FOLX Health, a digital health startup dedicated to serving the LGBTQIA+ community, announced a major step forward in its mission to provide inclusive and affirming care. The Boston-based company has raised $30 million in a Series B funding round, which will fuel the expansion of its LGBTQIA+ mental health services, the launch of a new business-to-business (B2B) platform, and enhancements to its existing virtual care offerings.
This expansion highlights the growing demand for high-quality LGBTQIA+ mental health services, as more people seek providers who understand the unique challenges faced by queer and trans communities. With the new funding, FOLX Health will introduce behavioral health offerings such as topic-focused support groups meeting several times per week, one-on-one consultations with specialized providers, and community-driven features designed to strengthen peer support and reduce isolation.
Backing from Leading Digital Health Investors
The Series B round was led by 7wireVentures, a venture capital fund specializing in digital health innovation. New investor Foresite Capital joined the round, alongside existing supporters Bessemer Venture Partners, Define Ventures, and Polaris Partners. Lee Shapiro, managing partner at 7wireVentures and former chief financial officer of Livongo Health, will join FOLX Health’s board of directors.
“Now more than ever, there is a clear need to expand access to inclusive health services for the millions of Americans who identify as LGBTQIA+,” Shapiro said. “By combining a network of clinicians highly attuned to the needs of the LGBTQIA+ community with convenient access to affirming content and peer connections, FOLX Health has established a new standard of queer and trans care for its members.”
Meeting Critical Behavioral Health Needs
There is an urgent need for accessible and affirming LGBTQIA+ mental health services. Studies consistently show that LGBTQIA+ people face disproportionately high rates of depression, anxiety, and suicidal ideation compared to the general population. These disparities often stem from discrimination, stigma, a lack of culturally competent providers, and social isolation.
By offering tailored behavioral health programs, FOLX Health aims to address these disparities. Support groups, individual consultations, and educational content are all designed to provide resources that reflect lived experiences within the community. This model ensures that LGBTQIA+ mental health services are not only accessible but affirming, reducing the barriers that so many queer and trans individuals face when seeking care.
Building on a Strong Foundation
Since its launch in December 2020, FOLX Health has built a strong reputation for delivering affirming care. Its core offerings include virtual primary care, hormone replacement therapy (HRT), PrEP for HIV prevention, care navigation, and access to a network of queer and trans-specialized providers. With the addition of behavioral health, FOLX Health strengthens its position as a trusted provider of LGBTQIA+ mental health services while expanding its scope of holistic care.
The integration of these services into the company’s existing platform ensures that members can address both their physical and emotional health in one place. For many, this comprehensive approach represents a breakthrough in how LGBTQIA+ mental health services can be delivered—virtually, inclusively, and with a deep understanding of unique identities and experiences.
Industry Context and Growing Competition
The expansion also reflects a larger movement in digital health to prioritize underserved communities. For example, Talkspace has introduced its own LGBTQIA+-focused therapy services. However, FOLX Health differentiates itself by offering fully integrated care that combines medical, preventative, and behavioral services alongside a supportive community. This comprehensive approach creates a unique model for delivering LGBTQIA+ mental health services in a way that is accessible, affirming, and community-centered.
Looking Ahead
FOLX Health CEO Liana Douillet Guzmán emphasized the company’s responsibility to deliver care that is affirming and inclusive. “It is our responsibility to provide offerings that enable folks to receive the care they need and deserve,” Guzmán said. “This funding allows us to expand those offerings and further our mission of ensuring every LGBTQIA+ person has access to affirming, high-quality care.”
With the $30 million Series B funding, FOLX Health plans not only to scale its LGBTQIA+ mental health services but also expand its B2B offerings, giving employers the opportunity to include FOLX Health as a benefit for their workforce. This will make inclusive healthcare more widely available and ensure that more people have access to the specialized services they need.
As the demand for affirming healthcare grows, FOLX Health is setting a new standard for digital-first care. By combining clinical expertise, inclusive practices, and a supportive community, the company continues to lead the way in redefining what LGBTQIA+ mental health services can and should look like in today’s healthcare landscape.
