New round, led by Generation Investment
Management, Values the Company at $3.3
Billion
NEW
YORK, July 31, 2024 /PRNewswire/ -- Spring
Health, the leading global mental health solution for employers and
health plans, today announced a Series E funding round of
$100 million with a valuation of
$3.3 billion. Generation Investment
Management led the round with participation from existing
investors, including Kinnevik, William K Warren Foundation, RRE and
Northzone.
Founded eight years ago to address the urgent global mental
health crisis, Spring Health's employer benefit has grown to cover
more than 10 million lives through 450 directly contracted
employers, strategic payer relationships, and 27,000 groups that
access the solution through a channel partner. Spring Health
leverages artificial intelligence to empower its more than 10,000
care providers and to help members get the care they need
faster.
Spring Health works with global brands like Microsoft, Target,
J.P. Morgan Chase and Delta Airlines to deliver best-in-class
outcomes for employees and a net positive ROI for employers. Last
year, the company became the first and only company in its category
to earn external validation of net savings for customers.
"Spring Health started as an academic research project that
sought to prove technology could help caregivers get people
healthier faster. Our continued growth trajectory means more people
are getting the care they need and this new funding allows us to
double down on our strengths, increase access, scale our impact,
and continue to deliver even greater ROI to employers," said
April Koh, co-founder and CEO of
Spring Health. "I am grateful to our investors for their continued
support and to welcome a new partner in Generation, an organization
that believes expanding access to mental health will influence
global and generational change in human behavior. By providing
world-class mental healthcare and decreasing overall employer spend
on healthcare, we believe we're on track to build one of the
world's most valuable companies."
The core of Spring Health's offering, Precision Mental
Healthcare, reduces the traditional trial-and-error method of
treatment. This clinically-validated method analyzes a vast range
of data, including a patient's specific symptoms, alongside
socio-demographic information and other key factors. Spring
Health's unique approach significantly reduces the average time for
a patient to match with a caregiver, as well as the time from first
appointment to successful treatment and recovery.
"In recent years, there has been some improvement in how we
address mental health, yet the critical challenges of access,
affordability and effectiveness remain," said Anthony Woolf, Growth Equity Partner at
Generation Investment Management. "Spring Health has scaled an
incredibly effective network of mental health providers, capable of
providing care to millions of people globally while aligning the
needs of patients, providers, and employers. We're proud to partner
with the Spring team to create a more sustainable and equitable
world."
"Ever since leading Spring Health's funding round in 2021, the
company surpassed our expectations across all important metrics,
launched several groundbreaking new products, and delivered
industry leading clinical and financial results to clients,"
commented Christian Scherrer, Senior
Investment Director at Kinnevik. "We are proud to continue our full
support for April, Adam and the Spring Health team as they set new
standards in mental healthcare each day, across access, quality,
data and automation."
This announcement follows other significant innovations by
Spring Health this year, including the expansion of their Global
offering, the launch of Community Care, and the enhancement of
SpringWorks, which supports employers to create cultures of mental
health. Spring Health also recently became the first and only
mental health solution to earn nationwide third-party accreditation
for quality care and crisis programs.
For more information about Spring Health, visit
www.springhealth.com.
About Kinnevik
Kinnevik's ambition is to be
Europe's leading listed growth
investor. We back the best digital companies for a reimagined
everyday and to deliver significant returns. We understand complex
and fast-changing consumer behaviors, and have a strong and
expanding portfolio in healthcare, software, marketplaces and
climate tech. As a long-term investor, we strongly believe that
investing in sustainable business models and diverse teams will
bring the greatest returns for shareholders. We back our companies
at every stage of their journey and invest in Europe and the US. Kinnevik was founded in
1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's
shares are listed on Nasdaq Stockholm's list for large cap
companies under the ticker codes KINV A and KINV B.
About Generation Investment Management
Generation
Investment Management LLP is dedicated to long-term investing,
integrated sustainability research and client alignment. It is an
independent, private, owner-managed partnership established in 2004
and headquartered in London, with
a US presence in San Francisco.
Its vision is a sustainable world in which prosperity is shared
broadly, in a society that achieves wellbeing for all, protects
nature and preserves a habitable climate.
Generation's Growth Equity strategy invests in companies with
proven technology and commercial traction, run by talented
mission-driven management teams. The strategy seeks to identify
companies which will be on the right side of the structural social
and economic changes that are already under way. Our shorthand for
this is "system positive."
For more information on Generation, please visit our website:
https://www.generationim.com/
About Spring Health
Spring Health is the leading
global behavioral health solution proven to change people's lives
and deliver net-positive financial return for organizations.
Through Spring Health's Precision Mental Healthcare, individuals
and families connect with personalized interventions and
compassionate, culturally-responsive mental health care. Certified
by the Validation Institute for demonstrating net savings for
customers, Spring Health equips global business leaders with the
technology, insights and clinical expertise they need to support
the mental health and well-being of their employees.
Today, more than 10 million people worldwide have access to
Spring Health. We're trusted by leading employers, health plans and
channel partners, including Adobe, Bumble, Delta, General Mills,
Highmark Health and Guardian, to drive cultural impact at scale.
For more information, please visit
https://www.springhealth.com.
Media contact: press@springhealth.com
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SOURCE Spring Health