $145 to $200 an hour by zone.
After the ramp, part of pay depends on volume. Ask how the incentive has paid out for current staff.
- 05Good
From 3 states to 22 in 2025.
Two Chairs, Apr 30, 2025; Two Chairs, Jun 16, 2025Two Chairs added 19 states in 2025 and launched psychiatry in April 2025, first in Florida. It passed 1 million sessions in June 2025.
Fast growth means openings across many licenses, and company-paid cross-licensing. It also needs cash, with no new round announced.
- 06Neutral
Reports disagree on total raised.
MedCity News, Apr 2024 and Mar 2025; HIT ConsultantMedCity News put the total at $130M in April 2024 and $103M in March 2025. HIT Consultant also says $103M, which matches the sum of announced rounds.
We use $103M. The gap may be a typo or unannounced money; neither is confirmed.
- 07Good
Added plans beyond Aetna and Kaiser.
Two Chairs, May 15, 2025; Aug 25, 2026Curative began offering $0 copay Two Chairs care in May 2025, and Florida Blue is now listed as in network. Two Chairs says its plans cover over 30 million lives.
More payers means steadier patient flow for salaried clinicians, which is what makes the W-2 model work.
- 08Neutral
Still led by its founder.
Two Chairs, Apr 30, 2025; TechCrunch, Feb 2019Alex Katz, a former Palantir employee, founded Two Chairs in 2017 and is CEO. Colleen Marshall is Chief Clinical Officer.
Stable leadership. No CFO hire or IPO groundwork has been reported.
Clinical is paid 8% over market.
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 Two Chairs?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Not built for agents. Open robots.txt, but no llms.txt, MCP server or agent booking.
Still Remote read- YesLets AI crawlers read its siterobots.txt is two lines: allow everything for all user agents, plus a sitemap. No AI bot is named.checked Nov 3, 2026
- Not found
- Not foundAn MCP server or agent APINo MCP server, public API or developer docs found; /.well-known/mcp.json returns 404.checked Nov 3, 2026
- Not foundCan an agent book care?Care starts with a virtual matching consult run by a clinician. No agent booking or partner integration was announced.Two Chairs locations page, checked Nov 3, 2026
- YesMachine-readable job listingsOpenings run on a public Greenhouse board with pay ranges inside most postings, so job tools can read them.Two Chairs Greenhouse board, 34 postings, checked Nov 3, 2026
Where Two Chairs puts AI to work.
- 1Optional AI for session notesClinicians may use an AI note-taking tool only with client consent. Two Chairs says it never replaces clinical judgment and uses vetted tools.Two Chairs careers page, checked Nov 3, 2026
- 2Data drives matching and careClients fill a short PHQ-9 and GAD-7 check-in before sessions, and a clinician dashboard built in 2023 tracks progress. Matching once used about 300 variables.Two Chairs, Jun 15, 2023; HIT Consultant, Apr 2024
Fewer listings than on Sep 7, most of them in clinical.
The signals, and which way they push.
- TailwindHealth plans want measured outcomes.
Two Chairs publishes peer-reviewed results, including Medicare and Medicaid patients, and its plans cover over 30 million lives.
- TailwindNational reach in a year.
Growth from 3 to 22 states plus psychiatry gives it more to sell to national plans.
- HeadwindNo new money announced.
The last round, part debt, closed in April 2024. Expansion on salaried staff costs money before patients fill caseloads.
- HeadwindBigger, richer rivals.
Headway was valued at $2.3B and Spring Health at $3.3B in 2024; LifeStance and Talkspace are listed.
Where Two Chairs 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
Two Chairs lists on a stock exchange by 2031.
Long shot 16%IPOIt has raised about $103M, far less than listed peers, and no revenue figure or CFO hire is public. A sale or more private rounds look likelier.
MedCity News, Mar 30, 2025 - 2
Two Chairs is bought by a larger provider, payer or care platform by 2031.
Coin flip 50%M&AIts in-network W-2 model and outcome studies suit a buyer wanting owned clinical capacity. It has gone 30 months without a public raise.
Two Chairs, Aug 2026; MedCity News - 3
Psychiatry and therapy together become the main offer in most of its states.
Likely 72%ProductPsychiatry launched in April 2025 and nurse practitioner roles are posted in four states now. Plans favour coordinated care.
Two Chairs, Apr 30, 2025; Greenhouse board - 4
AI notes become standard for its clinicians, and pay bands stay tied to sessions.
Likely 72%AIAn optional AI note tool already exists. Pay is hourly or caseload-based, so saved admin time likely turns into more sessions.
Two Chairs careers page - 5
Two Chairs stays a top W-2 employer for therapists while 1099 networks keep most of the market.
Coin flip 50%CompetitionContractor networks like Headway are larger and better funded. Two Chairs competes on benefits, paid admin time and outcomes data.
Two Chairs careers page; Pulse 2.0
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.