Mental Health

Spring Well being Reaches $2B Valuation and Launches Household Psychological Well being Answer Globally

Sequence C Financing Spherical Led by Kinnevik with continued participation from Tiger International and Northzone brings in $190M in new funding.

Proceeds to develop main, complete psychological well being resolution to serve world workforces and their households.

New York, NY, September 16, 2021 – Spring Well being, essentially the most complete world psychological well being resolution for employers and well being plans, at this time introduced it has secured $190 million in Sequence C funding.

Prime healthcare investor Kinnevik led the spherical and was joined by new investor The Guardian Life Insurance coverage Firm of America (Guardian Life), together with current traders Tiger International, Northzone, RRE Ventures, Rethink Impression, Work-Bench, William Okay Warren Basis, SemperVirens, In a position Companions, and True Capital Ventures. Spring Well being’s whole funding up to now is $300 million, bringing the corporate’s present valuation to $2 billion, on the heels of roughly 6x income development over the previous yr.

Spring Well being is the market chief for household psychological well being, working with world corporations like PepsiCo, Basic Mills, Bain, and Instacart. Its complete psychological well being and wellbeing resolution contains mindfulness and meditation, care navigation, teaching, remedy, and medicine administration. A scientific examine just lately revealed that Spring Well being is the best and environment friendly employer-facing psychological well being resolution out there at this time, delivering best-in-class outcomes in half the time as others within the business. Greater than 2 million staff worldwide at present have entry to Spring Well being.

“As a society, we face an unprecedented world psychological well being disaster that can lengthy outlast the COVID-19 pandemic. Spring Well being is supporting the psychological well being of hundreds of thousands of individuals world wide, and we’re simply getting began,” stated April Koh, CEO, Spring Well being. “As we enter this subsequent part of development, we’re thrilled to accomplice with Kinnevik, who has an distinctive monitor report in digital well being and a deep dedication to sustainability, range, and optimistic long-term affect.”

 

Constructing the main psychological well being resolution for workers and their households

The COVID-19 pandemic has additionally created a disaster in youngsters’s psychological well being and the psychological well being of caregivers, with greater than 25% of highschool college students reporting worsening emotional and cognitive well being within the pandemic.

Right this moment, Spring Well being provides assets for each staff and their members of the family, together with relationship counseling, pediatric psychological healthcare, parental teaching, self-guided workouts for fogeys, and grownup remedy for people.

The Sequence C Financing will speed up the corporate’s efforts to combine these current choices into the primary cohesive psychological well being expertise for households, the place each people and relationships inside households might be supported by one central resolution.

“The world’s largest employers are dealing with so many psychological well being challenges proper now: staff coping with burnout, drug or alcohol abuse, disruption to childcare, struggling to search out entry to care for workers or their members of the family, and excessive worker turnover. Whenever you face any considered one of these points, the issues can affect the entire household. We realized now we have a novel alternative to deliver all of those items collectively right into a cohesive resolution,” stated Dr. Adam Chekroud, co-founder and President, Spring Well being. “And with the financing we will probably be launching this even sooner, and at a worldwide scale.”

Along with increasing its footprint amongst employers, Spring Well being plans to speed up its development in partnership with strategic companions and well being plans. Investor Guardian Life, a number one life, incapacity and worker advantages supplier, is the primary strategic supplier who will collaborate with Spring Well being to develop options that can meet clients’ wants.

“Offering psychological well being assets and wellbeing assist is a prime precedence for Guardian and an pressing want for our clients,” stated Michael Prestileo, Head of Technique, Product, & Underwriting for Guardian Group Advantages. “We’re excited to accomplice with Spring Well being, an revolutionary chief on this area, to deliver the business’s first built-in resolution to market.”

As a part of the financing, Kinnevik’s Christian Scherrer will probably be becoming a member of Spring Well being’s Board of Administrators. The spherical, which included each fairness and debt, included participation from current traders Tiger International, Northzone, RRE Ventures, Rethink Impression, Work-Bench, William Okay Warren Basis, SemperVirens, In a position Companions, and True Capital Ventures.

“We’re extremely excited to assist Spring Well being and April in its subsequent chapter,” stated Georgi Ganev, CEO, Kinnevik. “We consider Spring Well being’s distinct and revolutionary strategy to psychological healthcare will set a brand new customary within the area and set up the corporate because the long-term market chief.”

 

About Spring Well being

At Spring Well being, we’re making psychological well being basic by eliminating each barrier to care. Our complete digital platform gives employers and well being plans with numerous, inclusive care for people and households. Utilizing clinically-proven machine studying fashions, we precisely assess a person’s wants after which our skilled care navigators information the person to the proper care, whether or not it’s teaching, meditation, remedy, medicine or extra. Right this moment, Spring Well being serves over 150 corporations, from start-up’s to multinational Fortune 500 companies, and is a most well-liked psychological well being supplier to corporations like PepsiCo, Basic Mills, Bain, and Instacart. For extra info, please go to www.springhealth.com.

 

About Kinnevik

Kinnevik’s ambition is to be Europe’s main listed development investor, and we again the perfect digital corporations for a reimagined on a regular basis and to ship important returns. We perceive complicated and fast-changing client behaviours, and have a robust and increasing portfolio in healthtech, client companies, foodtech and fintech. As a long-term investor, we strongly consider that investing in sustainable enterprise fashions and numerous groups will deliver the best returns for shareholders. We again our corporations at each stage of their journey and spend money on Europe, with a deal with the Nordics, and within the US. Kinnevik was based in 1936 by the Stenbeck, Klingspor and von Horn households. Kinnevik’s shares are listed on Nasdaq Stockholm’s record for big cap corporations underneath the ticker codes KINV A and KINV B.

 

About Guardian

On daily basis, Guardian gives People the safety they deserve by our insurance coverage and wealth administration services. Since our founding in 1860, our long-term view has helped our clients put together for no matter life brings whether or not beginning a household, planning for the long run or caring for staff. Right this moment, we’re a Fortune 250 mutual firm and a number one supplier of life, incapacity, dental, and different advantages for people, on the office and thru authorities sponsored applications. The Guardian neighborhood of over 9,000 staff and our community of over 2,500 monetary representatives is dedicated to serving with experience when, the place and the way our shoppers want us. Our commitments relaxation on a robust monetary basis, which at year-end 2020 included $9.5 billion in capital and $1.7 billion in working revenue. For extra info, please go to guardianlife.com.

 

Media Contact:

Jennifer Newman, Spring Well being

jnewman@springhealth.com

 

Spring Health

September 16, 2021

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