Spring Health Revenue, Valuation, Funding & Investors

Spring Health is valued at $3.3B as of July 2024, a 26.4x multiple on its last reported $125M revenue.

Last Spring Health valuation

$3.3B

Series E · Jul 2024

Last Spring Health funding round

$100M

Series E · Jul 2024

Spring Health revenue

$125M

Series E · Jul 2024

Key investors in Spring Health

  • RRE Ventures
  • The William K. Warren Foundation
  • Northzone
  • Tiger Global
  • AlleyCorp
  • Kinnevik

Spring Health Overview

About Spring Health

Spring Health is a New York-headquartered provider of mental health benefits for employers and health plans. Its Precision Mental Healthcare platform matches employees to therapies, coaching, medication management, or digital programs using clinical data. The company serves Fortune 500 firms and insurance carriers, operating in the US with tools for depression, anxiety, and stress treatment.


Founded

2016

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$125M (Jul 2024)

Valuation

$3.3B (Jul 2024)

Spring Health Valuation

Spring Health is currently valued at $3.3B, based on its Series E in July 2024.

The $100M round was led by Generation Investment Management, with participation from RRE Ventures, The William K. Warren Foundation, Kinnevik and Northzone.

Spring Health's valuation has grown 1.6x from $2B at its Series C in September 2021 to $3.3B in July 2024, across 3 priced rounds.

Spring Health valuation by funding round

Revenue multiple
Spring Health valuation by funding round
DateStageValuationRevenue Multiple
Jul 2024Series E$3.3B26.4x
Apr 2023Series D$2.5B-
Sep 2021Series C$2B-

Spring Health Revenue

Spring Health's latest recorded revenue is $125M, as of its Series E in July 2024. At a $3.3B valuation, that implies a 26.4x revenue multiple.

Spring Health revenue by funding round

Spring Health revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2024$125M$3.3B26.4xSeries E

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Spring Health Funding History

Spring Health has raised a total of $467M across 7 funding rounds.

Spring Health's first fundraising round was a $2M seed round in April 2017. The most recent completed round was a $100M Series E in July 2024.

