Behavioral health technology company enabling scalable care navigation, accurate provider networks, and seamless connectivity between clinicians, TPAs, employers and health plans
CHICAGO – Feb. 10, 2026 – First Analysis, a leading venture capital investor, has made a new investment in TPN.health, a behavioral health technology company focused on modernizing how providers, administrators and employers connect around mental health care. First Analysis led the financing with participation from Breachway Capital. The financing will help expand TPN’s care navigation solution and accelerate onboarding and scaling relationships with leading health plans, third-party administrators (TPAs), and self-insured employer groups.
Behavioral health coverage continues to face structural barriers across both commercial and government-funded healthcare, including unreliable provider directories, long wait times and administrative friction – challenges that persist even as demand rises and accountability pressures grow. TPN addresses these barriers with a provider-first, infrastructure-driven model anchored in free, accredited continuing education and professional tools that drive near-zero-cost clinician engagement and continuously refreshed, first-party network data. With nearly 100,000 licensed clinicians and treatment providers and over 2.2 million covered lives, TPN is converting these supply-side advantages into a scalable B2B platform for behavioral health care navigation and referral management delivered through TPAs, health plans and employer-sponsored programs.
“Solving behavioral health access requires addressing the real operational barriers that prevent people from accessing timely behavioral health care,” said Trevor Colhoun, CEO of TPN.health. “By starting with providers and building a trusted professional community, we created an infrastructure layer that delivers better access, better data and stronger economics. First Analysis brings deep expertise in healthcare technology and benefits infrastructure, and their understanding of the market dynamics we’re addressing makes them an ideal partner as we scale.”
“Despite mental health parity laws being in place for years, the behavioral health market remains deeply fragmented – providers are still siloed, overextended and disconnected from sustainable opportunity, even as demand continues to rise,” said Andrew Walsh, managing director at First Analysis. “TPN has built one of the largest and most engaged behavioral health provider networks in the country, and we believe its scale and connectivity is exactly what the market needs right now.”
Andrew Walsh has joined TPN Health’s board.
About TPN.health
TPN.health is creating the digital infrastructure for behavioral health. Built by clinicians for clinicians, the company established its provider network through free, accredited continuing education and professional tools that enable verified profiles and ongoing maintenance of licenses, credentials, and practice information within a single workflow. Building on this foundation, TPN supports member access through human-led care navigation and enables referral workflows that depend on current provider data and clinical fit. The result is a continuously refreshed network designed to improve provider matching, directory accuracy, and timeliness of access while strengthening measurement and visibility relevant to quality and value-based outcomes. For more information, please visit tpn.health.
About First Analysis
First Analysis is a leading venture capital investor in B2B technology, with over 40 years of experience and over $880 million invested. Our investment strategy is grounded in insights from our research and transaction advisory work, which enable us to identify compelling opportunities and support companies as they grow. We invest primarily in North America across sectors where our research provides a differentiated perspective, including cybersecurity, e-commerce optimization, enterprise productivity, future of work, go-to-market technology, healthcare IT, infrastructure technology, Internet of Things, learning technology, pharma IT, supply chain and vertical SaaS. We target entrepreneur-driven, capital-efficient companies with proven business models and demonstrable customer successes. We partner with our portfolio companies to build to successful exits, investing $3 to $10 million, either as a lead investor or as a syndicate partner bringing valuable insights and expertise. For more information, visit www.firstanalysis.com.
For more information, please contact:
Andrew Walsh
Managing Director
312-258-7110
awalsh@firstanalysis.com
Media contact:
David Leshuk
Managing Director
312-258-7131
dleshuk@firstanalysis.com