Total amount raised
$466.5 Million
Latest funding date
7/1/2024
Location
Spring Health has successfully raised funding over 7 rounds, with the latest being a Series E round. The company is backed by 24 investors, including notable names like The William K. Warren Foundation, Kinnevik, and Generation Investment Management.
Spring Health offers a comprehensive mental healthcare platform that includes therapy, coaching, on-demand support, and care for complex conditions. 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 is a mental healthcare company based in New York, New York, United States. The company employs between 1001 and 5000 people and operates in industries such as artificial intelligence, health care, mental health, mHealth, and wellness.
Spring Health provides mental health solutions for employers and health plans, offering services like therapy, coaching, on-demand support, and care for complex conditions. Their platform supports over 20 million covered lives globally, leveraging smart technology to deliver fast, precise matching for mental health care.
How Much Funding Has Spring Health Raised?
- Seed Round (2017-04-10)
- Amount Raised: USD 1,500,000
- 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 (2018-07-12)
- Amount Raised: USD 6,000,000
- 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 (2020-01-27)
- Amount Raised: USD 22,000,000
- Date: January 2020
- Lead Investors: Northzone
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series B (2020-11-18)
- Amount Raised: USD 76,000,000
- Date: November 2020
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the platform and enter new markets.
- Series C (2021-09-16)
- Amount Raised: USD 190,000,000
- Date: September 2021
- Lead Investors: Kinnevik
- Valuation at Round: USD 2,000,000,000
- Motivation Behind the Round: To support growth and increase valuation.
- Series D (2023-04-12)
- Amount Raised: USD 71,000,000
- Date: April 2023
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale and expand services.
- Series E (2024-07-31)
- Amount Raised: USD 100,000,000
- Date: July 2024
- Lead Investors: Generation Investment Management
- Valuation at Round: USD 3,300,000,000
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: USD 466,500,000. Current Valuation: USD 3,300,000,000.
Key Investors
- Generation Investment Management
- Details: Generation Investment Management is a firm that focuses on sustainable and long-term investments. They led the $100 million Series E funding round for Spring Health.
- Investment Focus Areas: Sustainable business models, long-term investments, environmental sustainability.
- Notable Investments: Companies with sustainable business practices.
- Kinnevik
- Details: Kinnevik is an investment company that focuses on building digital consumer brands and services. They participated as an existing investor in multiple funding rounds for Spring Health.
- Investment Focus Areas: Digital consumer brands, services, technology.
- Notable Investments: Zalando, Tele2, Babylon Health.
- The William K. Warren Foundation
- Details: The William K. Warren Foundation is a philanthropic organization that focuses on healthcare and medical research. They have been involved in multiple funding rounds for Spring Health.
- Investment Focus Areas: Healthcare, medical research, philanthropy.
- Notable Investments: Primarily funds healthcare initiatives.
- RRE Ventures
- Details: RRE Ventures is a venture capital firm that invests in early-stage technology companies. They participated as an existing investor in the Series E funding round for Spring Health.
- Investment Focus Areas: Early-stage technology, innovation, startups.
- Notable Investments: BuzzFeed, Venmo, SpaceX.
- Northzone
- Details: Northzone is a venture capital firm that focuses on technology-driven companies. They have been involved in multiple funding rounds for Spring Health.
- Investment Focus Areas: Technology, consumer internet, innovation.
- Notable Investments: Spotify, Klarna, Trustpilot.
What's Next for Spring Health?
Spring Health stands at the cusp of significant growth opportunities, driven by its recent $100 million Series E funding round. With a valuation now at $3.3 billion, the company is poised to expand its reach, leveraging partnerships with leading employers and health plans to serve over 10 million people globally. The integration of artificial intelligence to expedite care and the focus on personalized mental health solutions position Spring Health to capitalize on the increasing demand for mental health services.
Future fundraising opportunities appear promising as the mental health sector continues to attract investor interest. The company's demonstrated ability to deliver ROI to employers and its validated net savings for customers make it an attractive prospect for further investment. However, challenges such as scaling operations while maintaining quality care, navigating a competitive landscape, and adhering to regulatory requirements will need to be addressed to sustain growth and achieve long-term success.
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