Two Chairs Secures $21 Million Series B Funding to Advance Mental Health Care Platform

On August 16, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that mental health company Two Chairs announced the completion of a $21 million Series B financing round. The round was led by Amplo, with participation from Maveron and Goldcrest.

Following the completion of this funding round, Two Chairs will further develop its mental health service system, expand its team, and increase the number of clinics.

It is reported that Two Chairs completed a $7 million Series A financing round on February 28, 2019, led by Maveron, with participation from Goldcrest and Amplo.

Two Chairs, founded in 2017, is a mental health company headquartered in San Francisco, USA. The company operates mental health clinics in downtown San Francisco, Oakland, and San Jose, serving over 2,000 clients. With a team of professional clinicians and a user-centric business philosophy, Two Chairs is committed to delivering exceptional mental health services to everyone. The company provides each client with a dedicated care coordination team that specializes in insurance processing, billing management, and counseling services.

Two Chairs has developed a mental health service system that matches patients with suitable therapists, bridges the gap between clinicians and patients, and provides personalized treatment. The system also tracks patient data and monitors treatment outcomes during the course of therapy, helping clinicians better understand patients’ mental health status. Currently, Two Chairs’ clinical offerings focus primarily on individual psychotherapy. Leveraging the research expertise of its clinical team, the company plans to expand into group therapy and launch new clinical research initiatives.

Alex Katz, Founder and CEO of Two Chairs, commented on the financing round: “Two Chairs is committed to making mental health care accessible to everyone. These three firms are excellent partners, and we are thrilled to have their support. Two Chairs will remain dedicated to innovation in healthcare services, prioritizing user experience and rebuilding the national mental health system. Decades of clinical research have shown that the effectiveness of psychotherapy depends on the relationship between patients and clinicians. However, finding a clinician who meets a patient’s specific needs can be challenging. Two Chairs’ unique matching system combines clinical expertise with data technology to optimize provider-patient pairing, thereby ensuring better treatment outcomes for patients.”

Amplo, founded in 2017, is a global venture capital firm headquartered in Texas, USA.

Maveron, established in 1998, is a venture capital firm headquartered in California, USA, primarily investing in early-stage startups.

Goldcrest is a venture capital firm headquartered in Texas, USA.

(Compiled by Hu Yifan)