Eight years of disclosed financing across 1,140 mental-health rounds in the US, UK and Australia. Three charts. One conclusion that the LP letters from the last vintage have not yet had to address.
The narrative says "mental health is having a moment." The disclosed financing data says something more specific: the money is moving — and it is moving away from the names that drove the 2020–2022 vintage.
For the last six months I have been cleaning a dataset of every disclosed mental-health financing round in the US, UK and Australia from 2018 to Q1 2026. PitchBook, Crunchbase, Companies House filings for the UK, ASIC filings for Australia. 1,140 rounds. $11.4 billion of disclosed capital. The picture that emerges is more interesting than the headline.
Below: three charts that together explain where the money is now, where it isn't, and what the next vintage is probably going to learn the hard way.
Series C+ funding in digital mental health peaked in 2021 at $2.8 billion and is now running at less than a quarter of that level. Seed and Series A volume has barely moved. That divergence is the entire story of the last three vintages.
The median Series A cheque in mental-health hasn't compressed between geographies since 2018. San Francisco still clears at $11.4M median; London clears at $5.7M; Sydney at $3.9M. The compression you read about in the headline AUM data isn't here.
Among rounds closed since the 2023 reset, the allocation has materially shifted. Diagnostics and biomarker plays now claim 22% of disclosed capital. B2C therapy — the heart of the 2020 vintage — has fallen below 8%. The boring middle is employer-bench-mark contracts, and it is the most consistent line in the dataset.
The dataset is reproducible. We will share the cleaned CSV with every Pro subscriber on May 12. Email steve@thehemingwayreport.com with corrections or additions.
We pulled every disclosed financing round tagged as mental health, behavioural health, psychiatry or addiction from PitchBook and Crunchbase for the US (n=824), Companies House for the UK (n=212) and ASIC for Australia (n=104) from 2018-01-01 through 2026-03-31. Rounds were de-duplicated by entity and stage; deals smaller than $250K were excluded.
Category of record was assigned by primary product per company at the time of the round. We re-tagged 86 companies where the public categorisation disagreed with the actual revenue mix. The full re-tagging list is available to Pro subscribers.