Summary:
Mental health startup Spring Health raised $100 million in Series E funding, bringing its valuation to $3.3 billion.
This represents a 65% increase from its previous valuation of $2 billion in 2021.
The company partners with employers to provide mental health services to their employees, leveraging artificial intelligence to accelerate care.
This funding round reflects the recent surge in investment for mental health startups.
Other notable mental health deals include Talkiatry's $130 million raise and Headway's $100 million Series D round.
Spring Health Raises $100 Million, Valued at $3.3 Billion
The mental health startup Spring Health has secured a $100 million Series E funding round, bringing its valuation to $3.3 billion. This represents a 65% increase from its previous valuation of $2 billion in 2021. The round was led by Generation Investment Management, with participation from existing investors including Kinnevik, The William K Warren Foundation, RRE Ventures and Northzone.
Spring Health, founded in 2016, has raised nearly $467 million to date. The New York-based company focuses on providing mental health services to employees of its partner employers. Artificial intelligence plays a key role in helping members receive care faster.
CEO April Koh stated that the funding will enable Spring Health to double down on its strengths, increase access, scale its impact and deliver greater ROI to employers.
Mental Health Funding on the Rise
This funding round adds to the recent surge in mental health funding. Other notable deals in recent weeks include:
- Talkiatry, a psychiatric care startup, raised $130 million in mid-June.
- Headway, a mental healthcare platform, secured $100 million in Series D funding, valuing the company at $2.3 billion.
While mental health funding has seen a slight dip from its 2021 peak, it remains relatively stable in 2024. The growing demand for therapy and mental health services is a significant driver behind this trend.
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