Spring Healthwhich provides AI-powered digital mental health care and navigation services, raised $100 million in a Series E funding round, raising its valuation to $3.3 billion.
The round was led by Generation Investment Management, with participation from existing investors RRE, the William K. Warren Foundation, Northzone and Kinnevik.
What it does
The New York-based company works with employers and health plans to connect individuals with virtual mental health services.
Members take an assessment that screens for 12 symptoms and receive a list of mental health providers for a clinical evaluation, then receive a comprehensive care plan with personalized recommendations from their care providers and access to Moments, the company’s on-demand digital exercises.
The company prides itself on providing impartial and comprehensive care, and its clients include Target, Microsoft, Delta Airlines, and JPMorgan Chase.
“Spring Health started as an academic research project trying to prove that technology can help caregivers get people healthy faster. Our continued growth means more people can get the care they need. This new funding will enable us to double down on our strength, increase access, scale our impact and continue to deliver even greater ROI for employers,” April Ko, co-founder and CEO of Spring Health, said in a statement.
“We thank our investors for their continued support and are thrilled to welcome Generation as our new partner, an organization that believes expanding access to mental health care will affect global, generational change in human behavior. By providing world-class mental health care and reducing employers’ overall spending on health care, we believe we are on track to build one of the most valuable companies in the world.”
Market Snapshot
Spring health rises 71 million in April 2023, two years after securing $190 million in Series C funding.
In 2022, the company Weldon offered mental health guidance to parents through chats, group support, and educational content with therapists, social workers, and parenting coaches.
Earlier this year, the company announced it would expand its platform to be available in more than 30 languages ​​by the end of the year and launched Community Cares, an initiative to advance mental health equity by addressing social determinants of health such as unsafe living conditions, food insecurity and child care challenges.
Other companies offering mental health platforms to employers include insurance company Cigna’s healthcare services subsidiary. Evernorth, stress and wellbeing app Calm, digital mental health company Headspace and digital mental health provider for employers Lyra Health.
