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Lifestance was founded in 2015. In April 2020, private equity firm TPG acquired Lifestance for $1.2bn in equity. The company went public on June 10, 2021 and raised $720 million in the process. After the IPO, TPG retained partial ownership and along with private equity firms Summit Partners and Silversmith Capital Partners. Together, their block of shares adds up to 66% ownership of the company.
In 2021 Lifestance acquired Seattle based Acquity Counseling, which had 7 locations. In that same year they launched the Not1Face campaign which was an effort to address the mental health crisis in America.