Spring Health Garners Major Funding for Comprehensive Wellness Finder

By Thomas Price Wednesday, December 23, 2020

Especially in a year as difficult as 2020, considering the economic stress attributed to the COVID-19 pandemic, many people have experienced more troubles with their own mental health. On top of this, if one were to seek help, finding the right options to work with specific issues facing that person can be another added stress. For businesses that provide mental health benefits, the choices for each employee remain a top priority for morale, especially as more and more places of work have transitioned to remote options. Startup Spring Health is taking the guessing out of finding the right options for each individual through their science-backed approach. As a result, the startup has netted massive funding to back its ongoing efforts. So, how does Spring Health work, what kind of funding did they receive, and where is the company going from here?

What Is Spring Health?

Spring Health is a startup that helps businesses pair their employees with the correct treatment and behavioral solutions under the company’s massive umbrella of options. Spring Health achieves this by first having an incredibly large team of professionals ready to help along with what is called Precision Mental Healthcare. Considering that over 70% of the first treatment options fail, creating a better system to match patients with treatments is all the more important. Precision Mental Healthcare does exactly that.

The startup improves upon already existing systems by analyzing several different pieces of data for each individual. The specifically tailored data includes socio-demographic factors, diagnostic criteria, specific symptoms, psychiatric history, family history, social determinants of health, and personal preference, among many other relevant factors. For those who are still skeptical, Precision Mental Healthcare is also clinically validated with over 30 top medical journals affirming that the system is both safe and reliable. Furthermore, the Precision Mental Healthcare system that Spring Health has developed is extremely effective.

In fact, the use of the Precision Mental Healthcare system has resulted in a recovery rate that is two times higher than average. It has also led to faster recovery times as well at an average of eight weeks in comparison to 12 without the use of the system. All of this has made Spring Health extremely popular among employers, with major companies such as TED, Sysco, Whole Foods, Gap, Equinox, and other companies utilizing their work.

Spring Health’s system has led to higher engagement rates, with an average 30% of employees signing up if provided by employers. Also, with 70% of care and treatment taking place outside of work hours, Spring Health doesn’t take away from work productivity. The effectiveness of both the actual treatment and selection services has made startup extremely attractive to many investors looking for a mental health company to back.

Spring Health’s Funding Round and Future

In Spring Health’s most recent funding round, the company raised $76 million. The Series B funding round was led by Tiger Global with participation from Gingerbread Capital, Operator Partners, Northzone, Rethink Impact, William K. Warren Foundation, Work-Bench, SemperVirens, Able Partners, and True Capital. Two other notable investors were Toronto Raptors star Kyle Lowry and 2018 WNBA MVP Breanna Stewart.

Combined with earlier funding, Spring Health has raised a total of $106 million. In the meantime, the company has also seen tremendous growth over the course of this period of time, tripling its headcount and launching a global effort, with Spring Health now being available in over 200 different regions.

The additional funds that Spring Health has raised will be put toward continuing to improve the Precision Mental Healthcare system along with tripling its New York-based team. These improvements, along with global expansion, will make Spring Health a major player for years to come.

Final Conclusions

Spring Health is working to revolutionize how employees are using mental healthcare. With effective treatment results, strong employee usage, and a revolutionary system for treatment selection, Spring Health is primed to continue to see major growth in the near future. Furthermore, with the additional $76 million of funding and the clear plans to expand globally, Spring Health should continue to thrive, especially as mental health startups and mental health awareness as a whole continue to receive more and more attention from investors and the general public.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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