Spring Health funding rounds

Spring Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2024Series EGeneration Investment Management (lead); RRE Ventures; The William K. Warren Foundation; Kinnevik; Northzone$100M$3.3BSpring Health is a New York-based provider of AI-powered digital mental health solutions for employers and health plans, offering navigation services, equitable care, and a network of 10,000 providers accessible to 10 million people, with clients including Target, Microsoft, Delta Airlines, and J.P. Morgan Chase. The company raised $100 million in a Series E funding round on July 31, 2024, led by Generation Investment Management, with participation from existing investors Kinnevik, William K. Warren Foundation, RRE Ventures, and Northzone. This round valued the company at $3.3 billion post-money, up from $2.5 billion in its April 2023 Series D ($71 million) and $2 billion in its 2021 Series C ($190 million), bringing total funding to over $470 million. The new capital will fund product and technology development, expansion into new audiences and channels, global access to mental healthcare, and adjacent categories like specialty care for higher acuity needs including substance use disorder. Spring Health, founded in 2016 by CEO April Koh and President Adam Chekroud, started as an academic research project to leverage technology for faster mental health outcomes and has grown significantly post-pandemic as employers added mental health benefits, now employing about 1,200 people. The company recently earned a three-year CARF accreditation for adult and child outpatient care, crisis response, and intervention, claiming to be the first mental health solution with nationwide third-party validation for clinical care and crisis programs. Investors like Generation highlight Spring Health's product-led model delivering high-quality service via proprietary AI technology, with potential for an IPO as digital health markets recover. Previous acquisitions include Weldon in 2022 for parental mental wellness support.
Apr 2023Series D-$71M$2.5BSpring Health is a New York-based digital mental health provider offering AI-enabled mental healthcare and navigation services to employers, partnering with companies like Target, Microsoft, Delta Airlines, and J.P. Morgan Chase. The company matches individuals to personalized care plans using precision mental health technology to improve outcomes and reduce costs. Founded in 2016, it has expanded through acquisitions like Weldon in 2022 for parental mental wellness support and recently earned CARF accreditation for outpatient care and crisis programs. In April 2023, Spring Health raised $71 million in a Series D funding round at a post-money valuation of $2.5 billion, following a $190 million Series C in September 2021 at $2 billion valuation. This brought total funding to around $466.5 million at the time, with participation from prior investors. The funds supported scaling services, product development, and a path to profitability, amid ongoing investments in higher-acuity care like substance use disorder treatment. The mental health startup sector remained active, with Spring Health's round preceding a $100 million Series E in July 2024 led by Generation Investment Management, boosting valuation to $3.3 billion—a 32% increase. Existing backers including Kinnevik, William K. Warren Foundation, RRE, and Northzone participated. CEO April Koh highlighted growth in access, ROI for employers, and global expansion plans like 30+ languages and Community Care for social determinants of health. Spring Health differentiates through equitable care delivery, AI-driven matching, and employer-focused ROI, positioning it competitively in behavioral health amid stable sector funding.
Sep 2021Series CKinnevik (lead); RRE Ventures; Work-Bench; True Capital Management; The William K. Warren Foundation; Tiger Global; Guardian Life; Empede Capital; Northzone; SemperVirens Venture Capital; Rethink Impact; Able Partners$190M$2BSpring Health is a comprehensive global mental health solution provider for employers and health plans, using AI-driven matching to connect users with personalized care options. On September 16, 2021, it announced a $190 million Series C funding round led by Kinnevik, with participation from new investor Guardian Life Insurance Company of America and existing investors including Tiger Global, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K. Warren Foundation, SemperVirens Venture Capital, Able Partners, and True Capital Ventures. The round, which included both equity and debt, brought total funding to $300 million and propelled the company's post-money valuation to $2 billion. The proceeds were earmarked to expand its platform globally, particularly launching a family mental health solution, and to grow partnerships with employers and health plans. At the time, Spring Health reported approximately 6x revenue growth over the past year, partnerships with over 150 companies from startups to Fortune 500s, and coverage for over 2 million lives, though specific revenue or ARR figures were not disclosed. CEO April Koh highlighted the ongoing global mental health crisis exacerbated by COVID-19, positioning Spring Health to support millions amid surging demand. Kinnevik's Christian Scherrer joined the board as part of the investment. The company differentiated through proprietary technology for service matching, operating in a booming digital behavioral health market estimated at nearly $142 billion. This Series C built on prior raises including a $76 million Series B in late 2020 and $6 million seed in 2018, preceding later rounds like a $100 million Series E in 2024 at $3.3 billion valuation.
Nov 2020Series BTiger Global (lead)$76M-Spring Health is a New York-based digital mental health platform that uses machine learning and big data to match employees with suitable mental healthcare providers, offering comprehensive behavioral health benefits to employers including full EAP services. The company raised $76 million in its Series B round on November 18, 2020, led by Tiger Global Management, with participation from GingerBread Capital, Operator Partners, Northzone, Rethink Impact, William K. Warren Foundation, Work-Bench, SemperVirens, Able Partners, True Capital Ventures, and investors like Kyle Lowry and Breanna Stewart. This followed a $22 million Series A in January 2020 led by Northzone and earlier seed funding totaling around $7.5 million. The Series B proceeds aimed to expand the platform, enter new markets, and support global rollout to over 200 regions, having tripled headcount since Series A. Spring Health achieved a $2 billion valuation in its subsequent $190 million Series C in September 2021 led by Kinnevik with Guardian Life and others, reaching total funding of $300 million at that time. Later rounds included a Series D at $2.5 billion in 2023 and a $100 million Series E in 2024 at $3.3 billion led by Generation Investment Management, bringing total raised to nearly $467 million. Traction post-Series B included clinically-proven technology delivering personalized mental health solutions amid rising awareness during the 2020 pandemic, positioning Spring Health as a leader in employer-focused mental health with high ROI. Investors highlighted its execution, world-class providers, and transformative potential in healthcare tech.
Jan 2020Series ANorthzone (lead); True Capital Management; Equinox Fitness$22M-Spring Health is a New York-based digital mental health platform that uses AI and machine learning to match employees with suitable mental health providers, partnering with employers and health plans to deliver comprehensive services. The company, founded in 2016, raised $22 million in a Series A round on January 27, 2020, led by Northzone with participation from Equinox Ventures (corporate arm of Equinox Fitness), True Capital Ventures (aligned with True Capital Management), Able Partners, Rethink Impact, Work-Bench, RRE Ventures, SemperVirens, and William K. Warren Foundation. The funding aimed to scale operations and increase market reach. This 2020 Series A followed earlier seed rounds and preceded a $76 million Series B in November 2020 led by Tiger Global, with some overlapping investors including Northzone. Spring Health continued raising capital aggressively, achieving a $2 billion valuation in a $190 million Series C in September 2021 led by Kinnevik, followed by further rounds including a $100 million Series E in 2024 at $3.3 billion valuation led by Generation Investment Management, with Northzone participation. Total funding exceeds $466 million across 14 rounds. The platform expanded to family mental health solutions and acquired Weldon in 2022, emphasizing ROI for employers through faster care access.
Jul 2018SeedRethink Impact (lead); BBG Ventures; RRE Ventures; Work-Bench; The William K. Warren Foundation; AlleyCorp$6M-Spring Health raised a $6 million seed round in 2018 led by Rethink Impact, with participation from AlleyCorp, BBG Ventures, RRE Ventures, The William K. Warren Foundation, and Work-Bench. The company provides a digital mental health platform that uses machine learning and big data to match employees with personalized mental health care providers, including therapy, coaching, and medication management. This seed funding followed a prior $1.5 million round in 2017 from investors including William K. Warren Foundation, North Sound Ventures, Saddlefire Ventures, Rough Draft Ventures, and Kevin Ryan. Spring Health focuses on precision mental healthcare with evidence-based outcomes supported by peer-reviewed studies in journals like JAMA. The company later raised additional rounds, including a $76 million Series B in late 2020 and a $190 million Series C valuing it at $2 billion.
Apr 2017SeedThe William K. Warren Foundation (lead); Saddlefire Ventures; RRE Ventures; North Sound Ventures; Rough Draft Ventures; AlleyCorp$2M--

