NEW YORK, Sept. 16, 2021 /PRNewswire/ -- Spring Health, the most comprehensive global mental health solution for employers and health plans, today announced it has secured $190 million in Series C funding.
Top healthcare investor Kinnevik led the round and was joined by new investor The Guardian Life Insurance Company of America (Guardian Life), along with existing investors Tiger Global, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K Warren Foundation, SemperVirens, Able Partners, and True Capital Ventures. Spring Health's total investment to date is $300 million, bringing the company's current valuation to $2 billion, on the heels of approximately 6x revenue growth over the past year.
Spring Health is the market leader for family mental health, working with global companies like PepsiCo, General Mills, Bain, and Instacart. Its comprehensive mental health and wellbeing solution includes mindfulness and meditation, care navigation, coaching, therapy, and medication management. A scientific study recently revealed that Spring Health is the most effective and efficient employer-facing mental health solution available today, delivering best-in-class outcomes in half the time as others in the industry. More than 2 million employees worldwide currently have access to Spring Health.
"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."
Building the leading mental health solution for employees and their families
The COVID-19 pandemic has also created a crisis in children's mental health and the mental health of caregivers, with more than 25% of high school students reporting worsening emotional and cognitive health in the pandemic.
Today, Spring Health offers resources for both employees and their family members, including relationship counseling, pediatric mental healthcare, parental coaching, self-guided exercises for parents, and adult therapy for individuals.
The Series C Financing will accelerate the company's efforts to integrate these existing offerings into the first cohesive mental health experience for families, where both individuals and relationships within families can be supported through one central solution.
"The world's biggest employers are facing so many mental health challenges right now: employees dealing with burnout, drug or alcohol abuse, disruption to childcare, struggling to find access to care for employees or their family members, and high employee turnover. When you face any one of these issues, the problems can impact the whole family. We realized we have a unique opportunity to bring all of these pieces together into a cohesive solution," said Dr. Adam Chekroud, co-founder and President, Spring Health. "And with the financing we will be launching this even faster, and at a global scale."
In addition to expanding its footprint among employers, Spring Health plans to accelerate its growth in partnership with strategic partners and health plans. Investor Guardian Life, a leading life, disability and employee benefits provider, is the first strategic provider who will collaborate with Spring Health to develop solutions that will meet customers' needs.
"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."
As part of the financing, Kinnevik's Christian Scherrer will be joining Spring Health's Board of Directors. The round, which included both equity and debt, included participation from existing investors Tiger Global, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K Warren Foundation, SemperVirens, Able Partners, and True Capital Ventures.
"We are incredibly excited to support Spring Health and April in its next chapter," said Georgi Ganev, CEO, Kinnevik. "We believe Spring Health's distinct and innovative approach to mental healthcare will set a new standard in the space and establish the company as the long-term market leader."
About Spring Health
At Spring Health, we are making mental health fundamental by eliminating every barrier to care. Our comprehensive digital platform provides employers and health plans with diverse, inclusive care for individuals and families. Using clinically-proven machine learning models, we accurately assess an individual's needs and then our experienced care navigators guide the individual to the right care, whether it's coaching, meditation, therapy, medication or more. Today, Spring Health serves over 150 companies, from start-up's to multinational Fortune 500 corporations, and is a preferred mental health provider to companies like PepsiCo, General Mills, Bain, and Instacart. For more information, please visit www.springhealth.com.
Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. 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, with a focus on the Nordics, and in 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.
Every day, Guardian provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we're a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2020 included $9.5 billion in capital and $1.7 billion in operating income. For more information, please visit guardianlife.com.
SOURCE Spring Health