Digital behavioral health startup Spring Health recently raised a $190m Series C round ($300m total funding), raising its valuation to over $2b and making CEO April Koh the youngest woman to helm a multibillion-dollar company.
The Spring Health investment is the latest movement in an especially active third quarter for the virtual behavioral therapy sector, which has already seen major announcements from companies like K Health and Headspace.
- Spring Health offers mental health benefits to employers, which include online therapy, coaching, and a guided-exercise app. Its services are marketed as either supplements to employee assistance programs or total replacements in many cases.
- The company’s differentiator is that it caters to employers with a wide range of health needs and financial capabilities, as opposed to focusing exclusively on large businesses.
- The new funds will be used to launch “the first cohesive mental health experience for families,” leveraging a single centralized platform to support both employees and their households. The extra capital will also aid in global expansion, adding to the list of over 200 countries that Spring Health currently operates in.
Spring Health’s Series C round solidifies its position among the ranks of well-capitalized digital health leaders, a list that also includes competitors such as the rapidly growing Lyra Health ($680m funding at a $4.2 valuation).
While Lyra Health widened its strategy with recent expansion into new specialized care areas, Spring Health is instead focusing on depth over breadth by integrating its family health solutions into a single cohesive platform.