Who has invested in Spring Health?

19 investors have backed Spring Health across its funding rounds, including RRE Ventures, The William K. Warren Foundation, Northzone, Tiger Global, AlleyCorp and Kinnevik.

Lead investors include Generation Investment Management, Kinnevik, Tiger Global, Northzone, Rethink Impact and 1 other investor.


Spring Health Investors

Investors in Spring Health by funding rounds participated
InvestorHQRoundsRoleFirst check
RRE VenturesUnited StatesNew York City, NY4ParticipantApr 2017
The William K. Warren FoundationUnited StatesTulsa, OK4LeadApr 2017
NorthzoneUnited KingdomLondon3LeadJan 2020
Work-BenchUnited StatesNew York City, NY2ParticipantJul 2018
True Capital ManagementUnited StatesSan Francisco, CA2ParticipantJan 2020
Tiger GlobalUnited StatesNew York City, NY2LeadNov 2020
KinnevikSwedenStockholm2LeadSep 2021
AlleyCorpUnited StatesNew York City, NY2ParticipantApr 2017
Rethink ImpactUnited StatesNew York City, NY2LeadJul 2018
BBG VenturesUnited StatesNew York City, NY1ParticipantJul 2018
Saddlefire VenturesUnited StatesWashington, DC1ParticipantApr 2017
North Sound VenturesUnited StatesSeattle, WA1ParticipantApr 2017
Rough Draft VenturesUnited StatesUnited States1ParticipantApr 2017

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Acquisitions by Spring Health

Spring Health has acquired 2 companies to date.

