Spring Well being, which provides AI-enabled digital psychological healthcare and navigation providers, raised $100 million in a Sequence E funding spherical, elevating its valuation to $3.3 billion.
Era Funding Administration led the spherical, which included participation from present traders RRE, William Okay. Warren Basis, Northzone and Kinnevik.
WHAT IT DOES
The New York-based firm works with employers and well being plans to attach people with digital psychological well being providers.
Members take an evaluation that screens for 12 circumstances after which obtain an inventory of psychological well being suppliers to bear a medical analysis. They then obtain a complete care plan with customized suggestions from their care supplier and might entry Moments, the corporate’s on-demand digital workouts.
The corporate touts that it provides equitable and inclusive care and that its clients embody Goal, Microsoft, Delta Airways and J.P. Morgan Chase.
“Spring Well being began as a tutorial analysis challenge that sought to show expertise might assist caregivers get individuals more healthy sooner. Our continued progress trajectory means extra individuals are getting the care they want and this new funding permits us to double down on our strengths, enhance entry, scale our affect, and proceed to ship even better ROI to employers,” April Koh, cofounder and CEO of Spring Well being, stated in an announcement.
“I’m grateful to our traders for his or her continued assist and to welcome a brand new associate in Era, a corporation that believes increasing entry to psychological well being will affect international and generational change in human conduct. By offering world-class psychological healthcare and lowering total employer spend on healthcare, we consider we’re on observe to construct one of many world’s most respected firms.”
MARKET SNAPSHOT
Spring Well being raised $71 million in April 2023, two years after securing $190 million in Sequence C funding.
In 2022, the corporate acquired Weldon, which offered psychological wellness steerage to folks via chats with therapists, social staff and parenting coaches, in addition to group assist and academic content material.
Earlier this 12 months, the corporate introduced that it could develop its platform to be out there in over 30 languages by the top of the 12 months, and it launched Neighborhood Care, an initiative to advance psychological well being fairness by addressing social determinants of well being like unsafe residing circumstances, meals insecurity and childcare challenges.
Different firms providing employers psychological well being platforms embody insurer Cigna’s well being providers subsidiary Evernorth, stress and wellness app Calm, digital psychological well being firm Headspace, and employer-focused digital psychological well being supplier Lyra Well being.