The State of Mental Health Innovation 2025

We’re excited to share The State of Mental Health Innovation 2025, our latest report on mental, behavioral, and brain health startups!

Funding for mental, behavioral, and brain health startups climbed to ~$3.2B across 225 deals in 2025, up 21% from 2024 and the strongest year since the post-pandemic correction.

We cover the following in the report:

• 2025 funding volume, deal count, and average deal size

• How the funding mix shifted, from pure telehealth to hybrid care, medical devices, and provider tools

• Key trends: M&A, insurance over D2C, the two paths for AI, policy volatility, interventional psychiatry, and condition-specific care

• Notable funding rounds and M&A deals

• Building trust in digital mental health, written in partnership with APA Labs

A special thank you to APA Labs, led by Tanya Carlson, and to our advisors and contributors for making this issue possible.

Click here to access the report.

For sponsorship opportunities in upcoming content or potential collaborations, please contact me at shiv@gimbhi.com.