Last acquisition by Spring Health was on January 29th 2026. Spring Health acquired Alma for undisclosed valuation.


Latest Acquisitions by Spring Health

Alma
Weldon
Description
Alma is a New York-based membership network for licensed mental health providers across the United States. Its platform handles insurance credentialing, client matching, scheduling, billing, and teletherapy tools, serving therapists, psychologists, and psychiatrists in all 50 states.
Weldon is a San Francisco-based platform providing evidence-based mental health guidance for parents and caregivers from child psychologists and developmental experts. It offers personalized plans addressing sleep, behavior, and family dynamics via app consultations in the U.S.
HQ CountryUnited StatesUnited States
HQ City
New York City, NY
Bridgeport, CT
Deal Date29 Jan 202618 May 2022
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Spring Health Competitors

Spring Health competitors include listed companies like Evolent Health and Humana Inc., and private ones like Judi Health, Chapter, Grow Therapy and Garner Health.

Public and private companies comparable to Spring Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Evolent HealthUnited StatesUnited StatesPublicly listed$1.9B($365M)$415M0.5x
Humana Inc.United StatesUnited StatesPublicly listed$130B$3B$46B0.3x
Judi HealthUnited StatesNew York City, NYPrivate--$3.3B-
ChapterUnited StatesNew York City, NYPrivate--$3B-
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
Garner HealthUnited StatesNew York City, NYPrivate$200M-$2.7B13.7x

Spring Health Public Comps

Spring Health is still privately-owned, but its public comps include Clover Health, Pluxee, Benefit Systems, Compass Pathways, Progyny, ACADIA Pharmaceuticals, Doximity, GoodRx, Teladoc and Eurowag.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Clover Health$1.9B($84M)1.1x0.8x(25.8x)34.1x
Pluxee$1.5B$500M----
Benefit Systems$1.2B$370M4.3x3.6x13.9x12.1x
Compass Pathways-($293M)--(5.8x)(8.4x)
Progyny$1.3B$90M1.4x1.4x20.6x8.0x
ACADIA Pharmaceuticals$1.1B$119M3.6x3.2x32.3x33.6x
Doximity$645M$229M6.3x6.2x17.7x11.9x
GoodRx$797M$173M1.8x1.8x8.1x5.5x

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Common questions about Spring Health

When was Spring Health founded?Spring Health was founded in 2016.
Where is Spring Health headquartered?Spring Health is headquartered in New York City, NY, United States.
Is Spring Health publicly listed?No, Spring Health is a private, VC-backed company.
What is Spring Health's valuation?Spring Health was last valued at $3.3B in its Series E in July 2024.
How much funding has Spring Health raised?Spring Health has raised $467M across 7 funding rounds.
What was Spring Health's last funding round?Spring Health's last funding round was a $100M Series E in July 2024, led by Generation Investment Management.
Who are Spring Health's investors?Spring Health's investors include RRE Ventures, The William K. Warren Foundation, Northzone, Work-Bench, True Capital Management, Tiger Global, Kinnevik, AlleyCorp, Rethink Impact, BBG Ventures and 9 others.
What is Spring Health's revenue?Spring Health's latest recorded revenue is $125M (July 2024).
What is Spring Health's revenue multiple?Spring Health's latest valuation implies a 26.4x revenue multiple ($3.3B valuation on $125M of revenue).
Which companies are comparable to Spring Health?Companies comparable to Spring Health include Evolent Health, Humana Inc., Judi Health, Chapter, Grow Therapy and Garner Health.
How many companies has Spring Health acquired?Spring Health has acquired 2 companies, including Alma and Weldon.

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