Swell, a Louisville, KY-based mental health company, raised $1.6M in funding.
Backers included Keyhorse Capital, Bluegrass Angels, PeakState Ventures, defy.vc, and Fairwater Labs.
The company intends to use the funds to expand operations and its development efforts.
Founded in 2022 by CEO Rachel Edenfield, Swell is a mental health company addressing the nationwide therapist shortage with scalable, AI-enabled self-guided care. It prioritizes underserved markets, including hyperlocal communities such as the military, to ensure that mental health resources are more accessible and impactful.
The startup has already achieved several key milestones:
- Developed a Minimum Viable Product (MVP) and generated revenue within five months of inception.
- Launched a full beta at Fort Campbell within seven months.
- Secured contracts with Tricare and Humana Military.
- Developed a self-guided prototype and submitted a patent for a HIPAA-compliant AI intermediary.
- Expanded provider networks to cover all of Kentucky and Tennessee.
- Accepted into the Awesome Fellowship.
Looking ahead, Swell is focused on two key objectives for the year: increasing its client and therapist base to drive revenue growth and securing a development contract with the Department of Veterans Affairs (VA) for its AI-enabled self-guided therapy product.
FinSMEs
21/02/2025