US-based digital mental health startup Spring Health has announced that it raised $100 million in a Series E funding round with a valuation of $3.3 billion.
The round was led by Generation Investment Management with participation from existing investors, including Kinnevik, William K Warren Foundation, RRE, and Northzone.
“I am grateful to our investors for their continued support and to welcome a new partner in Generation, an organisation that believes expanding access to mental health will influence global and generational change in human behavior,” said April Koh, co-founder and CEO of Spring Health.
“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,” she added.
The company said that it will use the latest funding to accelerate growth and expand global access to mental healthcare.
The core of Spring Health’s offering, Precision Mental Healthcare, reduces the traditional trial-and-error method of treatment. This method analyses a vast range of data, including a patient’s specific symptoms, alongside socio-demographic information and other key factors.
This approach significantly reduces the average time for a patient to match with a caregiver, as well as the time from the first appointment to successful treatment and recovery, the company mentioned.
“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,” said Anthony Woolf, Growth Equity Partner at Generation Investment Management.
Spring Health works with global brands like Microsoft, Target, J.P. Morgan Chase, and Delta Airlines to deliver the best results for employees and a positive ROI for employers.