Spring Health announces a Series E funding round of $100 million with a valuation of $3.3 billion. Generation Investment Management led the round with participation from existing investors, including Kinnevik, the William K. Warren Foundation, RRE, and Northzone.
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Spring Health works with global brands like Microsoft, Target, J.P. Morgan Chase, and Delta Airlines to deliver best-in-class outcomes for employees and a net positive ROI for employers. Last year, the company became the first and only company in its category to earn external validation of net savings for customers.
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“Spring Health started as an academic research project that sought to prove technology could help carers get people healthier faster. Our continued growth trajectory means more people are getting the care they need, and this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers,” says April Koh, co-founder and CEO of Spring Health.
“I am grateful to our investors for their continued support and to welcome a new partner in Generation, an organisation that believes expanding access to mental health will influence global and generational change in human behavior. By providing world-class mental healthcare and decreasing overall employer spend on healthcare, we believe we’re on track to build one of the world’s most valuable companies.”
The core of Spring Health’s offering, Precision Mental Healthcare, reduces the traditional trial-and-error method of treatment. This clinically validated method analyses a vast range of data, including a patient’s specific symptoms, alongside socio-demographic information and other key factors. Spring Health’s unique approach significantly reduces the average time for a patient to match with a carer, as well as the time from first appointment to successful treatment and recovery.
This announcement follows other significant innovations by Spring Health this year, including the expansion of our global offering, the launch of community care, and the enhancement of SpringWorks, which supports employers to create cultures of mental health. Spring Health also recently became the first and only mental health solution to earn nationwide third-party accreditation for quality care and crisis programmes.
About Spring Health
Founded eight years ago to address the urgent global mental health crisis, Spring Health’s employer benefit has grown to cover more than 10 million lives through 450 directly contracted employers, strategic payer relationships, and 27,000 groups that access the solution through a channel partner. Spring Health leverages artificial intelligence to empower our more than 10,000 care providers and to help members get the care they need faster.
