Spring Health

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Founded2016; 10 years ago (2016)
Founders
  • April Koh
  • Adam Chekroud
  • Abhishek Chandra
HeadquartersNew York, U.S.
Spring Health
IndustryPsychotherapy
Founded2016; 10 years ago (2016)
Founders
  • April Koh
  • Adam Chekroud
  • Abhishek Chandra
HeadquartersNew York, U.S.
Area served
Worldwide
ServicesEmployee assistance program
Websitewww.springhealth.com

Spring Health is an American digital mental health company that provides employee assistance programs and mental health benefits for employers and health plans.[1][2] Founded in 2016 and based in New York City, Spring Health offers services such as app-based cognitive exercises, coaching, therapy, and psychiatry, which are tailored to individuals using machine-learning algorithms.[1][3] The company has become one of the highest-valued mental health startups, reaching a unicorn status with a $2 billion valuation by 2021[1] and $3.3 billion by 2024.[3]

Spring Health was founded in 2016 by April Koh and Adam Chekroud, along with Abhishek Chandra as an early co-founder.[4] Koh conceived the idea while an undergraduate at Yale University, after witnessing challenges in accessing timely mental health care. She connected with Chekroud, a Yale PhD whose research demonstrated that machine learning could improve matching patients to effective treatments.[5] The Spring Health concept won Yale’s Thorne Prize for Social Innovation in 2016, providing seed funding for the venture.[6][7]

In its early years, Spring Health raised several rounds of venture capital. It secured $6 million in seed funding by 2018 to grow its platform.[7]

In September 2021, Spring Health closed a $190 million Series C financing led by Kinnevik, which valued the company at about $2 billion.[1] This valuation made CEO April Koh, then 29, the youngest woman to lead a multibillion-dollar startup at that time.[8] The Series C also included strategic investment from Guardian Life Insurance to integrate Spring Health’s services into insurance offerings.[1]

In 2023, Spring Health raised an additional $71 million in funding at a $2.5 billion valuation to further grow the business.[9]

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