Amboy Street Ventures has invested $1.3 million in Allswell, a virtual mental health provider dedicated to the LGBTQ+ community, to enhance its services and expand its reach.

Target Information

Amboy Street Ventures is pleased to announce its investment in Allswell, an innovative virtual mental health provider dedicated to serving LGBTQ+ communities. Allswell operates on a hybrid care model, integrating individual therapy with structured group programs that utilize Affirmative Cognitive Behavioral Therapy (CBT) and Cognitive Processing Therapy (CPT), enhanced by digital tools to offer continuous support. The recent pre-seed funding round raised $1.3 million, led by Amboy Street Ventures with contributions from Unseen VC, Techstars with Permanente Medicine Mid-Atlantic, and other partners. The funds will facilitate Allswell's expansion into more states, enhance its clinical and digital offerings, and grow its network of therapists.

Currently operational in Maryland, Allswell is in-network with prominent health plans, including Maryland Medicaid, UnitedHealthcare, CareFirst, and Cigna. The company aims to extend its reach throughout the greater DC-Maryland-Virginia area and address the significant mental health needs of LGBTQ+ individuals in those regions.

Industry Overview

In the United States, approximately 9.3% of adults identify as LGBTQ+, translating to around 25 million people. Despite this considerable population, many LGBTQ+ individuals encounter significant barriers to accessing affordable and culturally competent mental heal