Sequence C Financing Spherical Led by Kinnevik with continued participation from Tiger International and Northzone brings in $190M in new funding.
Proceeds to broaden main, complete psychological well being resolution to serve international workforces and their households.
New York, NY, September 16, 2021 – Spring Well being, essentially the most complete international psychological well being resolution for employers and well being plans, in the present day introduced it has secured $190 million in Sequence C funding.
High healthcare investor Kinnevik led the spherical and was joined by new investor The Guardian Life Insurance coverage Firm of America (Guardian Life), together with present traders Tiger International, Northzone, RRE Ventures, Rethink Impression, Work-Bench, William Okay Warren Basis, SemperVirens, Ready Companions, and True Capital Ventures. Spring Well being’s complete funding thus far is $300 million, bringing the corporate’s present valuation to $2 billion, on the heels of roughly 6x income development over the previous 12 months.
Spring Well being is the market chief for household psychological well being, working with international firms like PepsiCo, Basic Mills, Bain, and Instacart. Its complete psychological well being and wellbeing resolution consists of mindfulness and meditation, care navigation, teaching, remedy, and drugs administration. A scientific examine just lately revealed that Spring Well being is the simplest and environment friendly employer-facing psychological well being resolution accessible in the present day, delivering best-in-class outcomes in half the time as others within the trade. Greater than 2 million workers worldwide presently have entry to Spring Well being.
“As a society, we face an unprecedented international psychological well being disaster that may lengthy outlast the COVID-19 pandemic. Spring Well being is supporting the psychological well being of tens of millions of individuals world wide, and we’re simply getting began,” stated April Koh, CEO, Spring Well being. “As we enter this subsequent part of development, we’re thrilled to associate with Kinnevik, who has an distinctive monitor file in digital well being and a deep dedication to sustainability, range, and constructive long-term influence.”
Constructing the main psychological well being resolution for workers and their households
The COVID-19 pandemic has additionally created a disaster in kids’s psychological well being and the psychological well being of caregivers, with greater than 25% of highschool college students reporting worsening emotional and cognitive well being within the pandemic.
At this time, Spring Well being provides sources for each workers and their members of the family, together with relationship counseling, pediatric psychological healthcare, parental teaching, self-guided workouts for folks, and grownup remedy for people.
The Sequence C Financing will speed up the corporate’s efforts to combine these present choices into the primary cohesive psychological well being expertise for households, the place each people and relationships inside households could be supported by means of one central resolution.
“The world’s greatest employers are going through so many psychological well being challenges proper now: workers coping with burnout, drug or alcohol abuse, disruption to childcare, struggling to seek out entry to care for workers or their members of the family, and excessive worker turnover. While you face any one in every of these points, the issues can influence the entire household. We realized we’ve got a singular alternative to convey all of those items collectively right into a cohesive resolution,” stated Dr. Adam Chekroud, co-founder and President, Spring Well being. “And with the financing we will probably be launching this even quicker, and at a worldwide scale.”
Along with increasing its footprint amongst employers, Spring Well being plans to speed up its development in partnership with strategic companions and well being plans. Investor Guardian Life, a number one life, incapacity and worker advantages supplier, is the primary strategic supplier who will collaborate with Spring Well being to develop options that may meet clients’ wants.
“Offering psychological well being sources and wellbeing help is a prime precedence for Guardian and an pressing want for our clients,” stated Michael Prestileo, Head of Technique, Product, & Underwriting for Guardian Group Advantages. “We’re excited to associate with Spring Well being, an progressive chief on this area, to convey the trade’s first built-in resolution to market.”
As a part of the financing, Kinnevik’s Christian Scherrer will probably be becoming a member of Spring Well being’s Board of Administrators. The spherical, which included each fairness and debt, included participation from present traders Tiger International, Northzone, RRE Ventures, Rethink Impression, Work-Bench, William Okay Warren Basis, SemperVirens, Ready Companions, and True Capital Ventures.
“We’re extremely excited to help Spring Well being and April in its subsequent chapter,” stated Georgi Ganev, CEO, Kinnevik. “We imagine Spring Well being’s distinct and progressive method to psychological healthcare will set a brand new normal within the area and set up the corporate because the long-term market chief.”
About Spring Well being
At Spring Well being, we’re making psychological well being basic by eliminating each barrier to care. Our complete digital platform supplies employers and well being plans with numerous, inclusive care for people and households. Utilizing clinically-proven machine studying fashions, we precisely assess a person’s wants after which our skilled care navigators information the person to the best care, whether or not it’s teaching, meditation, remedy, remedy or extra. At this time, Spring Well being serves over 150 firms, from start-up’s to multinational Fortune 500 companies, and is a most popular psychological well being supplier to firms like PepsiCo, Basic Mills, Bain, and Instacart. For extra data, please go to www.springhealth.com.
Kinnevik’s ambition is to be Europe’s main listed development investor, and we again the most effective digital firms for a reimagined on a regular basis and to ship important returns. We perceive advanced and fast-changing client behaviours, and have a robust and increasing portfolio in healthtech, client providers, foodtech and fintech. As a long-term investor, we strongly imagine that investing in sustainable enterprise fashions and numerous groups will convey the best returns for shareholders. We again our firms at each stage of their journey and put money into Europe, with a concentrate on the Nordics, and within the US. Kinnevik was based in 1936 by the Stenbeck, Klingspor and von Horn households. Kinnevik’s shares are listed on Nasdaq Stockholm’s checklist for big cap firms beneath the ticker codes KINV A and KINV B.
Daily, Guardian supplies People the safety they deserve by means of our insurance coverage and wealth administration services and products. Since our founding in 1860, our long-term view has helped our clients put together for no matter life brings whether or not beginning a household, planning for the long run or caring for workers. At this time, we’re a Fortune 250 mutual firm and a number one supplier of life, incapacity, dental, and different advantages for people, on the office and thru authorities sponsored packages. The Guardian group of over 9,000 workers and our community of over 2,500 monetary representatives is dedicated to serving with experience when, the place and the way our shoppers want us. Our commitments relaxation on a robust monetary basis, which at year-end 2020 included $9.5 billion in capital and $1.7 billion in working revenue. For extra data, please go to guardianlife.com.
Jennifer Newman, Spring Well being