Funding profile · Youth behavioral health

Daybreak Health

$25 million reported raised through a Series B in August 2023, and not one Form D under the company’s own name. The only Regulation D filings on EDGAR are two 2025 syndicate vehicles.

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. The company has never filed a Form D.An EDGAR company search for type D filings returns 16 entities whose names begin with Daybreak, and Daybreak Health, Inc. is not one of them. A full-text search for the phrase returns exactly two documents, both the SPVs above. Rounds raised under Section 4(a)(2) require no Form D, so the silence is lawful and common. It also means the $25 million figure rests on company statements and press reports, not on a filing.
2. Two syndicates bought in during 2025, at retail ticket sizes.$74,000 from 14 investors is about $5,286 each; $305,500 from 24 is about $12,729 each. Both are Sydecar-administered series of the same CGF2021 LLC master, both fully subscribed, both filed within about 15 days of first sale. Checks that size are angel syndicate money, not fund allocations.
3. The name on one of them dates a financing that has no other record.The vehicle is called Daybreak Health Feb 2025, yet its first sale is April 3, 2025. SPVs are usually named for the month the underlying deal was struck, which points to a February 2025 financing. Nothing about a 2025 round has been announced, and no Form D for it exists.
4. Nearly two years passed between the Series B and the first SPV.The Series B closed August 8, 2023; the first SPV sale is April 3, 2025, about 20 months later. In the Series B founder letter the CEO wrote that Daybreak had spent less than half its Series A capital and cut monthly burn by nearly 50 percent from its peak.
5. The district line item is shrinking.Simi Valley Unified paid $160,000 for 2021 to 2022. Santa Barbara Unified paid $114,400 in 2024. Gilchrist County paid $11,000. By 2026, Santee approved an MOU its board record describes as no cost to the district, and Argo District 217 approved a year its interim superintendent called free. Payer reimbursement is replacing it: Medi-Cal, California’s CYBHI fee schedule, and state allocations such as Georgia’s.
6. The structure splits the contract from the clinic.District agreements moved from Daybreak Health, Inc. in 2021 to Daybreak Medical PC (EIN 86-3772055) in California and Daybreak Medical PA (EIN 88-2644902) in Florida by 2024. Separate professional entities per state are standard where corporate practice of medicine rules apply, and they hold the right to bill health plans and Medicaid.

Commercial signals

What to watch

• A Form D under Daybreak Health, Inc., which would be the first and would settle the February 2025 question.
• More SPVs on EDGAR, which often appear when a company is not running a priced primary round.
• Renewal of the district contracts whose terms ended in 2025, priced or at no cost to the district.
• Whether CYBHI and state allocation reimbursement covers the cost the districts stopped paying.

The Daybreak Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

• Call9: Shared investor: Lightspeed. A company that put emergency medicine inside nursing homes, with first responders at the bedside and emergency physicians on a screen
• Koko: Shared investor: Union Square Ventures. A nonprofit that embeds brief mental health support inside the social platforms young people already use, routing those who signal distress toward tested self guided
• Nurx: Shared investor: Union Square Ventures. One of the first American companies to put a birth control prescription behind an online questionnaire instead of an office visit
• adyn: Shared investor: Lux Capital. A $369 at-home kit that reads DNA from saliva and six hormones from a finger prick, then puts the result in front of a clinician who helps pick a birth control method

Sources

1. Public recordForm D, GSBackers Daybreak Health Fund I, a Series of CGF2021 LLCSEC · Jun 23, 2025
2. Public recordForm D, Daybreak Health Feb 2025, a Series of CGF2021 LLCSEC · Apr 18, 2025
3. Public recordEDGAR company search, form type D, names beginning DaybreakSEC · Sep 22, 2026
4. Public recordServices agreements with Santa Barbara Unified and Gilchrist CountyDistrict records · 2024
5. Public recordSimi Valley Unified board packet and addendum for Agreement A22.042Simi Valley USD · 2021 to 2022
6. Public recordSouth San Francisco Unified board approval of a $138,300 MOUVia Citizen Portal · May 21, 2026
7. IndependentSchool-based startup closes Series AAxios, Erin Brodwin · Mar 1, 2022
8. IndependentHow long can these telehealth companies stay in school?Modern Healthcare · Sep 7, 2023
9. IndependentGSCS partners with Daybreak Health; EdNC on the Chatham County contractGriffin Daily News, EdNC · 2024 to 2026
10. CompanySeries B announcement with the $25 million totalBusiness Wire · Aug 8, 2023
11. CompanyContinuing our Mission, founder letter on burn and district countsDaybreak Health · Aug 2023
12. CompanyMedi-Cal partnership and CYBHI fee schedule announcementsDaybreak Health · 2024 to 2026

Compiled from SEC filings, school district procurement records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Absence of a Form D does not mean no capital was raised, since offerings under Section 4(a)(2) require no notice. Healthcare Venture Capital Fund holds no position in Daybreak Health. This page is not an offer to sell or a recommendation to buy any security.