Therapy IQ, a provider of practice management software for mental health professionals, has secured a new investment that will expand its platform in streamlining workflows throughout the medical field.
The monetary amount of the new “significant investment” Therapy IQ raised for a seed round was not disclosed; however, Therapy IQ, which is largely bootstrapped, previously raised $1.5 million in pre-seed funding from angel investors and was readying to launch another round to raise an additional $1.5-$2 million.
Nathe Maingi, with his wife and business partner Amy Query, created the startup in 2020 in Tampa. Maingi, a Kenyan native who worked as a social worker in Massachusetts, was frustrated by the system’s outdated software and inability to organize paperwork, and therefore created a solution – Therapy IQ, an all-in-one management software product.
“We’re thrilled to receive this investment, which will help us continue to expand our platform and bring our innovative practice management solutions to even more mental health providers,” Maingi said in a prepared statement. “Our mission is to make it easier for providers to manage their workflows so they can focus on what matters most – growing their practices while providing high-quality care to their patients.”
Maingi said the funding round is still active. It’s expected to close by the end of April.
Once the round is completed, he plans to hire more employees for Therapy IQ’s 13-member team, which works remotely in Tampa.
Tampa venture capital firm Seedfunders participated in the ongoing round, among other investors.
“Therapy IQ is a truly innovative platform that’s transforming the mental health industry,” Seedfunders CEO Geoff Keith said in a prepared statement.
Therapy IQ integrates clinical, financial and operational data, eliminating the need for third-party software and creating an easier way to manage revenue cycle management and processing.
The platform’s dashboard tracks key performance indicators (KPIs), which is what auditors and practice owners monitor. Every action within a file, including emails, texts, appointments, client engagement stats, revenue metrics and therapist’s notes, is presented within the dashboard and available in real-time, according to the company.