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Spring Health Secures $76M to Modernize Employee Behavioral Health Benefits

Spring Health Secures $76M to Modernize Employee Behavioral Health Benefits

What You Should Know:

– Spring Health raises $76M to help employers modernize
their behavioral health benefits with the most comprehensive solution for
employee mental well-being.

– Spring Health provides a single front door to any type
of care — from digital exercises to ancillary employee assistance program (EAP)
services, to coaching, therapy, or medication — leading to faster outcomes,
higher engagement, and healthier, happier employees.


Spring Health, a
leading provider of behavioral health benefits with the most comprehensive
solution for employee mental well-being, announced the closing of a $76M Series
B led by Tiger Global. GingerBread
Capital and Operator Partners (a newly formed fund by Nat Turner and Zach
Weinberg, the cofounders of Flatiron Health) also joined this round.

Existing investors Northzone, Rethink Impact, William K.
Warren Foundation, Work-Bench, SemperVirens, Able Partners, and True Capital
also participated. New individual investors in the Series B round also include
six-time NBA all-star and NBA champion Kyle Lowry of the Toronto Raptors, and
two-time WNBA all-star and 2018 WNBA MVP Breanna Stewart of the Seattle Storm. This
additional financing brings the company’s total funding to $106 million to
date.

A New Standard of Care: Precision Mental Healthcare

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. The company’s unique approach to
mental health was founded in science and academia, and based on a proprietary
mix of technology with a human touch that allows Spring Health to achieve
world-class outcomes incredibly fast.

“Mental health is the defining problem of our time. Yet it’s still full of trial-and-error,” said April Koh, co-founder and CEO of Spring Health. “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.”

The funds will be used to further refine Spring Health’s
Precision Mental Healthcare approach. Unlike the legacy one-size-fits-all
solution, Spring Health matches each employee to the most effective care for
them.

Recent Traction/Milestones

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.

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