Mental health startup funding continues to surge in 2024, and Headlight, formerly Sokya Health, has joined the wave with an $18 million capital raise. This funding round, led by Matrix and EPIC Ventures, marks a pivotal moment for the San Diego-based company as it pushes to expand mental health services across more U.S. states.
Strategic Leadership to Scale Growth
Alongside the new mental health startup funding, Headlight announced the appointment of Geoff Swindle as its new CEO. Swindle, formerly chief business officer of PillPack and Amazon Pharmacy, brings deep expertise in scaling healthcare companies while maintaining quality care—a crucial factor in mental health services.
TJ Parker, general partner at Matrix, highlighted the value of this leadership amid the competitive market for mental health startup funding:
“There are very few entrepreneurs that have scaled healthcare services businesses while maintaining that quality bar to the extent that Geoff has. It’s very easy for me as an investor and someone that’s worked with Geoff for a long time, to make the bet that the highest quality care will ultimately win in this category.”
Headlight’s Clinician-Centric, Tech-Forward Model
This latest round of mental health startup funding will support Headlight’s aggressive expansion plans, including entering new markets and hiring hundreds of full-time clinicians by 2025. Unlike many competitors, Headlight employs a W-2 clinician workforce, emphasizing stability and quality.
Headlight currently operates in Alaska, California, Colorado, Idaho, Oregon, Texas, and Washington, offering both in-person and virtual mental health appointments. Its services include cognitive behavioral therapy (CBT), acceptance and commitment therapy (ACT), and couples therapy, with over 90% of clients receiving in-network care.
Making Mental Health Care Accessible
The company accepts major insurance plans such as UnitedHealthcare, Magellan Health, Medicare, Optum, and Humana—critical for reducing barriers to care. As the demand for behavioral health grows, the importance of accessible, insured services supported by mental health startup funding cannot be overstated.
Leadership Rooted in Clinical Expertise
Co-founder and current president Manish Sheth, a practicing clinical psychiatrist, led the company as CEO until January 2023. Sheth stresses the importance of meaningful patient-clinician connections:
“As an actively practicing clinical psychiatrist, I know patients want to connect with their clinicians and feel understood on a personal level. Our goal at Headlight is to make it as simple as possible for both clinicians and patients to form those connections.”
Context: A Booming Sector for Mental Health Startup Funding
Headlight’s raise is part of a broader trend in mental health startup funding. In recent months, several other companies have secured major investments, including Hero Journey Club, which raised $14.6 million in October 2023, and Tava Health’s $16 million round in January 2024.
This surge in mental health startup funding reflects a growing recognition that behavioral health remains an underserved market with tremendous potential. Investors are increasingly backing technology-enabled platforms that can combine quality care with scale.
The Road Ahead
With this substantial mental health funding, Headlight is poised to expand its footprint dramatically over the next two years. By integrating digital tools with a full-time clinician workforce and broad insurance acceptance, the company aims to deliver accessible, high-quality mental health care to more Americans.
In a competitive landscape fueled by venture capital, Headlight’s strategy highlights the importance of quality, clinician-centric care as the winning formula for long-term success. This new funding round and leadership transition mark a major step toward reshaping mental health care access nationwide.
