Spring Health — a behavioral health benefits provider — has snagged $76 million in Series B financing, bringing the company’s total funding raised up to $106 million.
Based in New York, Spring Health offers employers a comprehensive solution that connects their workers with mental health clinicians and resources.
The startup bills itself as the front door to any type of behavioral health care, from therapy to digital coaching exercises and more. Spring Health uses a “proprietary mix of technology with a human touch” to match people with the right treatment, with the goal being to make it quicker and easier for employees to find behavioral health care.
In other words, Spring Health aims to remove the guesswork often associated with finding behavioral health help.
“Mental health is the defining problem of our time. Yet it’s still full of trial-and-error,” April Koh, co-founder and CEO of Spring Health, said in a press release announcing the funding news. “At Spring Health, we’re demystifying mental health and making high-quality care seamlessly accessible for everyone. Our approach precisely delivers the personalized care plan for each individual no matter where they are in their mental health journey, and we guide each individual through their journey through a dedicated navigator.”
The worldwide investment firm Tiger Global led the recent funding round, with participation also coming from new investors such as GingerBread Capital, Operator Partners and various individuals. A number of existing investors also participated.
The Series B financing comes less than a year after the company closed on $22 million in Series A, which happened back in January. So far this year, Spring Health has used that money to help triple its workforce, launch its services globally and expand to offer full EAP services, according to a press release announcing the news.
The company plans to use the new funding to further grow its team and to improve the customer experience, according to the press release.