Spring Health raises $76 million in Series B financing
NY-based Spring Health , a provider of behavioral health benefits, announced the closing of a $76 million Series B led by worldwide investment firm Tiger Global, bringing the company’s total funding to $106 million to date.
Spring Health provides a single front-door approach to any type of care — including digital exercises, coaching, therapy, medication, or employee assistance program (EAP) services — leading to “faster outcomes, higher engagement, and healthier, happier employees.”
“Mental health is the defining problem of our time. Yet it’s still full of trial-and-error. At Spring Health, we’re demystifying mental health and making high-quality care seamlessly accessible for everyone. Our approach precisely delivers the personalized care plan for each individual no matter where they are in their mental health journey, and we guide each individual through their journey through a dedicated navigator.” – Co-founder and CEO of Spring Health, April Koh.
“Mental health awareness has come to the forefront in 2020. We’re confident Spring Health will be a leading mental health solution for employers with its clinically-proven technology and world-class providers. Breaking down barriers and delivering effective mental healthcare to employees should be a top priority for companies in all industries. We’re impressed by Spring Health’s capability to deliver personalized solutions for each individual.” – Partner of Tiger Global, Scott Shleifer.
The funds from this Series B round will be used to further refine Spring Health’s Precision Mental Healthcare approach, using technology to match each employee to the most effective care for them.
“With the aim to become a global leader in behavioral healthcare benefits, Spring Health will triple its New York-based team and expand its capability to deliver the most personalized and most effective mental health experience possible.” Since the closing of the recent $22 million Series A in January 2020, Spring Health has tripled its headcount. The company also launched its capabilities globally, making mental healthcare accessible to individuals in over 200 regions. Additionally, Spring Health expanded to offer full EAP services, enabling employers to fully replace their employee assistance programs with Spring Health’s comprehensive solution.