Spring Health, an AI-enabled digital mental healthcare and navigation services provider, has raised $100 million in a Series E funding round, bringing its valuation to $3.3 billion. This round was led by Generation Investment Management, with participation from existing investors RRE, William K. Warren Foundation, Northzone, and Kinnevik.
Spring Health collaborates with employers and health plans to connect individuals to virtual mental health services. Users undergo an assessment screening for 12 conditions and receive a list of mental health providers for clinical evaluation. Based on this evaluation, they receive a comprehensive care plan with personalized recommendations and access to on-demand digital exercises via the Moments platform. The company's client list includes prominent names like Target, Microsoft, Delta Airlines, and J.P. Morgan Chase, emphasizing its commitment to equitable and inclusive care.
CEO and co-founder April Koh stated that Spring Health's growth trajectory is a testament to its effectiveness in providing timely care through technology. She expressed gratitude to their investors and highlighted Generation's support, emphasizing that expanding access to mental health services can drive significant global and generational change. Koh believes that by offering top-tier mental healthcare and reducing overall employer healthcare costs, Spring Health is on track to become one of the world's most valuable companies.
Since its inception, Spring Health has seen significant financial backing, including a $71 million raise in April 2023 and $190 million in Series C funding in 2021. In 2022, the company acquired Weldon, which offers mental wellness support to parents through chats with professionals and educational content. Earlier this year, Spring Health announced plans to expand its platform to over 30 languages by year-end and launched Community Care, an initiative targeting social determinants of health to advance mental health equity.
Spring Health joins other mental health platforms such as Evernorth, Calm, Headspace, and Lyra Health, providing comprehensive mental health solutions for employers.
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