Spring Health Announces $100 Million Series E Funding to Accelerate Growth and Expand Global Access to Mental Healthcare

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Jul 31, 2024, 09:18 ET

New round, led by Generation Investment Management, Values the Company at $3.3 Billion

NEW YORK, July 31, 2024 /PRNewswire/ -- Spring Health, the leading global mental health solution for employers and health plans, today announced 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, William K Warren Foundation, RRE and Northzone.

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 its more than 10,000 care providers and to help members get the care they need faster.

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.

"Spring Health started as an academic research project that sought to prove technology could help caregivers 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," said 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 organization 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 analyzes 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 caregiver, as well as the time from first appointment to successful treatment and recovery.

"In recent years, there has been some improvement in how we address mental health, yet the critical challenges of access, affordability and effectiveness remain," said Anthony Woolf, Growth Equity Partner at Generation Investment Management. "Spring Health has scaled an incredibly effective network of mental health providers, capable of providing care to millions of people globally while aligning the needs of patients, providers, and employers. We're proud to partner with the Spring team to create a more sustainable and equitable world."

"Ever since leading Spring Health's funding round in 2021, the company surpassed our expectations across all important metrics, launched several groundbreaking new products, and delivered industry leading clinical and financial results to clients," commented Christian Scherrer, Senior Investment Director at Kinnevik. "We are proud to continue our full support for April, Adam and the Spring Health team as they set new standards in mental healthcare each day, across access, quality, data and automation."

This announcement follows other significant innovations by Spring Health this year, including the expansion of their 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 programs.

For more information about Spring Health, visit www.springhealth.com.

About Kinnevik
Kinnevik's ambition is to be Europe's leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviors, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.

About Generation Investment Management
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US presence in San Francisco. Its vision is a sustainable world in which prosperity is shared broadly, in a society that achieves wellbeing for all, protects nature and preserves a habitable climate.

Generation's Growth Equity strategy invests in companies with proven technology and commercial traction, run by talented mission-driven management teams. The strategy seeks to identify companies which will be on the right side of the structural social and economic changes that are already under way. Our shorthand for this is "system positive."

For more information on Generation, please visit our website: https://www.generationim.com/

About Spring Health
Spring Health is the leading global behavioral health solution proven to change people's lives and deliver net-positive financial return for organizations. Through Spring Health's Precision Mental Healthcare, individuals and families connect with personalized interventions and compassionate, culturally-responsive mental health care. Certified by the Validation Institute for demonstrating net savings for customers, Spring Health equips global business leaders with the technology, insights and clinical expertise they need to support the mental health and well-being of their employees.

Today, more than 10 million people worldwide have access to Spring Health. We're trusted by leading employers, health plans and channel partners, including Adobe, Bumble, Delta, General Mills, Highmark Health and Guardian, to drive cultural impact at scale. For more information, please visit https://www.springhealth.com.

Media contact: [email protected]

SOURCE Spring Health