NEW YORK, NY, Spring Health today announced the close of its $6 million seed round.
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Spring Health, the digital wellness platform making mental well-being easy to navigate for businesses and employees, today announced the close of its $6M seed round, bringing the total amount raised up to $8M. In an all-female led fundraise, the round was led by Rethink Impact with additional investments by Work-Bench, BBG Ventures, and the Partnership Fund for New York City. Existing investors RRE Ventures and William K. Warren Foundation also participated. As a result of the funding, Spring Health will continue expand its product and scale to offer wellness benefits nationwide.
One in five Americans struggle with mental illness (National Institute of Mental Health), yet most employees do not receive the mental healthcare they need through company benefits. Spring Health's mission to make the journey to emotional well-being more personalized and convenient has resonated with clients across the country, ranging from global Fortune 500 companies to high-growth startups like DigitalOcean, Zola, and Niantic. Typically one in every three employees will sign up for Spring Health, which boasts engagement rates that are 20x higher than the average Employee Assistance Program.
"We started Spring Health because we were exasperated by how cumbersome, painful and expensive the typical mental health care journey is. We completely reinvented the mental health care experience, and our early customers loved it. We're excited to scale the offering nation-wide with this fundraise," says April Koh, CEO and co-founder of Spring Health. "During a time when mental health is such a relevant topic, we are using our platform to lead the conversation and break stigmas around mental health, specifically in the workplace."
Spring Health serves as an online mental health clinic, using proprietary clinically-validated artificial intelligence to offer personalized wellness recommendations, including specific treatment options, suggested exercise regimens, and self-help resources. Users register for the platform and are prompted to complete a dynamic questionnaire that adapts according to their responses. From there, proprietary AI recommends a personalized wellness plan that is most likely to work for the individual, based on data from aggregated clinical trials and thousands of electronic health records. Patients are then matched with a personal care navigators (trained clinicians) as well as a licensed mental health professional from Spring Health's best-in-class provider network through Spring's proprietary matching algorithms.
"It is rare to have the opportunity to partner with an organization like Spring Health and build on their success of breaking stigmas around mental health," says Heidi Patel, Partner at Rethink Impact. "There is huge demand for better mental health care access nationally, we are proud to join Spring Health in expanding and impacting people across the nation."
"What excites us about Spring Health is their application of machine learning paired with deep domain and clinical expertise in mental health," says Jessica Lin, co-founder and General Partner at Work-Bench. "This makes their platform an incredibly valuable and evidence-based asset for the enterprise, where employees can benefit personally, and corporations save costs on health spend and boost employee retention."
Having published research describing its precision medicine technology in leading medical journals like JAMA and Lancet Psychiatry, Spring Health improves behavioral health outcomes and minimizes the steep cost associated with mental health for employees and employers alike. In addition to saving costs for employers, Spring Health's clinically validated program boosts employee retention and productivity.
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About Spring Health
Spring Health, a digital mental health clinic, helps businesses and employees navigate mental health by providing a fully immersive and personalized platform that enables users to be connected with the right health professionals for them. With its clinically-validated AI, Spring Health eliminates the trial and error that typically comes with identifying the right treatment course, with users receiving plans seven weeks faster than average. Headquartered in New York, Spring is providing smarter mental healthcare for professionals across the US.