SAN FRANCISCO — Two Chairs, a behavioral health company, announced the closing of a $72 million Series C equity and debt financing round led by Amplo with Fifth Down Capital, and other investors also participating. Bridge Bank provided the debt financing. This latest round brings the total capital raised to $103M. Two Chairs has grown 8x over the last 36 months and now has more than 500 clinicians on staff. This new infusion of capital will further expand Two Chairs’ reach, making mental health care more accessible and effective.
“Two Chairs epitomizes quality in behavioral health, taking an extraordinarily thoughtful approach, and you can see it in their outcomes data,” said Sheel Tyle, Founder & CEO of Amplo. “Industry-wide, only about a third of patients progress to their fourth therapy session, whereas for Two Chairs, 90% of their patients do. We proudly invest in thriving companies where quality is a core advantage. Two Chairs has been growing quickly—in all the right ways and for all the right reasons.”
Two Chairs focuses on great alliances between therapists and their clients, which, studies have shown, is the single most important determiner of good mental health outcomes. The unique “matching consult,” aided by a proprietary 300-variable algorithm, helps create the right therapist match for the client, setting them up for success: 97% of Two Chairs clients agree that the alliance with their therapist is strong.
In addition, Two Chairs’ leading approach to measurement-based care tracks therapeutic progress, providing real-time insight into a client’s well-being, allowing therapists to personalize treatment plans, empower clients, and strengthen the therapeutic connection. Two Chairs has invested deeply in a differentiated full-time clinician experience with the belief that quality care is delivered by clinicians who feel supported and satisfied with their work.
“At our core, we are committed to ensuring everyone has access to exceptional mental healthcare. This additional funding will enable us to deepen our investments in technology, and accelerate our growth, all in the service of extending our lead in care quality,” said Two Chairs CEO and Founder, Alex Katz. “By matching patients with the right therapists, we are creating better outcomes for both sides.”
Two Chairs offers a hybrid care approach with in-person and virtual therapy with offices in multiple cities in California, Washington state, and Florida. Two Chairs has plans to grow into additional states in the next 12 months. With an in-network model, Two Chairs works with Aetna nationally and Kaiser Permanente in Washington and Northern California, allowing their members to get top quality care for the price of a copay or coinsurance. Additional healthcare partnerships will be finalized in 2024.
