Spring Health, a digital behavioral health benefits program for employees offered through employers, closed a $76 million Series B funding round led by Tiger Global.
“Mental health awareness has come to the forefront in 2020. 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,” said Scott Shleifer, partner of Tiger Global.
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.
Spring Health has raised $106 million to date, including a $22 million Series A round in January 2020. The company plans to use new funds to refine its precision mental healthcare approach, using the latest technology to match each employee to the most effective care for them. The funds will also help the company expand its team and deliver personalized mental health services possible.
“Mental health is the defining problem of our time. Yet it is 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.”
According to Mercom funding data, digital mental health startups have raised almost $1 billion in the past five years. Recently, Koa Health – previously known as Alpha Health, a digital mental healthcare platform, closed a $16.5 million Series A funding round that will bring the company’s total up to $35 million to date.
