US-based mental health care provider Spring Health raised $190m yesterday in a series C equity and debt round featuring insurance provider Guardian Life, at a $2bn valuation.
Investment firm Kinnevik led the round and was also joined by Tiger Global Management, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K. Warren Foundation, SemperVirens, Able Partners and True Capital Ventures.
Spring has built an online platform that leverages machine learning technology and big data to accurately match the employees of businesses with the most suitable mental healthcare providers.
The funding will be used to accelerate Spring’s growth and expand the rollout of its services to new customers. It will also collaborate with Guardian Life to develop new mental health services, and it said its total funding now stands at $300m.
The company raised $76m in a November 2020 series B round led by Tiger Global that included GingerBread Capital, Operator Partners, Northzone, Rethink Impact, William K. Warren Foundation, Work-Bench, SemperVirens, Able Partners, True Capital and private investors Kyle Lowry and Breanna Stewart.
Equinox Ventures, the corporate venturing arm of fitness company Equinox Group, took part in a $22m series A round for the company in January 2020 that was led by Northzone and also backed by Able Partners, Rethink Impact, Work-Bench, RRE Ventures, SemperVirens and William K. Warren Foundation.
Spring had already collected $6m in a seed 2018 round led by Rethink Impact that also featured BBG Ventures, the female-focused VC fund spun off by telecommunications group Verizon, in addition to Work-Bench, Partnership Fund for New York City, RRE Ventures and William K. Warren Foundation.
William K. Warren Foundation, North Sound Ventures, Saddlefire Ventures, Rough Draft Ventures and angel investor Kevin Ryan supplied $1.5m of capital for the company the year before.
Photo of April Koh, co-founder and CEO, and co-founder and president Adam Chekroud courtesy of Spring Health.