#40: The funding landsacpe, VBC insights + AI therapy (again)

Hi friends,

I’ve spent February travelling around the US, talking to founders, investors, policy experts and payers. I’ve learned a lot and it’s been a blast.

In today’s post, I share some of these learnings and some of my epiphanies about what’s happening in mental health in 2025.

We discuss:

• The funding environment for MH businesses in 2025

• VBC: the reliance on physical healthcare costs, opportunities for smaller startups and why you shouldn’t bite off more VBC risk than you can chew

• Impact of the new US administration: the pros and cons

• Why I’m increasingly convinced we will have AI therapists

Let’s get into it.

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