Spring Health raises $76 million in Series B financing

We are happy today to announce the closing of a $76 million Series B, led by worldwide investment firm Tiger Global!

Spring Health’s remarkable fundraising success comes at a time when investments in women-led companies are expected to be the worst since 2017, according to financial data company PitchBook. Only 5% of female entrepreneurs raise Series B financings.

“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.”

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.

“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,” said Scott Shleifer, partner of Tiger Global. “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.”

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.

“April and Adam are extraordinary co-founders who have proven that they are executing by building a world-class platform for precision mental health services with better health outcomes and high value to employers,” said Pär-Jörgen Pärson, general partner at Northzone. “Spring Health has proven to be essential with the workforce going through increasing pressure amidst a global pandemic. We’ve been impressed by the clarity of vision and speed of execution by April, Adam, and their team since we’ve invested in their Series A in January 2020. The company is poised to become a substantive and transformative healthcare tech company.”

Since the closing of our recent $22 million Series A in January 2020, we at Spring Health have tripled our headcount. We’ve also launched our capabilities globally, making mental healthcare accessible to individuals in over 200 regions, and expanded to offer full EAP services.

“Mental healthcare is on the cusp of a tech transformation, and Spring Health meets this challenge with a platform that truly makes care accessible for all,” said Jessica Lin, Co-founder and General Partner at Work Bench. “The phenomenal success Spring Health has already had in matching members to the care they need speaks to the effectiveness and unique adaptability of its platform.”

Read the full press release here. To learn more about Spring Health, contact us to request a demo. Experience firsthand how Spring Health’s comprehensive solution can create a personalized care plan for each of your team members’ mental wellbeing.

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