Insider Brief
- Spring Health has raised $100 million in a Series E funding round, increasing its valuation to $3.3 billion.
- The company has expanded its mental health care services to cover over 10 million lives through partnerships with major employers and payers.
- The new funding will help Spring Health enhance its services, increase access to care, and continue delivering strong ROI for employers.
PRESS RELEASE — NEW YORK CITY, NY/July 31, 2024 — Spring Health has announced a Series E funding round of $100 million, bringing the company’s valuation to $3.3 billion. The round was led by Generation Investment Management, with participation from existing investors, including Kinnevik, William K Warren Foundation, RRE, and Northzone.
Founded eight years ago to address the global mental health crisis, Spring Health has expanded its employer benefit to cover more than 10 million lives through 450 directly contracted employers, strategic payer relationships, and 27,000 groups accessing the solution through a channel partner. The company leverages artificial intelligence to support its network of over 10,000 care providers and help members receive timely care.
Spring Health partners with global brands such as Microsoft, Target, J.P. Morgan Chase, and Delta Airlines to deliver top-tier outcomes for employees and a net positive return on investment (ROI) for employers. Last year, Spring Health became the first and only company in its category to earn external validation of net savings for customers.
Co-founder and CEO April Koh reflected on the company’s journey, noting that Spring Health started as an academic research project aimed at proving that technology could accelerate the healing process for patients. Koh stated that the continued growth trajectory indicates that more people are receiving the care they need, and the new funding will allow the company to enhance its strengths, increase access, scale impact, and continue delivering greater ROI to employers.
Koh expressed gratitude for the continued support from investors and welcomed Generation as a new partner, emphasizing their shared belief that expanding access to mental health care can influence global and generational change.
Anthony Woolf, Growth Equity Partner at Generation Investment Management, highlighted the critical challenges in mental health care — access, affordability, and effectiveness. He noted that Spring Health has scaled an effective network of providers capable of delivering care to millions globally, aligning the needs of patients, providers, and employers.
Christian Scherrer, Senior Investment Director at Kinnevik, commented on Spring Health’s impressive achievements since Kinnevik led the company’s funding round in 2021. He praised the company’s groundbreaking products and industry-leading clinical and financial results, reaffirming Kinnevik’s full support for the Spring Health team.
This funding round follows significant innovations by Spring Health, including the expansion of its global offering, the launch of Community Care, and enhancements to SpringWorks, which supports employers in creating cultures of mental health. Spring Health also recently became the first mental health solution to earn nationwide third-party accreditation for quality care and crisis programs.
