Spring Health, a digital behavioral health benefits program for employees offered through employers, announced it had secured $190 million in Series C funding.
Kinnevik led the round with new investor Guardian Life and existing investors Tiger Global, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K Warren Foundation, SemperVirens, Able Partners, and True Capital Ventures.
Including the latest round, Spring Health has raised a total of $300 million to date, bringing the company’s current valuation to $2 billion. The company plans to use the latest financing to expand comprehensive mental health solutions to serve global workforces and families. Clients include PepsiCo, General Mills, Bain, and Instacart.
“As a society, we face an unprecedented global mental health crisis that will long outlast the COVID-19 pandemic. Spring Health is supporting the mental health of millions of people around the world, and we’re just getting started,” said April Koh, CEO, Spring Health. “As we enter this next phase of growth, we are thrilled to partner with Kinnevik, who has an exceptional track record in digital health and a deep commitment to sustainability, diversity, and positive long-term impact.”
According to the company, the program includes digital exercises, coaching, therapy, medication, or employee assistance program (EAP) services, which leads to faster outcomes, higher engagement, and healthier, happier employees.
The company also offers an on-demand virtual digital wellness program (covering anxiety, exercise, focus, relationships, personal growth, eating, depression, substance use, sleep, mindfulness, and emotions) from like-minded practitioners, including therapists, psychiatrists, and Care Navigators.
“Providing mental health resources and wellbeing support is a top priority for Guardian and an urgent need for our customers,” said Michael Prestileo, Head of Strategy, Product, & Underwriting for Guardian Group Benefits. “We are excited to partner with Spring Health, an innovative leader in this space, to bring the industry’s first integrated solution to market.”
Digital mental health companies raised over $700 billion in the first half (1H) of 2021, according to the latest Mercom Digital Health Funding and M&A Report.