Total amount raised
$466.5 Millions
Latest funding date
Location
Title
Spring Health has successfully raised significant funding through multiple rounds, including a Series E. The company offers a comprehensive mental health solution tailored for employers and health plans.
Keep reading to explore the intricacies of Spring Health's fundraising journey and the investors backing this innovative platform.
What Is Spring Health?
Spring Health, founded in 2016, is based in New York, New York. The company was established by Abhishek Chandra, Adam Chekroud, and April Koh.
Spring Health provides mental health solutions tailored for employers and health plans. Their services include digital support, meditation exercises, coaching, therapy, and medication.
With a workforce of 1001-5000 employees, Spring Health leverages Precision Mental Healthcare to deliver personalized care to each individual.
How Much Funding Has Spring Health Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: April 2017
- Lead Investors: The William K. Warren Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and validate the business model.
- Seed Round
- Amount Raised: $6M
- Date: July 2018
- Lead Investors: Rethink Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: $22M
- Date: January 2020
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series B
- Amount Raised: $76M
- Date: November 2020
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand service offerings.
- Series C
- Amount Raised: $190M
- Date: September 2021
- Lead Investors: Kinnevik
- Valuation at Round: $2B
- Motivation Behind the Round: To support growth and expansion.
- Series D
- Amount Raised: $71M
- Date: April 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand market reach.
- Series E
- Amount Raised: $100M
- Date: July 2024
- Lead Investors: Generation Investment Management
- Valuation at Round: $3.3B
- Motivation Behind the Round: To increase access, scale impact, and deliver greater ROI to employers.
Total Amount Raised: $466.5M. Current Valuation: $3.3B.
Key Investors
- Generation Investment Management
- Details: Generation Investment Management is a firm focused on sustainable and long-term investments. They aim to address environmental and social challenges through their investment strategies.
- Investment Focus Areas: Sustainable investments, climate change, social impact.
- Notable Investments: Beyond Meat, Asana, DocuSign.
- Kinnevik
- Details: Kinnevik is an investment company that focuses on building digital consumer businesses. They have a strong presence in the healthcare, financial services, and TMT sectors.
- Investment Focus Areas: Consumer services, financial services, healthcare, TMT.
- Notable Investments: Zalando, Tele2, Babylon Health.
- The William K. Warren Foundation
- Details: The William K. Warren Foundation is a philanthropic organization dedicated to healthcare, education, and community services. They have a significant focus on medical research and healthcare initiatives.
- Investment Focus Areas: Healthcare, education, community services.
- Notable Investments: Primarily philanthropic and healthcare-related investments.
- RRE Ventures
- Details: RRE Ventures is a venture capital firm that invests in early-stage technology companies. They have a diverse portfolio that includes fintech, healthcare, and enterprise software.
- Investment Focus Areas: Early-stage technology companies, fintech, healthcare, enterprise software.
- Notable Investments: BuzzFeed, Venmo, Noom.
- Northzone
- Details: Northzone is a venture capital firm that invests in technology companies at various stages. They focus on sectors like fintech, health tech, and consumer internet.
- Investment Focus Areas: Technology companies, fintech, health tech, consumer internet.
- Notable Investments: Spotify, Klarna, Trustpilot.
What's Next for Spring Health?
Spring Health stands at the cusp of significant growth opportunities. With a recent $100 million Series E funding round, the company is poised to expand its mental health services to a broader audience. Leveraging its AI capabilities, Spring Health aims to deliver faster and more personalized care, addressing the growing demand for mental health solutions in the workplace.
As the mental health sector continues to attract substantial investment, Spring Health's increasing valuation makes it an attractive candidate for future fundraising. The company’s partnerships with major employers and health plans position it well for further expansion and market penetration.
However, challenges lie ahead. Competition from other well-funded startups and the need to ensure scalable, effective AI-driven care solutions are significant hurdles. Navigating regulatory requirements, especially in international markets, will also be crucial as Spring Health continues its growth trajectory.
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