Amboy Street Ventures is excited to announce its investment in Allswell, a virtual, identity-centered mental health provider for LGBTQ+ communities. The $1.3 million pre-seed round was led by Amboy Street with participation from Unseen VC, Techstars with Permanente Medicine Mid-Atlantic, and others. This funding will support Allswell’s expansion into additional states, deepen its digital and clinical offerings, and grow its therapist network.
Allswell delivers evidence-based therapy through a hybrid model that blends individual care with structured group programs grounded in Affirmative Cognitive Behavioral Therapy (CBT) and Cognitive Processing Therapy (CPT), complemented by digital tools that extend support between sessions. The approach is designed to improve outcomes while lowering cost. Allswell is live in Maryland and in-network with Maryland Medicaid, UnitedHealthcare, CareFirst, and Cigna, with near-term plans to expand across the broader DC–Maryland–Virginia region.
While 9.3% of U.S. adults, around 25 million people, identify as LGBTQ+, many still cannot access care that is affordable or attuned to their lived experience. LGBTQ+ individuals face disproportionately high rates of depression, suicidality, and loneliness and are ten times more likely to qualify for PTSD than the general population. Amboy Street’s 2024 research sized LGBTQ+ mental health spend as an $8 billion “ghost market,” reflecting pent-up demand that traditional systems have struggled to meet.
Early data from Allswell are compelling. Over a 4–8 week period, 83% of patients have demonstrated a reduction in depression symptoms. The company’s proprietary group therapy model fosters belonging and combats loneliness, and when coupled with rigorous, evidence-based care, it delivers measurable clinical benefits at lower cost. By building payer partnerships and reporting outcomes, Allswell is creating a scalable pathway to broaden access while aligning with health plan priorities.
“Allswell’s model is designed for belonging,” said Dawn Androphy, co-founder and CEO. “LGBTQ+ people face some of the highest rates of mental health challenges in America, yet too often they are left without access to affirming and affordable care. By combining community and evidence-based therapy, we are building the care system our community deserves—effective, accessible, and sustainable.”
Amboy Street is excited to support Allswell as the company expands its footprint, adds new products and programs, and continues building partnerships with insurers, providers, and community organizations. To learn more, visit www.joinallswell.com.
